Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Ripple (XRP), Cardano (ADA), Stellar (XLM), EOS, Bitcoin SV (BCHSV), Tron (TRX), Litecoin (LTC): Weekly trading signals for DECEMBER 17th
BTC/USD
Dominant trend: Bearish
Supply zone: $5000, $6000, $7000
Demand zone: $2000, $1500, $1000
BTC/USD continues in a bearish trend in the long-term outlook. After breaking the predicted target at $3377 in the demand area of last week analysis on 13th December, the strong bearish pressure further pushed the cryptocurrency down to a new lower low at $3215 on 15th December ending the week in a bullish doji.
This suggests brief bullish pullback may be expected in the days ahead. The bears’ return may be around the 10-EMA, after exhaustion. Moreover, the price remains below the two EMAs, the stochastic oscillator is in the oversold region at 6%, and its signal points down. These suggest further downward movement in BTC/USD. $3000 in the demand area may be the bears targeted lower low.
ETH/USD
Dominant trend: Bearish
Supply zones: $250, $300, $350
Demand zones: $50, $30, $10
The week just ended opened bullish on 9th December as ETH/USD was up at $102.50 in the supply area, but the bulls later lost momentum as the day closed as an inverted hammer. This was a signal that the bears were back. $85.94 was the initial low but increased momentum dropped ETH/USD down to $83.17 in the demand area on 15th December ending the week with a bullish hammer.
With a possible trend reversal, the bulls are gradually staging a return. ETH/USD was up at $91.46 in the supply area earlier today. Further upward movement was rejected by the 10-EMA which acted as a strong resistance. The bears still remain in control of the market and may return and push price further down south. With the price below the two EMAs and the stochastic oscillator signal at 8% in the oversold region, this suggests downward momentum. $50.00 in the demand area is still on the card as the trading week commences.
XMR/USD
Dominant trend: Bearish
Supply zone: $120.00, $140.00, $160.00
Demand zone: $20.00, $10.00, $05.00
XMR/USD remains in a bearish trend its long-term outlook. The bearish railroad formed on 10th December confirmed the bears’ takeover. The cryptocurrency retested $38.50 in the demand area on 15th December. XMR was at this area on 25th July 2017. The trading week ended a doji.
Price was up at $41.63 in the supply area as the bull gradually pushed price up. The bullish upward movement should be seen as a pullback necessary for the market correction before the resumption of the downtrend.
The EMAs remained fanned apart, and price lies below them. This indicates strength in the downtrend and continued strong bear pressure. $28.00 in the demand area may be retested in this new week.
XRP/USD
Dominant trend: Bearish
Supply zone: $0.5000, $0.5500, $0.6000
Demand zone: $0.2500, $0.2000, $0.1500
XRP/USD remains in bearish trend in its long-term outlook with renewed momentum by the bears for the downward journey. $0.2853 was the low of the week as against last week bears target at $0.2750 in the demand area. Exhaustion at $0.3048 in the supply area was an indication of the bears return after the brief bullish pullback that was necessary for the market correction.
As the bears’ pressure becomes much stronger in the days ahead, $0.2500 in the demand area may be retested. XRP/USD had tested it before on 14th August and 11th September. This will be the third touch at the area with a strong possibility of price breakdown.
ADA/USD
Dominant trend: Ranging
Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060
ADA/USD outlook on the long-term remains in a bearish trend. Last week began with an inverted hammer on 9th December after a push up at $0.03413 in the supply area. The full takeover of the market by the bears was confirmed the next day with the bearish candle as ADA/USD closed lower at $0.02992 in the demand area. Increased bears pressure pushed the cryptocurrency down to $0.02781 on 15th December as the week ended in a doji.
The new week started with the price up at $0.03068 in the supply area thanks to the bullish pressure as signalled by the doji. This may not be for long as a rejection to upward movement occurred at the 10-EMA which has been acting as a strong resistance against upward price movement.
$0.0200 in the demand area remains a key demand area to be tested by the bears.
XLM/USD
Dominant trend: Bearish
Supply zone: $0.1400, $0.1600, $0.1800
Demand zone: $0.0500, $0.0300, $0.0100
XLM/USD continues in its bearish trend in the long-term in the new week. The strong bears’ pressure broke the target at $0.1000 in the demand area on 14th December with a large bearish candle that pushed the cryptocurrency down to $0.09590. The bears ensure that a new low was attained on 15th December as XLM/USD dropped to $0.09353.
Current bullish pressure is creating flag 3. This should be seen as a brief activates, as the bears remain in control and a strong return is imminent to drop the cryptocurrency to a new low before the end of the session.
$0.08020 in the demand area looks good to be tested by the bears as the journey down south continues, confirmed by the stochastic oscillator signal that points down at 9% in the oversold region.
EOS/USD
Dominant trend: Bearish
Supply zone: $4.000 $5.000, $6.000
Demand zone: $1.000, $2.0000, $01.500
The bears remain in control of EOS/USD long-term outlook. Although last week started bullish with EOS/USD up at $2.17 in the supply area on 9th December, this was the high of the week the bulls could attain before it lost momentum. The bears’ momentum was gradually building up with a drop to $1.77 in the demand area. This was the low of the week.
Likewise, this week opened bullish at $1.92 with price up at $2.03 in the supply area. But the 10-EMA remains a strong resistance to break for a sustained upward price movement.
A breakout from the 10-EMA may push the price up the supply area. This is still within the 23.6 fib level a trend continuation zone. The formation of bearish reversal candle will signal bears return to continue the journey down south.
BCHSV/USD
Dominant trend: Bearish
Supply zones: $120, $140, $180
Demand zones: $40, $30, $20
BCHSV/USD breaks down from the range and goes bearish in the long-term outlook. The lower demand area of last week range at $77.29 was broken on 13th December with a large bearish engulfing candle. BSV/USD went further down to $74.00. The bears’ strong bearish pressure dropped the cryptocurrency to $62.60 in the demand area. This was the low of the week.
The bullish railroad at $63.75 was an indication of bulls brief return. A retest of the broken demand area was made twice as BSV/USD rose to $78.99 resulting in the formation of a double top. This bears area gradually retuning indicated by the bearish railroad in the area. A retest of $62.60 in the demand area and a possible breakdown to a new low as the bearish pressure becomes much stronger in this new trading week.
TRX/USD
Dominant trend: Ranging
Supply zone: $0.0200 $0.0250, $0.0300
Demand zone: $0.100, $0.0800, $0.0600
The cryptocurrency is in a range-bound market. Last week opened with a long-tailed doji at $0.01367 dropped the cryptocurrency to $0.01260 in the demand area on 14th December as it closes as a doji signalling possible reversal as TRX/USD enters the range.
TRX/USD is consolidation and trading between $0.01600 in the upper supply area and at $0.01110 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. Hence patience is needed before taking any position.
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 bearish trend in the long-term outlook. $22.17 in the demand area was the low of last week as the bears sustained the journey down south. The bearish momentum was lost after the formation of a bullish hammer. LTC/USD price had been making an upward movement. $26.67 in the supply area was attained today 16th December as the high of the day.
Price is still within the 23.6 fib level a trend continuation zone. It thus implies that the bullish pressure may be temporal and a correction in the market before the resumption of the downtrend. The stochastic oscillator also confirms the downward momentum in price as it is in the oversold region at 6% with its signal pointing down.
By Azeez Mustapha
