Dec. 18 Mars Market Recap: BTC Surged to $3,700, may Continue to Rise after a Callback; EOS Led the Mainstream Currencies in Growth Rate; ETH Weakly Moved with the Market

Dec. 18 Mars Market Recap: BTC Surged to $3,700, may Continue to Rise after a Callback; EOS Led the Mainstream Currencies in Growth Rate; ETH Weakly Moved with the Market

Dec 18th 2018| Investment By:Mars Finance
BTC has fallen sharply since the middle of last month, but the decline slowed down significantly, and the trendline was flattening out.

Topic in Discussion

At 8:11pm last night, the BTC left its lingering $3,300-3,400 range, rising from a low of $3,377 to $3,600 within a minute, before retreating to around $3,500. From the BTC market before, although the rebound is fierce, rapid, even happened in a situation that BTC is in a long-term weakness and hovering in the low level of $3200 for several days, the rebound is traceable. 

BTC has fallen sharply since the middle of last month, but the decline slowed down significantly, and the trendline is flattening out. The short side showed obvious exhaustion. After falling below $3,800, the long side showed a greater intention to rebound and challenged the resistance level above for many times. Although the energy was insufficient, the lower part did not fall below $3,200. 

In recent days, LTC's strong rebound has also given BTC and other mainstream currencies an opportunity to rebound. When LTC began its third round of large rally, BTC showed a strong intention to rise, and successfully fueled the market price, and the trading volume soared instantly. It can be said that the timing and intention of the big rise of BTC is still relatively obvious, but limited to technical indicators, it is difficult for us to predict the specific time of this big rise from the current information, but from the overall trend, there should be a rebound.

Market Overview

As of 6pm on December 18, according to CoinMarketCap, the total market value of digital money market is $112.06 billion, which is $7.7 billion more than the total market value of yesterday, up 7.37% from the previous month. The total market turnover was $17.8 billion, up $7.35 billion from yesterday and up 70.56% month-on-month. 

Today, the major stablecoins change as follows, USDT current price is $1.01, up 0.77%; Among the other four stablecoins, PAX decreased the circulation of 18 million pieces of currency and slightly increased its current price to $1.01. TUSD, USDC and GUSD declined slightly, with GUSD dropping 0.85% to $0.9986. Digital money market increased, but the market is still at a low position with high risk; The stablecoin is still in a high demand stage, but it has fallen slightly.

 

Mars Finance (WeChat: hxcj24h) monitors 91 of the top 100 digital currencies by market value, with 51 of them rising within the range of 5% to 10%. The 100 digital currencies rose by an average of 73.5%. EOS was the best performer, up 21.81%, followed by DigiByte, up 16.59%. The stablecoin Dai, which fell 1.83%, was the worst performer, followed by Revain, which fell 6.60%.

 

Market Forecast

BTC

BTC sharply pulled up to the highest $3,744, although the trading volume immediately exploded, but obviously not everyone dare to buy. BTC broke through $3,600 in a short time, but not everyone dare to continue to participate in the market. In the shrinking market, BTC vibrated above $3,600 but began to fall back in a few hours. The 4-hour MACD index has begun to weaken, the volume has gradually shrunk, so it is possible for BTC to turn back, just the probability is small. The after-market will be slightly reduced to stablize at the support level and rebound after the a continuous oscillation; If it falls below the closest support of $3,540, it may continue to fall to around $3,450, but it is unlikely to continue to fall below that level.

The main net outflow is 53.23 million yuan in 24 hours, the retail net outflow is 318 million yuan, which show a strong short dominated market.

 

EOS

EOS led the increase of the mainstream currencies today, and the trend is strong, the power is stronger than BTC. It rebounded after a short-term pullback to $2.40 and obtaining support. Although the current uptrend is strong, but it has not gotten rid of the trend with market. The possibility for an independent market may be low in the short term. 4-hour trading volume did not shrink significantly, with a higher probability of short-term volatility above $2.40. 

The main net outflow is 9.13 million yuan in 24 hours, the retail net outflow is 304 million yuan, which show a strong short dominated market.

 

LTC

LTC can be said to be the trigger for the sharp rebound of BTC, since the previous day's sharp rise to stabilize at $26, today it also maintained a strong upward trend. At present, if LTC stabilizes at $29, it is likely to continue to move upward in the after-market. If LTC falls below $29, it will fall to a strong support level around $28.

The main net inflow is 24,600 yuan in 24 hours, the retail net outflow is 269 million yuan, which show a strong short dominated market.

 

ETH

ETH is weaker than other mainstream currencies with weak and shrinking volume. Pressured by $100 and fell back to support at $95, the weak market is difficult to change temporarily and it can only move with the market.

 

Industry Overview

As of 6pm, 4 out of 27 blockchain industry sectors of 5 classifications went up, according to TokenInsight. Among them, "entertaiment and gaming platforms" sector saw the best performance with an average increase of 6.75%, followed by "medical applications" sector with an average increase of 3.63%. The "information and technology platforms" sector saw the worst average decline of 15.79%, followed by the " entertaiment and gaming applications" sector with an average decline of 5.80%.