Cryptocurrencies Market Update ➡️ Solid ECN

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Analyzing Cardano's Market Trends

Cardano's market value has recently seen a significant decline, falling from the resistance level of 0.653. At present, the ADAUSD pair is hovering around the pivot point of 0.6351. Interestingly, a hammer candlestick pattern has appeared on the daily chart right at this pivot, suggesting a possible end to the current downward trend.

A Deeper Dive into the Numbers

For a more detailed analysis, we look at the 4-hour chart. Here, it's evident that the ADAUSD pair has broken through the 61.8% Fibonacci retracement level. Given that the pair is currently in a bearish flag pattern, it seems likely that the next downward target could be the 78.6% Fibonacci level.

A Potential Turnaround?

However, the market is unpredictable and there's a twist in the tale. If the bulls manage to escape from this bearish flag and push the price above the 50% Fibonacci mark, we could see Cardano start to climb again. The initial targets for this potential rise? A jump to 0.646, with the ultimate goal being the November high of 0.652.

Stay connected for more updates on the ever-changing journey of ADAUSD.​

 

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BTCUSD

Bitcoin is currently trading within the bullish flag. However, the pair has been unable to cross above the median line. With the RSI indicator dropping below the 50 level, the bearish sentiment in BTCUSD is gaining strength, potentially targeting the flag's lower boundary. The resistance at $38,000 further supports this bearish outlook.

 

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Bitcoin

Examining today's Bitcoin technical analysis reveals that the cryptocurrency, often dubbed 'digital gold', is currently exhibiting a bullish flag pattern. Notably, Bitcoin's price has positively responded to the flag's lower boundary, with the market's bulls now challenging a critical threshold at $36,712. Should they successfully breach this mark, it could amplify the upward trend, potentially elevating the next target to R1, valued at $38,665.

On the flip side, the S1 mark plays a crucial role as a supportive base within this bullish context. However, if this support level were to be broken, it could signal a continuation of the downtrend that initiated on November 16, possibly leading the price towards the S2 level, located near $33,483.​

 

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XRPUSD Update: Ripple Struggles Below Pivot, Targets 0.58

Ripple is currently experiencing a bearish trend, staying below the 0.609 pivot, which suggests a continuing downward movement. The upper band of the bullish flag is acting as resistance. As the price remains under R1, there's growing expectation that it might head towards S1 (0.58).

If the price breaks through S1, sellers might then aim for the next level, S2.​

 

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Bitcoin Bulls Break Resistance, Eye $40,000 Next

The price of bitcoin climbed over the 38,250 level in the latest trading session, continuing its bullish trend. However, the bitcoin bulls are facing the middle line of the bullish flag as their next obstacle. The technical indicators show that the RSI still has some space to reach the overbought zone. At the same time, the awesome oscillator bars changed to green, indicating the strength of the upward movement.

The middle line of the flag is unlikely to resist the buying force. As a result, analysts at FxNews predict that the BTCUSD price will go up and target the $40,000 mark, which matches the top line of the flag.

This analysis is valid as long as the pair is trading within the bullish flag.​

 

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Bitcoin's Steady Rise: December 9th Update

On Saturday, December 9th, the value of Bitcoin in US Dollars was 44,193, showing a small rise of 33 or 0.07% from the last trading session. Over the past month, Bitcoin's value increased by 18.51%. If we look at the past year, it went up by 157.98%.

Predictions suggest that by the end of this quarter, the price of Bitcoin in US Dollars might decrease to 37,157 and further drop to 30,991 in a year, as per projections from global macro models and what experts anticipate.​

 

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Bitcoin Tests Ichimoku Cloud: Price Trend Alert​

Solid ECN – Bitcoin has a shift below the Ichimoku cloud. The price is currently testing the cloud as resistance. The price is ranging inside the bearish channel. The RSI indicator hovers below the median line. We expect the bitcoin price decline to $40,600 area if the market ranges inside the flag.

Bitcoin is experiencing a notable shift, now positioned below the Ichimoku cloud. Presently, its price is testing the cloud, facing it as a resistance level. In the midst of this, we're seeing the price moving within a bearish channel. Concurrently, the RSI indicator remains below the median line, signaling a cautious market sentiment.

Should the market continue to range within this flag pattern, we anticipate a potential decline in Bitcoin's price towards the $40,600 area.