Home Cryptocurrency Bitcoin Bitcoin price recovered and finished the week on green

Bitcoin price recovered and finished the week on green

Bitcoin price recovered recently and traded above 4,100 USD at the end of the week, from the 3,500 USD support area.

Bitcoin trade

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Bitcoin price recovered recently and traded above 4,100 USD at the end of the week, from the 3,500 USD support area. The cryptocurrency started the week with decreases and dropped to 3,650 USD on Monday and Tuesday, but gained speed next days and recovered all the loses returning above 4,100 USD.

There is a key bearish trend line for Bitcoin formed with resistance at 4,320 USD on the 4-hours chart.

During the week, there was no major change in the traded volumes, but the price was dictated by the regulatory measures and news related to the cryptocurrency.

On Wednesday was announced that the technological exchange Nasdaq plans to launch Bitcoin futures in the first quarter of 2019. Nasdaq is currently discussing this issue with the Commodity Futures Trading Commission (CFTC), the main regulator in the futures and options market. This will definitely give some support for the cryptocurrency and traders, increasing the traded volumes and giving some support to investors.

Moreover, Nasdaq won’t be the only one in the Bitcoin futures arena. Its rival, New York Stock Exchange’s owner, Intercontinental Exchange is rolling out its own contracts and said last week they will go live in late January.

So far, the Commodity Futures Trading Commission, which regulates bitcoin, has approved two crypto futures products — one from the Chicago Board Options Exchange and another by the Chicago Mercantile Exchange.

However, all the traders are expecting the approval for establishing Bitcoin ETF. The Securities and Exchange Commission (SEC) Chairman Jay Clayton said that he wants to see better market surveillance and custody for cryptocurrencies before being “comfortable” with a bitcoin ETF. This does not close the door for this key fund but definitely delays it. The main reason for such delay is that most cryptocurrency exchanges don’t use the same monitoring tools as stock exchanges.

Other cryptocurrencies also fell sharply on Monday and Tuesday and returned to growth in the rest of the week, but failed to compensate the decreases. The Ripple is trading down by 1% on weekly basis at 0.37 USD, while Ethereum is trading down by 1.74% to 116.75 USD.

Bitcoin technical analysis

Many CME Bitcoin futures contracts expired on Friday, usually on the last Friday of each month, which caused depreciation of the cryptocurrency during the day and have some impact on the Bitcoin market. However, the cryptocurrency succeeded to recover on Sunday and regained all the loses and returned to growth.

There is a key bearish trend line for Bitcoin formed with resistance at 4,320 USD on the 4-hours chart. The pair is currently consolidating below the trend line and 4,400 USD. The price must break the 4,400 USD resistance and the 100 simple moving average (4-hours) for more gains. The next major hurdle is near 4,500 USD and 4,590 USD. The 4,590 USD level coincides with the 50% Fib retracement level of the last slide from the 5,697 USD high to 3,483 USD low. Therefore, a break above the 4,400 USD, 4,500 USD and 4,590 USD resistance levels won’t be easy in the near term.

The Bitcoin price clearly remains in a downtrend as long as it is below 4,500 USD and the 100 SMA. On the downside, an initial support is at 4,000 USD, below which the price could slide towards 3,600 USD or 3,500 USD.

Looking at the bigger picture, on the daily chart, the RSI indicator is still testing the mid-term trend-line as resistance, while the Stochastic RSI oscillator is very close to cross at the overbought area.

BTC price

Ripple technical analysis

Ripple has gained a significant market share in the American continent as well as the European continent. The awareness about ripple (XRP) has increased in both of these continents as well.

Ripple, which is the second largest cryptocurrency, is trading at 0.368902 USD. The daily EMA(10) and SMA(10) is 0.38948 and 0.38002 respectively. Both of these EMA(10) and SMA(10) is also towards a sell-off zone. While looking at the Ichimoku Cloud Base Line (9, 26, 52, 26) which is 0.44222 USD is in the neutral zone. The Volume Weighted Moving Average (20) is also in the sell zone.

The 24-hour change for the currency was lit up with green and showing an increase in the price by 4.17%, while the 24-hour trade volume reflected at 419 million USD.

XPR price