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You're probably tired of hearing that the cryptocurrency market is going down since last December. Many neutral observers thought we were close to hitting the bottom at the end. Then he arrived on November 14th and brought the market down. This should have been, right? Mistaken. The Monday has collapsed once again.
Fasten your seat belts because there is no guarantee that we have finally reached the lowest possible level. The signals are still bearish.
In this article, we will share with you the conclusions that can be drawn from the technical analysis of the market, without deepening all the dirty details. No line, no chart, we will use only simple English.
Bitcoin
After a long period of stability, the BTC broke up on Wednesday last week, and then again on Monday this week. The expected behavior in these conditions is that the coin will recover briefly (it must still happen, while we write as the crypt continues to exchange red numbers in the last 24 hours) but only to fall back. Yes, Bitcoin can go lower (even up to 3k), and there's a good chance it is, do not be deceived by the current increase, it's not here to stay. Remember to follow moving averages.
Ethereum
It's getting very close to its support level (which is $ 100, the price is $ 132 as we write this). This is one to watch closely because of this. The level of support is the price at which buyers return to the market. Then the volume increases and the market recovers. The next support level would be $ 55.00. Planning both scenarios would be wise.
litecoin
It's at $ 34, and has been floating in the last 24 hours. The signs give the bears a day, but soon a small reaction will occur.
Digibyte
He lost a lot of support. The level was at $ 0.015, and it was so close that it could bounce back at any moment. In fact, he exchanged toll-free numbers until last night before going back to the pool this morning. If it goes lower, which is likely, then the next support level would be at $ 0.01 (currently stands at $ 0.012). Digibyte should resurrect at that point.
XRP
It has been the most stable currency lately, but has still had some fluctuation. If the XRP reaches the score of $ 0.50, it could reach up to $ 0.8 quickly, but if the market does not follow, it will shrink again.
The next support level is $ 0.38. If there is no purchase pressure at that level, the XRP could go down to $ 0.30. Both things could happen, so it will be essential to follow the trend. As we write this, it's at $ 0.436 and trading in red.
Remember that we do not offer financial advice of any kind, we only try to keep you updated with the latest market trends.
The current market is not exactly alluring, but it is, however, a rare opportunity to observe it, study it and learn from it so that you can take advantage of similar behaviors in the future. Learn your market analysis and observe.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliated companies, employees, writers and subcontractors are cryptocurrency investors and may from time to time have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pixabay.
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