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Bitcoin SV, NEM, Compound Price Analysis: 05 December

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Source: Pixabay

Bitcoin Dominance rose toward 64.3% after posting another higher low at 62.44% for the past week and stood at 63.66% at the time of writing. Bitcoin is currently being traded at $19072 with a 24-hour trading volume of  $19.6 billion.

Source: CoinStats

Some altcoins showed a bullish breakout, such as Bitcoin SV and NEM. Compound appeared to show buyer dominance, after posting a steady decline in buying volume in recent weeks.

Bitcoin SV [BSV]

Bitcoin SV, NEM, Compound Price Analysis: 05 December

Source: BSV/USDT on TradingView

Bitcoin SV formed a symmetrical triangle after posting a local high at $215. Trading volume also decreased while the price was within the pattern.

The price broke out on good trading volume and climbed past resistance at $183, but was subsequently pushed down. However, BSV bulls may not be done yet.

The RSI showed bullish momentum with a reading of 59. It crossed above the neutral 50 line and despite the dip to $178, has not dropped back to 50. This showed a short-term uptrend was in progress.

NEM [XEM]

Bitcoin SV, NEM, Compound Price Analysis: 05 December

Source: XEM/USD on TradingView

XEM formed a symmetrical triangle with decreasing trading volume and broke out to the upside, confirming the continuation pattern.

Since the breakout from near $0.18, the MACD showed gathering momentum that saw the price soar to close a trading session at $0.265, representing gains of nearly 50%.

The price could be due for a pullback after the recent, strong gains and the MACD line was a distance away from the signal line and could correct lower in the coming hours.

Compound [COMP]

Bitcoin SV, NEM, Compound Price Analysis: 05 December

Source: COMP/USDT on TradingView

A couple of weeks ago, the OBV showed a series of lower highs, while the price made higher highs. This bearish divergence eventually manifested itself with a COMP correction back toward $100.

The price was unable to climb back above $110 for a few more days, till early December saw a huge spike in buying volume for COMP, along with a surge from $106 to touch $140 in the span of a couple of days.

COMP saw a pullback to previous level of support at $125. The Stochastic RSI was correcting itself and would soon be in overbought region, and the OBV was climbing. This indicated that COMP was likely to test $140 resistance once more.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.