December 29, 2019 Swiss Finance Minister Ueli Maurer believes that one of the most ambitious crypto projects of 2019, Facebook’s Libra stablecoin, in its current form, is not accepted by regulators.Although Libra was not born, it has forced a number of central banks to take cryptocurrencies seriously.China could be one of the first industrialized countries to introduce a central bank digital currency.Although cryptocurrency trading is banned in China, regulators are worried about their return.The Chinese government wants to ensure that the digital form of the yuan does not have to compete with cryptocurrencies when it starts up.
As a result, Chinese securities regulators have asked other authorities to prevent the recurrence of cryptocurrencies.Weekly view of crypto market data.Source: Coin360 The US stock markets generally recover during the last five trading days of the calendar year and the first two days of the new year.
The rally at that time was popularly known as the Santa Rally.This year, the gold and U.S.stock markets have been strong in recent weeks, while the crypto markets have not experienced a recovery.Peter Schiff pointed this out first.
However, he came back to the fact that Bitcoin 2019 significantly outperformed the U.S.and gold stock markets.Do we find a promising prospect among the top performers in the last seven days at the end of the year? Can you extend your rally into the new year? Let’s see.BCH / USD Bitcoin Cash (BCH) has increased by almost 13% in the past seven days and has proven to be the best performer among the major cryptocurrencies.
Do we recognize a turnaround and a buying opportunity? Let’s look at the diagram.BCH USD weekly chart.
Source: Tradingview The BCH / USD pair has traded between $ 227.01 and $ 192.52 in recent weeks.Although the bears have fallen below $ 192.52 in the past two weeks, they have been unable to maintain the lower levels, indicating that the bulls are using dips to buy.The current rebound attempt may encounter little resistance at $ 227.01.
However, if the bulls can raise the price above, a change to $ 306.78 is possible.Traders can buy at a close above $ 227.01 with a stop below $ 190.The 20-week EMA at $ 240 and the 50-week SMA at $ 266 might offer some resistance, but we expect them to be exceeded.
Our optimistic view will be void if the pair rebounds from $ 227.01 and falls below $ 192.52.BSV / USD Bitcoin SV (BSV) has been the second best player in the past seven days with a rally of around 12%.There does not seem to be any specific news that started the upward trend.Will this relief fade or is it the start of a new upward trend? Let’s see.
BSV USD weekly chart.Source: Tradingview BSV / USD is trying to rebound from critical support at $ 78.506, which is a positive sign.This shows that bulls use dips to buy.The easing rally could face resistance on the downtrend line and above, the moving averages just below $ 113.96.If the bulls remain above the moving average, a rally to $ 155.38 is possible.Conversely, the pair could remain tied to the price range for a few more weeks if the price drops by $ 113.96.Traders can take long positions at a closing price above the downtrend line with a stop below $ 77.
The target is $ 155.38, but if the bulls are struggling to push the price above $ 113.96, positions can be closed.ETC / USD Ethereum Classic (ETC) was the third best player among the major cryptocurrencies with a rally of more than 10% in the past seven days.The community seems to be excited about the upcoming Agharta Hard Fork, which ETC is supposed to make fully compatible with Ethereum (ETH).Will altcoin experience a new upward trend from this news? Let’s analyze the diagram.ETC USD weekly chart.Source: Tradingview ETC / USD has maintained critical support at $ 3.40 for the past five weeks, which is a positive sign.It shows accumulation by bulls at lower levels.
The bulls are currently trying to bounce on the support.The two moving averages have flattened and the RSI is gradually increasing towards the center, indicating that the selling pressure has eased.With moving averages, the rebound could encounter slight resistance.If the bulls can keep the price above the moving averages, a rally to $ 7.6 and above $ 10 is possible.Because the risk / reward ratio is attractive, traders can buy 50% of the desired position at the current level and maintain a stop loss below $ 3.30.The remaining 50% of the position can be added to a close above the 50-week SMA.
Our optimistic view will be void if the pair diverts from current levels and falls below $ 3.30.EOS / USD Block.one, the company behind the EOS blockchain and the token of the same name, has proposed a change to its current network resource allocation system.Under the proposed new system, users will need to rent network resources.The company believes that the transition “will eliminate the impact of speculative markets on commodity prices.” The introduction of a rental market with prices based on the total use of resources makes the allocation of resources more predictable and reliable for the community.” EOS USD weekly chart.Source: Tradingview The EOS / USD pair has been trading between $ 2.88695 and $ 2.4001 for several weeks.Although the bears lowered the price below the range, they could not keep the levels lower.This is a positive sign as it indicates demand at low levels.
The current jump can reach $ 2.8695 above which movement in the downtrend line is possible.In recent months, the pair has repeatedly turned away from the downtrend.So we expect bears to defend them aggressively.A break in the downtrend line indicates that the bulls are back in action.Above the downtrend, an increase to $ 4.8719 is possible.However, if the price turns away from the downtrend again, the declines will attempt to drop the price below $ 2.5804.Our views become optimistic once the price is above the downtrend line.ATOM / USD It is the fourth time in the past five weeks that Cosmos (ATOM) has been one of the best performers.
This shows that the bulls continue to support him.Can she build on her strength for the new year? ATOM USD weekly chart.Source: Tradingview The ATOM / USD pair closed a cut and handle model when it closed above $ 4.4389 on December 15, triggering our buy recommendation that we gave in a previous analysis.However, the bulls could not settle on the breakout as expected, and the price dropped again to $ 3.5621.We like the way the bulls bought the drop close to $ 3.5.This shows that the bulls accumulate during the troughs.
Price almost again reached overhead resistance of $ 4.4389.If the bulls can keep the price above $ 4.4389, a rally to $ 6.9677 is likely.
As a result, traders can maintain the long position stop loss at $ 3.40.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.Each investment and each commercial step involves a risk.You should do your own research before making a decision.
Market data is provided by the HitBTC exchange.
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