Total Crypto Market Capitalization
The overall picture of digital assets over the past remained vibrant. Whether it is a coin with a small or large market cap, the digital asset continues to be on the rise. This has led many investors to question – where will the price rise to? Is this forming into a bubble? Is it too risky to buy it now? Did anyone or a group of people raise the price? The case of price manipulation is highly unlikely as with market capitalization of US$ 1 trillion. Let’s take a look at what has been happening during this past week!
Technical Signal Trading
Investors have lots of speculation on whether or not the price of the Bitcoin will increase. In this weekly report, we will be using Fibonacci and significant values for investors to consider. With the Fibonacci line on the graph, we can see that the most significant number is 43,000. However, Fibonacci is not an indicator for price movement. It is one of the checkpoints for us to monitor its behaviour.
ETH is just as popular as ever! By just taking into account the price movement last week, ETH has outperformed BTC. Considering the Fibonacci line, we can see that the price of ETH is at a high resistance of 1,360 whereby the Fibonacci number is 423.6. At this point, we must monitor the purchasing power to see whether or not the price can break through psychological resistance. If it is unable to break through, we must prepare a support line.
From the weekly report last week, we have written down that once the price of XRP breaks 0.25, things will get very interesting. Once XRP breaks through 0.25, its next target is 0.43 or lower as if we consider the percentage change, the price has risen strongly. Looking at the big picture, this is viewed as a downtrend in technical analysis.
LTC is another coin that continues to rise. Looking at the Fibonacci line to determine the significant value, we can see that 161.8 or at 200 LTC/USD will be the next resistance to be considered before taking any action. As an investor, it is crucial to pay close attention to the news and the market trend.
Gold has almost moved up to the resistance zone of 1,980 – however, there was a selling pressure causing the price to fall. This is different to what many had expected. Many people think that when the price of BTC rises, the price of gold rises (vice versa). That said, we can see that the statement does not always stay true in all cases – this may be true for the big picture. It is important that we distinguish the two assets for analysis purposes.
Strategy from ZIPMEX
Zipmex is not responsible for investment decisions made based on the above analysis. All investors, please be aware that investments carry risks. Please use your own judgment when investing.