Crypto Signals Brief for December 26: Uncertainty Keeping Cryptocurrencies Steady
Last Week’s Market Wrap
These last two weeks the price action has been declining as we enter into the Christmas holiday period and liquidity gets scarce. Although we did see a strong move in JPY pairs as the JPY surged on the Bank of Japan altering their monetary policy, but that didn’t affect the crypto market much, which traded in a narrow range. Dogecoin made some gains during the week but it gave back most of them on Sunday.
There was news that the global credit giant Visa might team up with Ethereum to allow its users to make transactions without the need for a third-party platform. This would mean that users can make payments directly from their own self-custodial wallets. Besides that, the trade volume of Uniswap surged to $59.7 million over on Tuesday, which is up 45% from the previous day as investors bought the dip.
Today’s Market Expectations
This week is expected to be slow again, without a clear direction since we’re between Christmas and New Year’s. This means that liquidity will decline further. That might be a double-edged sword though, since a mid-sozed transaction might send a certain cryptocurrency surging or diving in such market conditions. So, we will follow the crypto market during this week and will try to nurse our crypto trades.
Crypto Signals Update
Cryptocurrency Update
The uncertainty in financial markets continued last week which is displayed by the slow price action in the crypto market. Cryptocurrencies traded in a very tight range, although we are heading toward the end of the year and volatility has declined, so this week is expected to be even quieter.
BITCOIN Holds Steady
Bitcoin surged high above $18,300 early in the previous week but reversed back down later and last week it stopped the decline which came after the rate hikes by central banks. Last week BTC/USD traded in a tight range ss uncertainty continued and neither side could take things in their direction.
BTC/USD – 240 minute chart
ETHEREUM Remains Below the 200 SMA
Ethereum climbed above $1,300 early this month but turned bearish like Bitcoin and fell close to $1,100 as the sentiment turned negative after the last central bank rate hikes this month. It has managed to climb above $1,200 again but the 200 SMA (purple) remains as resistance at the top. so until buyers push the price above it, ETH/USD remains bearish.