Cryptocurrency Market Analysis December 3, 2018; Top Coins see Red

Cryptocurrency Market Analysis December 3, 2018; Top Coins see Red

Majority of cryptocurrencies today saw red. In the top-twenty altcoins bracket, most are shaky, perhaps owing to attempts at market correction after the tumultuous Bitcoin cash Hard fork that saw a bearish momentum engulf all major cryptos. However, Bitcoin has withstood the Bears to hold above the $4000 mark. Ethereum also saw a slight dip on 3-hour charts over the last 24 hours as was the case with Ripple, which lost by 3%, from $0.37672 yesterday to today’s 0.36206

Summary

  • Bitcoin lost about 3% in the last 24 hours, a $201 loss in value from $4241 to $4040.
  • Ethereum lost by about 5%, from $121 yesterday to trade at $114.

Bitcoin

The last few weeks have been eventful for the leading cryptocurrency. At one instance, it dropped from the $7000 mark into the $6000 mark before then BCH fork. However, after the BCH fork, prices nosedived sharply to a worrying low of $3800. The charts have, however, shown attempts at correction as seen throughout last week.

In the last 24 hours, prices have held above the $4000 mark despite a bearish momentum. As seen from point A, prices have been tending towards a contracting triangular pattern signaling a bearish trend. Support has held at $4000 and resistance at around the $4300 mark.

Point B as seen On 3-hour charts shows the 7 days EMA cross over the 21 days EMA, signaling attempts by the Bulls at market correction.

As seen on point C market activity has been average, with the Relative Strength Index (RSI) oscillating between 40 and 60.

Ethereum

Ethereum has also followed in the bearish trend, with prices heading south as seen in point A. Candles on price analysis charts formed a contracting triangular pattern, signaling a bearish trend. Support has held at the $133 mark and resistance at $120 on 3-hour charts as seen above.

Market activity has been on the rise, with ETH tokens heading downwards as seen in the Relative Strength Index (RSI) in point B. The RSI is at 40 currently showing increased selling activity.

Despite the recent bearish trend, cryptocurrency prices are expected to continue consolidating after the BCH hard fork turmoil that contributed to the recent market decline.

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