Cryptocurrency market has entered 2019 after witnessing major meltdown in 2018. It’s still in the state of uncertainty as no major fundamentally strong news is available. Therefore, the traders still have to rely mainly on technical analysis of major cryptocurrencies. Here are the cryptocurrency weekly analysis and forecast of Bitcoin, Ethereum, and Zcash:
Cryptocurrency Weekly Analysis of Bitcoin (BTC)
Bitcoin price against the US Dollar is still getting strong support from the 200 Moving Average. A bearish pattern or a double top formation can be seen in the near term. In the short term, strong resistance can be seen at around US$3,900 with support at around US$3,600. If the price heads downwards then it can reach US$3566 level. In case the support at US$3,600-level is breached downwards then the Bitcoin (BTC) price may again test the lows of 2018, lying around US$3,100.
Cryptocurrency Weekly Forecast of Ethereum (ETH)
Ethereum price against the US Dollar is currently trading around US$134. However, it is important to note that strong support is building at around US$110. Ethereum is following the Bitcoin’s price movement pattern. That’s why a double top formation can be seen in the ETH/USD charts. Here, resistance level can be seen approximately at around US$150. Getting back to the high levels of 2018 is a long way for Ethereum (ETH).
However, the situation looks better when ETH/BTC is taken into consideration. Currently, the ETH-BTC pair is trading at around 0.036 BTC. In fact, the resistance is also located at this price point. The support level is located at around 0.032 BTC.
Cryptocurrency Weekly Predictions of Zcash (ZEC)
Cryptocurrency weekly analysis of Zcash shows that the price against US Dollar is witnessing an upcoming bullish formation (shoulders pattern). However, its actual price movement will depend on the price movement of Bitcoin price’s movement. ZCash (ZEC) price is currently trading at around US$55 and the resistance is located at around US$77. If this resistance level is broken above then the price may go up to the next resistance at US$100. Support level is located at just 10% below, which is at around US$50.
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