Last week, the price of Bitcoin reached its highest level in history, which was able to touch the level of IDR 330 million. So, which crypto assets are bullish and bearish this week? Will the Bitcoin price continue to strengthen?
Bitcoin’s price increases occur for several reasons. For example, Bitcoin is bought up by large corporations from the United States (US) such as Micro Strategy Inc., Tudor Investment Corp, Square, and others.
Not to mention PayPal which also provides a payment feature using Bitcoin. This makes Bitcoin demand even more massive.
Apart from Bitcoin, the price increase also occurred for Ethereum (ETH). The price of ETH jumped to the level of IDR 9 million. This is due to the gradual change to ETH 2.0 over the next year.
Want to know more about which crypto asset movements are bullish and bearish this week (21 December 2020-28 December 2020), here is an explanation.
5 Bullish Crypto Assets on This Week
- Bitcoin (BTC)
On the previous Sunday, Indodax Market Signal predicted Bitcoin will record its highest record and this is proven. In fact, Bitcoin’s increase or record high price exceeded expectations.
Initially, Indodax.academy only predicted the Bitcoin price would only be up to USD20,000 at the beginning of the year. However, 17th December 2020 became a historic day for Bitcoin as the price passed USD23,000.
For the same reason, BTC price will still strengthen or become one of the bullish crypto assets this week. In fact, it is possible for Bitcoin to experience an overbuy.
In today’s trading, BTC moved at the lowest level at IDR323,858,000 and the highest level at IDR335,880,000.
Here’s BTC’s technical analysis this week:
|Summary||BUY (5) Overbought (1)|
- Ethereum (ETH)
Another bullish crypto asset is Ethereum (ETH). The increase in Bitcoin price was also followed by Ether (ETH). Although the increase is not as high as 2017, which is past IDR 18,000,000.
Ethereum (ETH) has already started its evolution and upgraded to Ethereum 2.0. This causes ETH demand to increase.
This evolution will upgrade the old Ethereum network to a more efficient Ethereum network. The increase in ETH prices also had an impact on the increase in crypto assets based on Decentralized Finance (DeFi).
Just like the Bitcoin trend, the reasons why people buy ETH are still the same. So that ETH price movements will also continue to increase on December 21, 2020 – December 27, 2020.
In today’s trading, ETH moved at the lowest level at IDR8,781,000 and the highest level at IDR9,196,000. ETH entered into 5 bullish crypto assets this week.
Here’s the ETH technical analysis for this week:
- Dogecoin (DOGE)
Dogecoin (DOGE), a coin bearing the Doge Dog meme, is a fairly popular coin. The factor in the increase in DOGE occurred because this asset is in demand by crypto asset lovers around the world.
DOGE is a crypto asset that can be mined or mined. DOGE has an available coin supply of 125.14 billion, the number being the largest of all coins.
Dogecoin is ranked 31st on the Brave New Coin market cap table, with a market cap of USD295 million with a trading volume of USD1 million over the past 24 hours.
In today’s trading, DOGE moved at the lowest level of IDR 53 and the highest level of IDR 70. DOGE has entered into 5 bullish crypto assets this week.
Here’s the DOGE technical analysis for this week:
|Summary||buy (5) overbought (1)|
- Litecoin (LTC)
Litecoin (LTC) is the next crypto asset to be bullish this week. As Bitcoin price increases, LTC price also follows.
This is because Litecoin is one of the crypto assets derived from Bitcoin Core QT. This means that everything in Litecoin is not that different from Bitcoin. As with Bitcoin, LTC is also predicted to be overbought.
In today’s trading, LTC moved at the lowest level of IDR1,556,000 and the highest level was IDR1,725,000. LTC entered into 5 bullish crypto assets this week.
Here’s LTC’s technical analysis for this week.
|Summary||BUY (5) Overbought (1)|
- Bitcoin Cash (BCH)
Crypto assets that are bullish also include Bitcoin Cash (BCH). These crypto assets also follow Bitcoin’s movements.
BCH is a crypto asset that is also based on mining or mining like Bitcoin. This crypto asset is also predicted to be overbought, like the LTC Bitcoin derivative.
In today’s trading, BCH moved at the lowest level of IDR4,357,000 and the highest level was IDR 5,288,000. BCH has entered into 5 bullish crypto assets this week.
Here’s the BCH technical analysis for this week:
|Summary||BUY (5) overbought (1)|
5 Bearish Crypto Assets on This Week
- Saffron Finance (SFI)
It seems that DeFi-based crypto assets like Saffron Finance will be bearish this week. Saffron Finance had climbed high in the previous weeks.
DeFi-based crypto assets tend to rise in the first weeks of listing. After that, he then experienced overbought which resulted in a decline in prices.
In today’s trading, SFI moved at the lowest level at IDR4,910,294 and the highest level at IDR5,519,000.
Here’s the SFI technical analysis for this week:
CELO is a DeFi coin. The mechanism is Proof of Stake (PoS). CELO claims to be a platform that is easy to use on smartphones. Unfortunately, CELO is moving down this week.
CELO also adds to the DeFi crypto asset line that has experienced a decline in prices this week. Already from the previous week, CELO is predicted to experience a decline in price. This week, CELO will be oversold.
In today’s trading, CELO moved at the lowest level of IDR21,222 and the highest level was IDR23,445.
Here’s CELO’s technical analysis for this week:
|Summary||SELL (5) oversold (1)|
DAD is a crypto asset that stands for Digital Advertisement. DAD is a crypto asset based on a blockchain-based advertisement company from Singapore.
DAD’s innovations have not been able to boost demand, so DAD will experience a price decline.
In today’s trade, DAD’s lowest price is at the level of Rp2,520 and the highest price is Rp2628.
The following is DAD’s technical analysis for this week:
- Hedgetrade (HEDG)
Hedgetrade (HEDG) is a crypto asset based on the DeFi platform under the Ethereum network. HEDGE trades like any other DeFi crypto asset that is experiencing a decline in price.
This is because crypto asset lovers prefer to buy mining crypto assets such as Bitcoin and its derivatives which have experienced an increase in price this week.
In today’s trading, HEDG moved at the lowest level of IDR 7030 and the highest level of IDR 8,000.
Here’s the HEDG technical analysis for this week:
|Summary||SELL (5) OVERSOLD(1)|
- Tether (USDT)
Although not a DeFi coin, Tether (USDT) is still experiencing a decline. In the last few weeks, USDT is still showing a decline in prices. This is because the US Dollar (USD) is weakening.
This is because the US economy has yet to show any recovery after the presidential election in November. USDT is a stable coin that embraces USD price. This week, the USDT is still experiencing a decline
This crypto asset has entered into 5 bearish crypto assets this week.
In today’s trading, USDT moved at the lowest level of IDR13,902 and the highest level was IDR14,100.
Here’s the USDT technical analysis for this week:
|Summary||SELL (5) oversold (1)|
NOTE: If the 5 EMA crosses the WMA 75, 85 and 200 EMA lines and these lines intersect from bottom to top, the market trend tends to go up (bullish),
In each table above, it shows that if the value of EMA 5 is higher than WMA 75.85 and EMA 200 then the market tends to rise (bullish).
If the RSI and MACD values ??show the same condition, it means that the market is showing the same trend, overbought condition or oversold condition is an indicator that the market is at a point of changing the trend direction.
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