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  • The total crypto market cap started an upside correction after tagging $171.8B.
  • Bitcoin price is up close to 10% and it is now trading above the $7,000 resistance.
  • Litecoin (LTC) price is gaining momentum and it could test the $48.50 resistance area.
  • Bitcoin cash price is climbing higher towards the main $220 and $225 resistance levels.
  • EOS price rallied 10% and it even broke the $2.500 resistance area.
  • Stellar (XLM) price is slowly rising towards the $0.0600 resistance area.

Bitcoin (BTC) and the crypto market cap closing towards key resistances. Ethereum (ETH), LTC, ripple, bitcoin cash, EOS, TRX, and stellar are showing short-term positive signs.

Bitcoin Cash Price Analysis

Recently, there was a sharp decline in bitcoin cash price below the $220 and $200 support levels against the US Dollar. BCH price even tagged the $185 support area and it is currently correcting higher. There was nice recovery above the $200 resistance level.

The price is now trading above $210, but there is a strong resistance waiting on the upside near the $220 and $225 levels. On the downside, the $200 level might provide support.

Litecoin (LTC), EOS and Stellar (XLM) Price Analysis

Litecoin price declined heavily after it broke the $50.00 support area. LTC price even traded below the $45.00 level and tested the $42.00 level. It is currently correcting higher and trading above $45.00. It seems like the price is aiming the main $48.50 and $50.00 resistance levels, where the bulls are likely to struggle.

EOS price tested the $2.320 support area and recently started a sharp recovery. The price is up more than 10% and it broke the $2.500 resistance area. An initial resistance is near $2.650, above which there are chances of a run towards the $3.000 resistance area.

Stellar price found support near the $0.0530 level and it is currently correcting higher. XLM price is trading above the $0.0570 level and it could soon test the $0.0585 resistance. The main hurdle for a nice rally is near the $0.0600 and $0.0605 resistance levels.

Crypto Market Cap Bitcoin

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there is a strong decline below the $200.0B support area. The crypto market cap tested the $172.0B area and recently started an upside correction. It climbed more than $15.0B and tested the $195.0B resistance area.

However, there are many resistances near the $195.0B and $200.0B levels. Therefore, only a close above the $200.0B floor resistance could trigger more upsides in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the near term.

Aayush Jindal , 2019-11-26 07:30:02

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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