The past week was a negative one for the cryptocurrency market. BTC uptrend appears to be losing some steam going into the end of the year. However, finding a sound ground in terms of price around 18’000 USD is an aimportant achievement. The first time BTC crossed the 15’000 USD marks, it was actually able to keep it for less than a couple months. Not pushing considerably back would be a great result in itself.
Traditional financial markets are not going through particularly positive times as well. In the USA, Democrats and Republicans are still finding difficulties in finding a deal about an additional stimulus package. EU and UK are battling about Brexit, while Asia seems better positioned. In the meantime, Covid-19 still runs wild in the USA. Some countries already started their vaccination campaign, even if it is going to takes month for that to cover a sufficient amount of population and get herd immunity.
Bitcoin closed the period with a price of 18’104 USD and a -4.62% performance w/w, not a good one by any means. A negative signal came from the violation of the 25-periods daily MA, which acted as a support the last time BTC experienced a significant pullback. The 17’000 USD level should still act as a strong support before we get towards the 99-periods daily MA. However, the technical setting looks surely weaker than it was a week ago.
Overall, still BTC performed better than top altcoins as represented by our indexes.
All but one of the seventeen cryptos we cover reported a negative result, with four double-digit losses. The median return was -8.58%, down almost 20 points from a week ago.
Monero (XMR) has been the best performer, reporting a +2.70% return w/w for a price of 134.40 USD per coin. The coin is facing a resistance at the 135-140 USD price level for months now and an upward violation of it would surely represent a good sign and open the doors for a prosecution up to levels only seen in the first half of 2018.
Iota (IOTA) was the last crypto in terms of return. It reported a -15.05% performance w/w in order to close at 0.27 USD.
On a wider period, Ripple (XRP) and Stellar (XLM) are still far and away the best projects in terms of return, with only Binance Coin (BNB), Bitcoin Cash (BCH), and Chainlink (LINK) negative for the period.
Looking at the last seven days’ prices, the downtrend happening in the market is very clear. All the coins are trading in the lower half of their price range.
Looking at technicals, on a 7-days period MACD and moving averages differences are giving opposite signals. The most worrying sing, however, is given by MACD on a 30-days period, which is deeply negative and shows no signs of inversion.
On a monthly basis, Monero looks far healthier than its peers as expected.
We proceed to have a look at the frequency distributions of the coins’ price in terms of satoshis to have a look at the relative performances. The same conclusion we got from our technical indicators can be seen in these distributions, with XMR standing out both on a 7-days and a 30-days period.
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The views expressed in this report reflect the analysts’ personal views about the cryptocurrencies subject of the report. These views may change without notice and are subject to market conditions. The report is prepared for information purposes only and by no means constitutes a solicitation to investment or disinvestment. All the data are taken from Binance at 14:00 UTC on the 13th November 2020. USD and USDT are used interchangeably for illustration purposes. All the presented valuations, indicators, and analyses are subject to errors. The report is for personal use only and should not be republished or redistributed