23 December 2018

Is the cryptocurrency market growing again?

Let's look at the four-hour BTC chart. We see that BTC is trying to keep above $4 000. It is possible that the main cryptocurrency will try to get closer to the EMA50. The formation of a technical figure "Head and shoulders." 

However, relying on such a figure is not worth it. We have repeatedly noticed that BTC and other cryptocurrencies often do not work this pattern. Gives the first signs of penetration of the neckline and moves in a completely opposite direction. 

Weekly growth of cryptocurency market was impressive. The main growth among the top 10 cryptocurrency has become BTC's brother BTC Cash. The asset has increased in price by 135 percent over past 7 days. TRON, Cardano, IOTA and Waves have shown themselves to be a good 50-60 percent rise.

Let's go back to BTC. There is still a chance that BTC will be able to return above the downtrend channel to test the EMA50 on the daily chart. However, we should not forget that the cryptocurency market is still inside the channel of the downward trend. If we stay in the downtrend channel, then the bias is downward. You should concentrate on the actions of BTC within this channel now.

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