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Market data is provided by the HitBTC exchange.
After a period of three days, cryptographic markets have resumed their downward trend. The total market capitalization of the crypto universe has fallen below $ 170 billion, which is a new annual minimum.
Following the increase in volatility and renewed downtrend, some analysts projected abysmally low prices for Bitcoin. When the sentiment is negative, such forecasts can scare new investors and also force the weaker hands to empty their holdings.
In its short trading history, is this the first time that Bitcoin has dropped 74% from its peak? No! Second Charlie Bilello, director of the research of Pension Partners, the digital currency has crashed twice by 94% from the highs and again from the ashes. The third worst fall was 85 percent compared to its highs. This shows that the asset class suffered heavy declines first. It's just that this time, Bitcoin is more in the limelight than on previous occasions.
During bear markets and periods of panic, fundamentals are overshadowed and markets are driven only by sentiment. Although these periods offer an opportunity to load in the long run, it is best to wait until the decline ends before buying, because prices can fall quickly during the sale of panic.
What are the lowest levels that can attract buyers? Let's find out.
BTC / USD
After a three-day break, the bears return with a vengeance. Bitcoin has collapsed under the $ 5.450 support with ease. The failure of bulls to return to the $ 5,900 level shows the selling pressure on every small increase.
The 20-day EMA and the 50-day SMA have declined and the RSI is deep in the oversold territory. This shows that the sellers continue to beat the BTC / USD pair without even waiting for a pullback.
If the bulls fail to provide support at the major psychological level of $ 5,000, the fall may extend to $ 4,700 and below $ 4,100. However, reading about 15 on the RSI shows that the sale was excessive and a pullback can happen at any time. The pullback strength will provide an insight into whether the decline is over or whether there is yet to be done.
When the price is being corrected, it is difficult to predict where it will stop. Therefore, we will closely observe each level of support. We will wait for the decline to end and for a new purchase configuration to be created before attempting a purchase again. Until then, it is better to stay on the edge and avoid taking a knife that falls.
XRP / USD
Ripple continues to be one of the strongest cryptocurrencies, as it is negotiating well above its recent lows.
Moving averages are flat and the RSI is close to the midpoint. This indicates an action ranging from $ 0.40 to $ 0.565.
A breakdown of the uptrend line and $ 0.40 will be negative and may result in a decline to $ 0.37185 and below $ 0.26913. If the bulls exceed $ 0.565, the XRP / USD pair can go up to $ 0.625 and over $ 0.76440. Traders should keep it eye on, since it has endured well in this recent fall.
ETH / USD
Ethereum is catching him on the chin, seeing a new annual low by breaking below the $ 167.32 intra-day low on September 12th.
If the price closes (UTC time frame) below $ 167.32, the downward trend will resume, which can drag the ETH / USD pair to the next support of $ 136 and $ 110. The EMA decreases by 20 days and The RSI in oversold territory show that the path of least resistance is downward.
However, if the bulls support the digital currency at the lower levels and push prices above $ 167.32, they may arrive at the 20-day EMA. We will wait for a trend inversion to be reported before proposing a trade.
XLM / USD
Stellar broke the ascending channel. If the price closes (UTC time interval) below the support line, the decline may extend to $ 0.21494424 and less than $ 0.20400799.
The failure of the bulls to capitalize on the breaking of the descending model of the triangle is a bearish sign. The XLM / USD pair will resume its downward trend if bears sink below the critical support at $ 0.184. Flat moving averages and RSI just above the 41 levels indicate a possible range formation. While the upper limit of the interval is at $ 0.30, the end of the interval has yet to be established. A breakout of more than $ 0.305 is likely to signal a trend reversal.
EOS / USD
After struggling to stay above $ 4,493, EOS collapsed under the support and also broke below the next level of $ 4.1778. Final support is at $ 3.8723, below which the digital currency will form a new low since the beginning of the year.
The 20-day EMA is down and the RSI is in oversold territory, which shows that the balance is tilted to sellers. Under $ 3.8723, the next support is $ 3. The EOS / USD pair will show the first signs of strength if it exits the moving averages and the downtrend line. We suggest traders to wait for the decline to finish and to create a new purchase configuration before starting any new long position.
LTC / USD
Litecoin seems to fall into a bottomless pit while continuing to make new lows. With today's fall, he broke support for $ 40.
Both moving averages are falling and the RSI is in oversold territory, which shows that bears are in charge. His next support is $ 32. We anticipate an attempt to rebound the support at $ 30- $ 32. With the recent fall, the technical data of the LTC / USD pair have been damaged. It will have to enter a period of consolidation before a new upward trend can begin.
ADA / USD
After discounting $ 0.060105 in the last five days, Cardano broke the support, making new lows. His next support is $ 0.043722.
The RSI has entered deep into the oversold territory, which previously led to a pullback. However, the ADA / USD pair will continue to be sold at every recovery. Traders should wait for the decline to end and buyers return before attempting to buy it.
XMR / USD
The rebound from $ 81 levels on November 15th was short-lived as it did not find follow-up purchase. Today, Monero has beaten under $ 81 support. If bears are able to close (UTC time frame) the price under the support, it will be the lowest in more than a year.
The break may result in a fall to the next support at $ 61.50. We anticipate strong support near the $ 60- $ 61.5 level. However, with both the sloping downward moving averages and the RSI in the oversold territory, each retreat will be satisfied with a strong sale. The XMR / USD pair will have to spend a lot of time forming a fund before reporting a trend reversal.
TRX / USD
TRON interrupted the range that had been exchanged since August 8, which is a negative sign. It has resumed its downward trend that may push prices to the next support at $ 0.00844479 if support at $ 0.01587681 breaks down.
The RSI is deep in the oversold territory, which can result in a pullback. But with the 20-day downhill EMA, the TRX / USD pair will face a stiff resistance at $ 0.0183 and above the moving averages. Our downward view will be canceled if the bulls quickly reverse prices within the next couple of days and will hold over $ 0.0183.
IOTA / USD
IOTA is currently trading within a downtrend channel. It fell again to close at $ 0.3501 which was rebounded on November 14th.
If the bulls are able to rebound again, the IOT / USD pair could rise above $ 0.4037. On the other hand, if bears fall below $ 0.3501, the slide may extend to support later than $ 0.32 and below that to $ 0.23.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
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