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Weekly Crypto Market Analysis with Geco.one 27.12.2021

The bitcoin price has increased by over $ 6,000 in recent days. As a result of this appreciation, several local resistance levels of around $ 48,000 and $ 49,500, respectively, were broken.

It is noteworthy that after breaking one resistance, the market usually continued to rise to the next higher level. A more significant supply reaction was followed by a correction, which led to a re-test of the previously broken level. Rejection of this level from the top (as support) started another upward move during which the market broke above the resistance, which stopped the earlier wave of increases.

If this sequence were to continue, we could expect a break of over $ 51,500 soon, which would open the way for further increases in BTC quotes.

However, looking at the strange interval, we notice that the potential for further increases is very limited here. Another resistance is already around $ 53,000, and only a permanent break above this barrier could open the way for further increases in BTC quotes.

Looking at the Ethereum quotations, we notice that the price of this cryptocurrency has recently increased by over $ 500, which is almost 14% of its own value. This increase, however, stopped around local resistance of $ 4,150 and measured at 61.8% Fibonacci adjustments from an earlier downward move. If this zone is permanently rejected, the ETH rate could return to the region of $ 3,650.

The current situation on the BNB quotes is also very similar. The exchange rate of this cryptocurrency has recently rebounded from the technical support of $ 510. Later increases, however, turned out to be relatively small, as this tendency stopped near the nearest local resistance in the region of 550 dollars. If this zone is rejected, the BNB rate could return to $ 510 soon.

Luna’s quotation has risen to $ 100 per unit today. This is the highest level ever. However, it is noteworthy that the recently defeated resistance is at the level of $ 76. It means that the market has already moved away from it by more than 35%, which increases the risk of a possible downward correction soon, as a result of which this zone ($ 76) could be tested from above (as support). All this means that although LUNA is still in an uptrend, there may be a 26% drop to the $ 76 region before continuing the upward trend.

We could expect potential declines also in the XRP quotations in the near future. After the price of this cryptocurrency rebounded from the technical support of $ 0.76 and broke the seasons of $ 0.8750, it reached another resistance of $ 1.02, where there was a considerable supply response. It means that soon we could expect a re-test of the recently defeated resistance (now support) at $ 0.8750. If there is a more significant demand reaction at this point, signalling a potential rejection of this zone, the XRP rate could even return to the upward path.


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Weekly Crypto Market Analysis

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