Weekly Price Analysis December 12th, 2017: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple

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TBH, we started off our trading careers day/swing trading stocks. As most do. But since crypto has joined the fold, we haven’t looked back. We’re sure many of you feel the same. Since we are in uncharted waters, no one exactly knows what will happen and personally, we find it exciting as all hell.  Where else can you get this kind of action?!

Bitcoin Futures started trading, and it seems the hype may have overshadowed the reality, as prices seem to be stable and continuing its march upwards. Litecoin and Ethereum are still pushing to new highs and Ripple FINALLY appears to be making a move! Onto the charts!

BTC/USD

So. All time highs. Again. On some exchanges, price kissed the top at $20,000! We’ve been holding with an iron fist now for several weeks, and we will continue so long as our trend continues to hold. Will it ever end? We hope not.

We saw a nice bounce off our multi-week trend line, our personal short term sell signal, as buying pressure continues to push price upwards. We’ve also got a nice little ascending triangle forming, so we’re looking for another test of those all time highs.

We will note, volume does appear to be decreasing. We will need to see a rush of buying volume to push through that $17,500 resistance. We have a feeling the market may be hesitant, waiting to see what the futures market does to price.

Levels of Support: $16,450 and $15,800
Levels of Resistance: $17,500 and $20,000

ETC/USD

We mentioned last week we were looking for a break over $480 to jump back in, and we got our buy signal on the 11th.

We’ve also mentioned to always look for divergence! If you caught it, divergence on the 7th alerted us that a reversal may be taking place. We are currently seeing price make all time highs on high volume as well, we expect we’ll keep going up for the time being.  We’ll be watching for a return to the trend line to see if our sell will be triggered or not.

Levels of Support: $530 and $475
Levels of Resistance: $580 and $650

LTC/USD

So last week our buy was triggered at $82 and we’ve seen Litcoin go straight parabolic. We suspect ETC and LTC are seeing some residual attention due to their low price compared to Bitcoin and quick transaction times.

Litecoin is also making all time highs with price currently sitting around $320. Personally, we’d be looking to take profits soon. If price can’t hold $300 in the short term, we think this is a good place as price has tripled and seems a tad overextended.

We’ll be watching to see if price can hold that 2nd trend line to re evaluate.

Levels of Support: $241 and $159
Levels of Resistance: $324 and $400

BCH/USD

Last week we hopped back into BCH, looking for a bullish bounce off the main trend. Didn’t happen. So our sell signal was triggered there near the $1,450 mark.

Short term buy was on the double bottom at $1,180. We’re holding to see if price can push through that main trend line, which will now act as resistance. An increase in buying volume is encouraging. But be on the lookout.  A break of this new trend will alert a sell signal for the time being, as we may continue to see further downside.

Levels of Support: $1,450 and $1,170
Levels of Resistance: $1,555 and $1,750

XRP/USD

Last week we said we’d be looking for a break of $.25 to jump back in. However divergence on the 7th alerted us to a potential reversal, and our buy was triggered on the increase of volume at $.19 where it appears buyers were waiting.

Price broke through the ascending triangle and we’re currently testing $.28 again. We’ll be watching closely to see if the bull run will continue.

Levels of Support: $.2626 and $.25
Levels of Resistance: $.28 and $.30

The above references the authors opinion and is for information and educational purposes only.  It is not intended to be investment advice.