Bitcoin, Ripple, Ethereum, Stellar, Bitcoin Cash, EOS, Litecoin, Cardano, TRON, Monero: Price Analysis, Dec. 5

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Experts are divided over the future behavior of the crypto markets. Mike Kayamori, CEO of Quoine, expects Bitcoin to make new lifetime highs by the end of next year, and believes that the bottom is close to current levels.

On the other hand, Malachi Salcido, head of Wenatchee, Washington-based Salcido Enterprises, expects the situation to “possibly get a little worse before it gets better," reports Bloomberg. He anticipates markets to bottom out in February of next year.

Though the markets are way below their lifetime highs, it has not deterred investments from large players. The ability of new ventures to raise funding shows that interest in the space is alive and the markets have a bright future.  

In a recently published report, American global management consulting firm A.T. Kearney suggests that Bitcoin will reclaim two-thirds of crypto market capitalization by end of next year. Currently, Bitcoin dominance is about 54 percent. This means that Bitcoin will move up at the expense of altcoins. Investors should avoid buying shady cryptocurrencies and stick to ones with visibility.

BTC/USD

The main trend in Bitcoin is down. For the past two days, the bulls have been trying to defend the trendline of the pennant but have not been able to push prices higher. This shows a lack of buying at higher levels and selling pressure. The moving averages are sloping down and the RSI is close to oversold territory. A breakdown of the pennant will resume the downtrend and has a pattern target of $2,416.52.

BTC/USD

We believe that the BTC/USD pair will witness strong buying in the $3,500–$3,000 zone. Contrary to our opinion, if bears sink prices below $3,000, then the next stop will be $2,416.52.

If the bulls succeed in holding the trendline of the pennant on a closing (UTC time frame) basis and reverse direction, it will indicate strength. The first indication of a trend change will be when the price sustains above the resistance line of the pennant. A breakout of the 20-day EMA will increase the probability of a pullback to the breakdown levels of $5,900.

There is a possibility that the price will remain stuck around current levels for the next few days. If the price moves out of the apex of the triangle, without a breakout or a breakdown, the pennant formation will be invalidated and the digital currency might enter a range.

We should get a clearer picture within the next 3–4 days. Meanwhile, traders can keep their stops on the long positions, as suggested in the previous analysis.

XRP/USD

The bulls have been trying to keep Ripple above the immediate support of $0.33108 for the past two days but they have not been able to secure a strong rebound. This shows that the bears have an upper hand.

XRP/USD

A break below $0.33108 will result in a drop to the Nov. 25 lows of $0.31123. The support line of the descending channel is just below this level. We anticipate strong support in this zone. Contrary to our opinion, if the bears sink the XRP/USD pair below the channel, a retest of $0.24508 is probable.

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