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Friday, Nov. 22 — Cryptocurrency prices are bleeding heavily, with some of the top-20 coins showing losses of close to 10% on the day.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market daily overview. Source: Coin360

Bitcoin (BTC) started the day just above the $7,600 price mark, when it suddenly started on another sell-off towards the $7,000 price level. The coin bounced off a local low of $6,800 in recent hours, before moving up to its current trading price at $7,300, showing a loss of close to 4% on the day.

The world’s largest cryptocurrency is down around 15% from the weekly open of $8,500 and has dragged the entire crypto market into red territory. 

Bitcoin daily price chart. Source: Coin360

Bitcoin daily price chart. Source: Coin360

BTC could be testing below the $7,000 price mark

Popular crypto analyst and regular Cointelegraph contributor Filb Filb recently said that after looking at the daily chart, “it is clear that Bitcoin has hit the bottom of the downward channel in which it has been trading since July.”

However, Filb Filb pointed out that the price point of $7,600 will be a key level for the bulls to reclaim, which might turn out to be a challenge, especially in the short term. He said:

“Probability would suggest BTC/USD will need to spend a little more time testing below $7,000 before there is a significant bullish reversal.”

Previously Cointelegraph reported that Bitcoin tanked due to the multiple rumors currently going around about a crackdown on legitimate Chinese outposts of cryptocurrency businesses. The news appeared to rattle the crypto markets, which slipped into a downwards spiral ever since.

Ether (ETH), meanwhile, saw a painful drop in sync with BTC earlier today. The number one altcoin bounced of its daily low at $141, showing double-digit losses of more than 10% on the day, before moving up to its current trading price of $154 per coin.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

XRP, the third-largest coin by market capitalization, has continued to lose ground and currently sits at $0.232 per coin, showing a loss of more than 3% at press time. 

XRP 7-day price chart. Source: Coin360

XRP 7-day price chart. Source: Coin360

Top 20 coins are bleeding hard

All of the top 20 coins are showing red candlesticks, with NEO taking the title of biggest loser, seeing a loss of nearly 10% on the day. Huobi Token (HT) follows closely with a loss of 9% at press time.

The overall cryptocurrency market cap dropped below the 200 billion mark. It currently sits around $198.7 billion, with Bitcoin making up 66.3% of the total.

Keep track of top crypto markets in real time here

Cointelegraph By Joeri Cant , 2019-11-22 22:47:00 ,

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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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