Hi guys and welcome to another lovely Monday morning, the sky is looking just great and the crypto market simply put another week of uncertainty.
BTC and altcoins prices are currently stable with no much interaction going on but if the current state will remain the same over the week is unpredictable.
Crypto Weekly is a weekly based writeup that talks about the market system and their price action with reference to BTC, ETH, and EOS respectively.
The past couple of week has been somewhat unpredictable with BTC dropping to a price below $17k only to climb above the $19k mark days later, one can only wonder if the correction we all wanted is done.
Starting from a weekly opening price of $18758, a new high was achieved at $19656 before further retrace to $19160 where it currently trades as of now, the chart is looking great and a good resistance at 18800 can be seen but again it's volatility remains the same and price action can never be predicted to 100% rather previous occurrence can be used in predicting future occurrence which in most cases can be 60% or more correct.
The month is fast climbing and soon the holidays we be upon us, previous chart readings shows a downtrend around this period but again, unlike previous dates, the amount of interested parties getting involved in cryptocurrency in general is growing in an exponential rate unlike anything we have ever seen.
The next few weeks should be interesting and also a test of period if BTC will dump or spike.
As usual, individuals are advised to do their own research before investing in any digital asset.
Not the price action I was hoping for, afterall, more than 1mil ETH as been staked so far and still the price movement is yet to support these actions.
ETH 2.0 was launched successful after the minimum requirement was achieved, with the move to a proof of stake network, one can only wish for something far better than its previous state aka proof of work.
Holders of ETH are able to stake theirs and become validator with an incentive of getting a daily, weekly, and monthly return when they participate in this action, while the incentive is great, it also comes with its disadvantages as users won't be able to unstake for a long period of time and when price takes for the downtrend, all they can do is observe.
Starting from a weekly price action of $593, ETH was able to climb its way to a high of $618 before retracing to $594 where it currently trades.
If BTC continues to remain stable at $19k we might soon see another rally upward and if the reverse were to happen well the entire crypto space might seen another red shallow street.
After achieving a recent high of $3.6, EOS has been able to keep itself above the $2.8 mark, with uncertainty increasing on daily basis, one can only watch and observe if a new high will soon be achieved or probably a retrace to $2.4.
Starting from a weekly price of $3.07, EOS was able to climb its way to $3.29 before it gradual retrace down to $2.97 where it currently trades.
Just like ETH, the best of EOS is yet to be seen after months of staying low and even wheen other coins did 3x, EOS is yet to fully make a bull movement.
The next coming weeks should be somewhat interesting to watch if a new year's high will be achieved or a retrace is coming.
What is your comment on the above? A spike approaching or a downtrend? Do leave your comment on this below.