There is a sign of weakness on this last Monday of 2019 with a few exceptions such as the price of BAT, though this should not be misleading since during the weekend which has just ended many altcoins have reached the lows of last week.
The movements are led by Bitcoin that on Saturday attempted to break the $7,500 without having been particularly successful with prices remaining at last week’s average levels in the $7,200-7,300 area. The weekend has passed with volumes above the daily average of the month.
Among the positive cryptocurrencies there is Stellar (XLM) which gains 2% although the price remains in the lateral range that since mid-December has seen it fluctuate from $0.044 to $0.047, overtaking Tezos which is falling, not because of XLM, but rather due to the weakness that has affected the price of XTZ.
Tezos, after exceeding the 2019 highs at $1.80, drops back strongly with a drop of about 30% from those peaks. A retreat that shows a 50% retracement of the movement that between early October and early December has earned the crypto more than 150%.
Tezos scores a technically dangerous double annual maximum at $1.80. Right now it’s at the 50% Fibonacci retracement level, at $1.30, a very important target in order to continue the increase in the coming days and weeks.
Worth noting among the best are also Basic Attention Token (BAT), which is up 3.5% and Waves (WAVES) in 43rd position, which today gains 7%. Both are on the podium as the best of the day among the top 100 cryptocurrencies for capitalisation, with weekly increases of more than 15%.
With today’s movement, BAT confirms the trend of the last 5 days. After hitting the lows in the $0.15 area last December 18th, BAT has reversed the trend and sees a recovery in value of 33% with prices returning to the levels of the beginning of the month. BAT is not only among the best of the week but also of the month coming to an end.
With the bullish reaction of the weekend, the market cap is back close to 200 billion of total capitalisation, with bitcoin confirming more than 68% market share and Ethereum which, with a surge of pride in the last 48 hours, recovers a fraction of a decimal point of the market, returning to more than 7.5%. The dominance of Ripple remains unchanged at 4.3%.
On Saturday, Bitcoin tried to reach $7,500 and for the umpteenth time since the end of last December, there is a lack of momentum above this level that does not give the signal of a possible reversal of the medium-term after reaching the lows of the last semester on December 18th in the $6,470 area.
Bitcoin tries to show up with the increases of these hours the performance over 100% since the beginning of the year and at the moment fluctuates between 90 and 95%. So try to close the year in beauty with a triple-digit increase.
For Bitcoin, it is necessary not to fall below $7,100-7,000 in the coming days just to consolidate the technical rebound that is developing from the lows of December 18th.
Ethereum performs better over the weekend, reaching $138 dollars, which is the first time since December 15th. This increase which arrived during the weekend at the moment does not find the necessary confirmations above $135.
This is the first level to be confirmed for Ethereum before returning to the $140-145 threshold, an area dominated by the dynamic resistance that sees the highest drops of the last six months.
For ETH it is necessary to consolidate in the $135 area and not to go under $120 again in the next few days, these are the important signals needed to start providing positive signals for a reversal of the uptrend that has been characteristic of Ethereum in recent months and to provide a signal of reversal.