Weekly update: Bitcoin Trend Continuation; Ethereum to Spike Up; EOS Threatening to go Downwards
- Fundamental analysis: Bitcoin has been improving in terms of network capacity (lightning network) and transaction number. However, the overall sentiment is still bearish. The bullish news/support come in dashes and leave pretty fast. Bitcoin’s price action over the last weeks clearly reflects such ambivalence.Many news outlets as well as influential people are suggesting that Bitcoin will go further down, making it a self-fulfilling prophecy.
- Technical analysis: Bitcoin has been following the downwards trend for a couple of months now. If we look at the daily chart, we see a perfect downwards facing trend line to which Bitcoin rises and from which it bounces. We are expecting a next retest of that line near the end of this month. So far, however, we are in a bullish part of the move. This has been proven by Bitcoin staying above the $6480 line after breaking it.
- Fundamental analysis: Ethereum has had it tough during the last 30 days. Many people claimed that it is obsolete, and done as a Cryptocurrency. This drove a lot of negative sentiment towards Ethereum, which prompted its dive down to unforeseeable levels just a few months ago. However, recent news have turned a bit more bullish and had helped Ethereum to perform greatly in the past couple of days. With that being said, Ethereum still has to survive the inevitable change of the ICO structure, which is leaning towards changing almost everything about them. This may impact Ethereum quite negatively.
- Technical analysis: Ethereum has been on the rise in the past couple of days. The bullish news that came through the pile of negative ones had some impact, making Ethereum rise up to the price of $225, and holding there. However, it is still contained in the “death trend” which it will have to escape in order to survive and remain in the #2 spot in Cryptocurrency market capitalization ranking.
- Fundamental analysis: EOS’s fundamentals did not change much in the previous week. Market sentiment holds slightly bullish as people believe more and more in this project. Marketing is great when it comes to showing EOS’s potential, and people are approving the advertisements. Recently, EOS has gotten the rating of the best performing asset in China, which only added to its popularity. However, did the price follow the good sentiment, or did the Cryptocurrency market as a whole take over?
- Technical analysis: Sadly, even with all those slightly bullish news, nothing life-changing has happened to EOS so it would spike independently. However, the market has been fluctuating, and EOS has been following. The situation is similar to Bitcoin, except for the fact that the downwards facing trend resistance line is much, much closer. If EOS does not get a spike of buyers, it will fall down to the pressure of the downwards facing resistance that’s extremely close.