Cryptocurreny market update: Bitcoin adds more than 10% for the week

0
  • Bitcoin continues to hold above $8000, posts strong weekly gains.
  • Ethereum erases Saturday’s losses, trades above $140.
  • XRP looks to snap four-week losing streak after finding support near $0.2.

Major cryptocurrencies registered modest losses on Saturday and staged a technical recovery on Sunday. The total market capitalization of all cryptocurrencies rose to $217 billion with Bitcoin leading the market with a dominance of 68%.

Top-three coins price overview

Bitcoin (BTC/USD) found support near the critical $8000 handle on Saturday and was last seen trading at $8143, adding 1.6% on a daily basis. For the week, the BTC/USD pair is up more than 10% to post its largest percentage gains since the third week of October. As long as the support at $8000 (Fibonacci 50% retracement of October 26 – December 17 drop/100-day moving average) holds, the pair could continue to edge higher and target $8400-8500 area (Fibonacci 50% retracement of October 26 – December 17 drop/January 8 high)  ahead of $8900-9000 area (Fibonacci 61.8% retracement of October 26 – December 17 drop/psychological level).

Ethereum (ETH/USD) seems to be fluctuating in a consolidation channel since meeting resistance near the $145 handle. On a weekly basis, the pair remains on track to register gains for the third straight time and is up 12.5% in January. On the upside, $148 (January 8 high) could be seen as the initial hurdle before $152 (December 8, December 9 high). Supports, on the other hand, are located at $135 (January 9/January 10 low) and $133 (20-day moving average).

Ripple (XRP/USD) is up 9% on a weekly basis at $0.2125 and looks to snap a four-week losing streak after finding support near $0.20 mark earlier in the week. $0.2250 (January 6, January 7 high) could act as an interim resistance ahead of $0.2350 (November 29, December 6 high). On the downside, $0.20 aligns as critical support and a break below that level could ramp up the bearish pressure and drag the pair to $0.1850 (January 3 low).

Get the 5 most predictable currency pairs

About Author

Comments are closed.