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Tuesday Nov. 12 — Cryptocurrency markets are largely trading sideways with many changes among the top-20 coins not exceeding 1% on the day.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin (BTC) has been trading sideways for the better part of the day and continues to circle the $8,800 price mark. The world’s largest cryptocurrency bounced off a local low of $8,705 earlier today before moving to its current trading price at around $8,750, showing a small gain of 0.27% on the day.

BTC daily price chart. Source: Coin360

Bitcoin continues its struggle to hold on to its current trading levels, but traders, including Cointelegraph contributor Michaël van de Poppe, are starting to wonder whether  BTC could drop further to around $8,400.

Well-known crypto industry figure Bobby Lee, on the other hand, doesn’t fear BTC’s current price struggles, as he recently said that Bitcoin will eventually surpass the market cap of gold and could ultimately be worth a whopping $1 million. 

Ether (ETH), meanwhile, is currently sitting at $186 per coin. The number one altcoin saw a small dip in sync with BTC to show a slight loss of around 0.1% at publishing time.

Cointelegraph contributor Rakesh Upadhyay recently reported that a breakout of $197.75 could be a positive move that will carry the price to the overhead resistance zone of $223.999 to $235.70. However, if the bears sink the price below the support at $173.841, Ether may decline to the $161.056-$151.829 support zone.

Ether seven-day price chart. Source: Coin360

XRP, the third-largest coin by market capitalization, is currently trading at $0.271 per coin, down 1.44% at press time. The recent annual Swell conference, where CEO Brad Garlinghouse said that he doesn’t think about the price of XRP in the short term, has failed to trigger any positive price action for the coin.

XRP seven-day price chart. Source: Coin360

Top-20 coins show mixed signals

Most of the top 20 coins are trading sideways, with many seeing movement of under 1% in either direction.

One of the only exceptions is NEO, which is showing an impressive gain of more than 10% in the last 24 hours, followed by Chainlink (Link), which is recording gains of 3.29% on the day.

Cosmos (ATOM), the number eighteen coin by market cap, took the biggest fall today with a loss of more than 4%.

The overall cryptocurrency market cap currently sits at $240 billion, with Bitcoin making up 66% of the total.

Keep track of top crypto markets in real time here

Cointelegraph By Joeri Cant , 2019-11-12 22:35:00 ,

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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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