Market Summary 30/12: Bitcoin, Ethereum, Ripple…

It formed a small-bodied bullish candle on its daily chart due to the retracement, which ensured the price corrected from an intraday low of $25,833 to reclaim the $27,000-support level.

The pattern in today's training looks like that of the Hanging Man candlestick pattern.

This pattern is a bullish continuation setup, with a 59 percent possibility of sending an asset's prices higher.

Unless it decisively breaks down to neutralize its technically overbought signals, the price could likely continue its prevailing bull run in the $29,000-$30,000 range.

Ethereum News

Ethereum dipped below the $720 support level, although the price remained well bid above $695 and the 100 hourly simple moving average.

The price climbed back above $720 after a swing low but later broke the $740 level, but it strived to vacate the $745 resistance level.

There is a crucial bullish trend line forming with support near $720 on ETH/USD's hourly chart.

The price is likely to accelerate higher once there is a close above the $750 level.

Ripple News

The SEC's lawsuit against Ripple has set its first court date with the New York Southern District Court.

The SEC alleged that Ripple illegally sold XRP as unregistered security from 2013 until now. The case names Ripple chief executive officer Brad Garlinghouse and co-founder Chris Larsen in the lawsuit.

Altcoin News

Bitcoin has had a much stronger presence on the crypto market than all the other cryptocurrencies.

This is shown in its dominance in the market, which could mean closing 2020 with a dangerous-looking Doji candle.

The Doji candle gives a sign of potential doom and "indecision" for altcoins in 2021. This pattern was formed due to the very narrow distance between bitcoin's dominance level over the other altcoins.

Both the open and close yearly percentage rates were both roughly around 70.

American based crypto exchange, Bittrex, would finally remove all XRP trading pairs on the 5th of January, 2021.

Coinbase, Bitstamp, and a host of smaller exchanges have already announced that they would suspend XRP trading.

A partner at Cinneamhain Ventures thinks that the SEC could pressure the U.S. arm into making Binance delist XRP for international customers.

In conclusion, the bitcoin continues to match in a bullish trend as other altcoins struggle to catch up with the number one cryptocurrency.