Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Ripple (XRP), Cardano (ADA), Stellar (XLM), EOS, Bitcoin Cash SV (BCHSV), TRON (TRX), Litecoin (LTC): Weekly trading signals for DECEMBER 2nd
BTC/USD
Dominant trend: Bearish
Supply zone: $6400, $7200, $8000
Demand zone: $2500, $2000, $1500
BTC/USD is in a unique continuation bearish pennant on a long-term. After the strong bearish pressure dropped the cryptocurrency to $3657 in the demand area on 25th of November, it briefly lost momentum. The bulls gradual returned pushed BTC/USD to a high of $4488 in the supply area on November. Further upward price movement was rejected by the 10-EMA, hence the bullish movement was a market correction necessary for downward continuation.
Price is still below the two EMAs an indication of strong bears pressure. With this continuation pattern, a break below the lower line is most anticipated in the coming days with the bears’ target still at $3377 in the demand area.
ETH/USD
Dominant trend: Bearish
Supply zones: $250, $300, $350
Demand zones: $70, $50, $10
After a nice journey down south, Ethereum was down to $255.00 in the demand area on 25th of November and on 27th of November. This created a double bottom formation an indication for bullish correction. This was further confirmed as the day closes as a doji. $127.87 in the supply area was the high of the week as ETH/USD went down to $114.21 in demand area as a result of the resistance around the 10-EMA.
The retest of the key supply area at 161.8 fib level confirms bears determination to continue the downtrend in the long-term. Price is below the 10-EMA and below the diagonal line of the Fibonacci 261 fib level which is at $53.93 in the demand area may be tested as the bears’ pressures become much stronger in the long-term.
XMR/USD
Dominant trend: Bearish
Supply zone: $120.00, $140.00, $160.00
Demand zone: $20.00, $10.00, $05.00
The bears lost momentum after the price was down to $53.16 on 26th of November while the bullish railroad formed after the close of session on 27th November suggest a trend reversal and the bulls’ gradual return as XMR/USD was up at $59.98 in the supply area.
Increased bullish momentum pushed the price up to $66.47 in the supply area as XMR/USD further upward price movement was rejected around the 10-EMA which acted as a strong resistance. This briefly returned the bears’ price dropped to $55.93 in the demand area on 30th of November.
Monero is in consolidation and trading between $76.91 in the upper supply area and at $52.80 in the lower demand area of the range. A breakout at the upper supply area or a breakdown at the lower area may occur. Patience is required to allow this to happen before a position is taken.
XRP/USD
Dominant trend: Bearish
Supply zone: $0.5000, $0.5500, $0.6000
Demand zone: $0.2500, $0.2000, $0.1500
XRP/USD M structure is due to the double top at $0.5686 in the supply area remains valid in this trading week resumes as the cryptocurrency had an upward price movement to the supply area $0.3660 on 28th November from $0.3290 in the demand area. This was a retest of the critical demand area a confirmation to bulls exhaustion and the bears’ resumption of the downtrend.
XRP/USD was down to $0.3551 in the demand area on 30th of November with the 10-EMAs acting as a resistance against upward. Price remains below the two EMAS crossover and the stochastic oscillator signal points down an indication of downward momentum in price. $0.2633 in the demand area is most probable as the bears’ pressure becomes much stronger.
ADA/USD
Dominant trend: Ranging
Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060
ADA/USD is in a range-bound market in its long-term outlook. A drop in the cryptocurrency to $0.03306 in the demand area on 25th of November was the beginning of a consolidation scenario. The bulls manage a push to $0.04541 in the supply area on 29th of November but were rejected further push price up north due to the strong resistance around the 10-EMA. Hence the formation of bearish reversal signals, a doji on 29th of November and 2nd of December.
Price is below the two EMAs a bearish pressure indication and the stochastic oscillator at 30% with a parallel signal which is a sign of the current ranging scenario, the new week has the bulls and the bear set for a showdown down real battle in the coming days.
ADA/USD is ranging and trading between $0.05267 in the upper supply area and at $0.03328 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area with good reversal candle formation before taking a position in the market.
XLM/USD
Dominant trend: Bearish
Supply zone: $0.2400, $0.2600, $0.2800
Demand zone: $0.1000, $0.0800, $0.0600
The drop to a low at $0.1361 in the demand area on 25th of November was a stronger indication of a major drop about to happen. The bullish correction to $0.1745 in the supply area was a confirmation to the bears’ possible resumption of the downward continuation.
A similar scenario that played out last week that created a flag, had occurred on 14th of November before the strong bearish impulsive move. Such a downward move is most obvious in this week coupled a marubozu candle at the beginning of the trading week. Price is below the two EMAs an indication of strong bear pressure with the stochastic oscillator is in the oversold region at 16%, and its signal points down an indication of downward momentum in price in the long-term.
EOS/USD
Dominant trend: Bearish
Supply zone: $5.000 $6.000, $7.000
Demand zone: $2.500, $2.0000, $01.500
The bears remain in control of the cryptocurrency long-term outlook. $2.80 in the demand area was the low of last week trading session attained on 30th of November. It started with a bearish spinning top $2.97 an indicator of bear presence with the price already down to $2.89 in the demand area. This implies new lows may be attained in the coming days as the bears’ pressure becomes stronger.
The two EMAs remained fanned apart. This implies strength in the context of the trend and in the case the downtrend. The signal of the stochastic oscillator is in the oversold region, and its signal points down at 7% which implies downward price movement of the cryptocurrency.
BCHSV/USD
Dominant trend: Ranging
Supply zones: $120, $140, $180
Demand zones: $40, $30, $20
The bulls had an amazing run last week as predicted with a touch at the initial target of $100.00 in the supply area. Increased bullish momentum led to BCHSV/USD up at $117.00, lack of momentum for upward movement dropped the cryptocurrency into a range-bound market.
Price is within the two EMAs and the stochastic oscillator at 78% with its signal pointing down as the bears exert pressure within the range. BCHSV/USD is consolidation and trading between $110.00 in the upper supply area and at $70.00 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries.
TRX/USD
Dominant trend: Bearish
Supply zone: $0.0200 $0.0250, $0.0300
Demand zone: $0.100, $0.0800, $0.0600
Tron is back in a bearish trend. Exhaustion to downward momentum denoted with wicks at the close of the candles after a drop in price $0.01110 in the demand area on 25th of November was obvious. The bulls takeover of the market was confirmed with a bullish engulfing candle on 28th of November as TRX/USD price rose to $0.01710 in the supply area.
The inverted bearish pin bar that starts the week was an indication of the bears return in the new week. A retest of $0.01110 in the demand area may occur as the bears’ pressure becomes much stronger with the price below the two EMAs an indication of a stronger bear pressure.
LTC/USD
Dominant trend: Bearish
Supply zone: $50.00 $60.00, $70.00
Demand zone: $10.00, $05.00, $01.00
LTC/USD remains in a downtrend in the long-term outlook with the bears staging a return after a brief loss in momentum at $27.72 in the demand area on 25th of November. The bullish momentum pushed the price back inside the trendline as LTC/USD rose to $36.85 in the supply area on 28th of November.
Rejection to upward price movement at $35.40 in the supply area around the 10-EMA was obvious which is as a result of the bears’ return. The momentum is still to the downside as price lies below the two EMAs. A possible retest at $27.72 in the demand area is possible with a further move to the downside as the bears increased their momentum down south.
By Azeez Mustapha
