Predictive Analyses of The Crypto Market for Week of
As of the moment of writing, Bitcoin is trading between $48k and $50k having experienced a retracement – which may continue for some days. It started this week at $50k as against the analyses of most traders.
From a monthly timeframe, the weeks in December so far have been much of a downtrend; this is easily identifiable if compared with the charts of October and November where Bitcoin went as high as $68k.
Last week, we concluded that Bitcoin was trying to come down from its third wave. As of this week, the charts are now clearer that it is completing its fourth wave. However, the fourth wave may stretch itself across a couple of more days.
At this juncture, all indications from the technical analysis are pointing to the fact that Bitcoin has a strong possibility to pick up a parabolic move once it recovers from this retracement – it should start its fifth wave.
The reason is for the prediction of this pump is because the first and fifth waves always uptrends, with the latter surpassing the former.
However, this pump might not be as straightforward as some analysts might be thinking – that it would be a pile of one green candle right after the other. The pump would be having regular downtrends too, but it would not come down to test the support.
While it is technically sure that Bitcoin has a propensity to keep rising from this point onwards, the Fibonacci extension indicates that it should swing between $50k to $57k this week; other things being equal.
At the other end of the spectrum, traders are advised to always set their stop-loss while trading because the market might defy technical analysis; prepare for the odd.
Ethereum was trading at $4,300 at the start of this week and it is currently making short waves of side trends which indicates a moment of indecision in the market.
As of the moment of writing, ETH was trading at $4,136. There are indications that ETH might still dangle down and up a bit. With the current moves of the market, ETH would come down to retest the $4k support. However, the case would be different if it dips beyond $4k.
From technical analysis, the current wave of ETH is bullish. However, there are not enough indications if the massive bullish move would be this week. All the same, analysts are hoping that ETH would touch $4,500 this week.
There are more propensities for this bullish move to happen if Bitcoin starts climbing its wave 5 as discussed above.
Following this, Polygon released news of its success in the ZK-rollup research as it joined forces with Mir, a popular ZK-startup. This Zero-Knowledge rollup hopes to introduce a faster validation method to the Ethereum blockchain and has a chance to enhance the price of ETH.
The crypto market retraced last week, and that might happen this week as well. The movement of Bitcoin this week might, to a large extent, influence others.
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