The total market capitalization of crypto-lin declined on November 18, from just under $ 238 billion to about $ 189 billion on November 22.This represents a drop of just over 20% in four days.Despite the sharp drop in prices, bitcoin miners remain unimpressed, the hash rate of 23 November being close to their previous peak.Cardano creator (ADA) Charles Hoskinson tweeted that the current price erosion was due to FUD caused by media news and market manipulation.He reminded the crypto community that crypto is unstoppable and that the future will be because it will change the world.
He expects the price of bitcoin to exceed $ 10,000 and reach $ 100,000.
Weekly view of crypto market data.Source: Coin360 The volume of Bakkt futures rose on November 22, reaching a new record of 2728 futures, up about 30% from the November 8th high.Volume also increased the open interest by 29% compared to the presentation.On November 22, bitcoin prices rebounded after their lows, indicating that institutional players are buying at lower levels.Our assumption of accumulation by the major players will be invalidated if prices continue to fall and open interest rates rise.This indicates a short sale.
The next few days will give us a better idea of whether this is the beginning of another downside or the right time to invest.Let’s look at the critical levels to consider, top and bottom.BTC / USD The price of Bitcoin (BTC) fell sharply when it appeared that the Chinese authorities had closed the offices of the main Binance trading site in Shanghai.Although Binance rejected media reports, the damage was already done.
Analysts at a discussion on the Bloomberg podium said BTC is becoming more and more attractive in this time of global uncertainty.They also agreed that BTC would eventually become a store of value and digital gold.
Has the current downturn had an irremediable impact on the technical situation or is it the last opportunity to buy BTC at this low level? Let’s find out.Daily chart BTC USD.
Source: Tradingview The BTC / USD pair trades in a tapered configuration.The Bulls are trying to defend the support line, which is just below the ADM at 50 weeks and the Fibonacci retracement to 61.8% from $ 3,236.09 to $ 13,973.50.Since there are several supports close to the current level, we expect a rebound.If bulls manage to lower the resistance zone from $ 7,337.78 to $ 7,702.87, the likelihood of a larger fall would fall.Above $ 7,702.87, we expect a resistance movement from the wedge.
An eruption from the corner continues the ascent.Contrary to our assumption, a decline of $ 5,533.90 on the Fibonacci retracement to 78.60% is likely if the bears bear and hold the price under the support of the wedge.Instead of panicking, investors should start setting positions when the price exceeds $ 7,702.87.XTZ / USD Tezos (XTZ) is the only major cryptocurrency to have increased over the past seven days and is in the green.Some ads could have supported the course.
Coinbase Custody has announced its intention to extend its betting service to all investors around the world.This is an additional incentive for HODLers to stay true to their investments.Tezos Southeast Asia is partnering with the Singapore-backed Tribe platform to launch a developer training program starting in the first quarter of 2020.Will it be enough to maintain the rally when the whole of the encryption room is in the hands of the bear, even if there are some developments on the fundamental side? Let’s analyze the diagram.Daily chart XTZ USD.
Source: Tradingview After a slight correction last week, the pair XTZ / USD resumed its uptrend.It can now reach $ 1.85 in overhead resistance.The price had fallen on two previous occasions by $ 1.85.Therefore, this level will still be a big obstacle.If the price of $ 1.85 is the opposite, he extends his stay by a few days.
However, if bulls can push the price above $ 1.85, the pair starts a new uptrend that can raise the price to $ 2.87 and above to $ 3.37.Conversely, if the negative sentiment of the cryptography markets forces traders to record gains at the current level, a fall in the EMA at 20 weeks and below 0.829651 USD is likely.A fall below $ 0.82961 is a negative sign, as it will lead to a decline in annual lows.LEO / USD UNUS SED LEO (LEO) posted the second best performance in the last seven days, even after a fall of nearly 4% over this period.This shows how to sell other important crypto-currencies.Will LEO continue to outperform or yield to selling pressure? Let’s look at the diagram.Daily chart of LEO USD.Source: Tradingview The LEO / USD pair hit a new low of $ 0.92827 this week.
This is a negative sign as it indicates that buyers should not accumulate emergency even at these levels.If the declines are able to keep the price below $ 0.941, the decline could extend to the next support at $ 0.8276.Contrary to our hypothesis, the price would consolidate again for a few weeks if it turned away from the current level.The first sign of strength will be a break above overhead resistance at $ 1.0544.Traders can wait for the price to rise above 1.0544 USD before taking long positions.XRP / USD XRP XRP has fallen by almost 13% in the last seven days.Elliptic, a cryptographic analysis and forensics cryptographic firm, has announced that more than $ 400 million of XRP chips have been used for illegal transactions after more than a year of exploration of the XRP technology.Tom Robinson, chief scientist and co-founder of Elliptic, said the company “wants to shed light on these illegal activities to give financial institutions the confidence they need to manage the crypto-ecosystem.” XRP USD daily chart.
Source: Tradingview Meanwhile, the Bears are trying to reduce the XRP / USD pair below the descending triangle.This is the third time the price is under support of $ 0.24508.In the two previous cases, management had risen by nearly $ 0.22.Therefore, this level should again be a strong support.If the price reverses again to $ 0.22, the bulls are trying to maintain the old coin above the line of the falling down triangle trend.A burst of the triangle marks the beginning of a new uptrend.However, with the 20-week EMA decline and the RSI in the negative zone, the benefit clearly returns to bears.If the price falls below $ 0.22, the downtrend will resume.
The next support down is $ 0.15, and below, the pair could fall to $ 0.12132.BSV / USD Bitcoin SV (BSV) has lost about 17% in the last seven days and has nonetheless been the fifth best player.Does Altcoin offer buying opportunities after the recent downturn? Let’s look at the diagram.Daily chart BSV USD.Source: Tradingview The BSV / USD pair halted the decline in channel and critical support to $ 107, but buyers acted at a modest price of $ 92,693.Currently, the cops are trying to bring the price down to over $ 107.If successful, the pair can reach the resistance of the downstream channel.Conversely, if the price does not return to the chain, the bears will try again to lower it under the immediate support of $ 92,693.
If this assistance is broken, the decrease can reach $ 78 506.The views and opinions expressed in this document engage only their author and do not necessarily reflect the views of Cointelegraph.Every investment and every stage of trading involves a risk.You should do your own research before making a decision.
Market data is provided by HitBTC.
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