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Market data is provided by the HitBTC exchange.
While many experts and investors consider the current crypto-bear market as negative, the economist Tyler Cowen, a professor at George Mason University, believes that an accident is positive because it helps clean up the system. The dotcom bubble, though painful, has swept away the evil companies, paving the way for today's leaders like Amazon and Google.
Previously, opponents have pointed to the high volatility of cryptocurrencies as a deterrent to mass adoption. However, since September, Bitcoin has operated in a more restricted range compared to the Argentine peso, the Turkish lira, the Brazilian real, the Mexican peso and the South African rand. In fact, its range of action was only 2.7 percent higher than that of the refugee currency, the Swiss franc.
Both up and down, Bitcoin was the leader, whose price action is followed by the altcoins. However, some analysts believe that this could change in the future and the next bull market could be led by one of the leading experts. Let's see what the charts provide.
BTC / USD
Bitcoin failed to attract buyers to higher levels. It has lowered from $ 6,600 levels and easily broke below both moving averages. This is a sign of weakness. The next stop is a decline to $ 6,250 – $ 6,200.
A break below $ 6,200 will undermine the critical support zone at $ 6,075.0- $ 5,900, which was not breached in 2018. Any disruption of this support may result in a strong liquidation of long positions, dragging the BTC pair / USD to $ 5.450 and $ 5,000 within a short period of time. Therefore, traders can keep the stops at $ 5,900.
If the bulls support the levels of $ 6,200, the leading digital currency may extend its stay in the interval for a few more days.
ETH / USD
The absence of subsequent purchases pushed Ethereum to the 20-day EMA. If this support breaks, it can slip to the lower support of $ 200 and $ 188.35. The downward trend will resume if bears will sink prices below the September 12 low at $ 167.32.
If the bulls defend the 20-day EMA, the ETH / USD pair may try to rise above $ 225.12. We will become positive for a breakout and close above $ 249.93. Flat moving averages and RSI close to 50 indicate that consolidation may continue for a few more days.
The action of prices within the interval is usually volatile and can hit the stops quickly. Therefore, positional traders can wait for a breakout and close over $ 249.93 before starting any long position. On the other hand, aggressive traders can buy near the bottom of the range, close to $ 188.35, after the digital currency shows signs of going up.
XRP / USD
Ripple is not finding support at higher levels. After exiting the narrow range, it is again corrected to moving averages that are tilted upward. We anticipate that bulls offer strong support at current levels.
If the XRP / USD pair rebounds from moving averages or narrow range breakouts, it will try to unlock $ 0.565 again. If successful, the digital currency can reach $ 0.625 and $ 0.7644.
On the other hand, if bears fall below the moving averages and the narrow range, it is likely to fall to $ 0.37185. For now, traders can keep stoppages at $ 0.425, a level below which our bullish hiring fails.
BCH / USD
Bitcoin liquidity decreased compared to the critical overload resistance of $ 660.0753. We expected this, therefore, we recommended booking partial profits in our previous analysis.
The current withdrawal may extend to moving averages, which have completed a bullish crossover; therefore, we expect strong support at the 20-day EMA. RSI has also corrected its overbought levels, so the BCH / USD could try again to exceed $ 660.0753. If the attempt fails, the operators can close their positions.
Our bullish view will be invalidated if bears continue to beat the digital currency, sinking below moving averages and $ 400.
EOS / USD
EOS has filmed closely at the top of the narrow range. At the moment he is back at the midpoint. If bears push prices below the 20-day EMA, a fall at the bottom of the range is likely. Traders can keep stops on their long positions at $ 4.90.
A $ 5 break can sink the EOS / USD pair to $ 4.49 and below the critical support to $ 3.87. However, we expect the bulls to offer strong support for $ 5.
The virtual currency will show signs of strength if it breaks out at $ 6. An inversion will be reported when the bulls support the price above $ 6.8299. After a breakout, the target levels to look upward are $ 9.1668 and $ 11.4.
XLM / USD
Stellar continues to trade above moving averages and the downward line of the descending triangle. As the virtual currency is consolidating after passing the downtrend line, we will retain our purchase suggested in the previous analysis.
If our purchase is filled, the target is $ 0.36, with a resistance lower than $ 0.304. Even if we expect this level to be reduced, in trading, we should be ready for any eventuality. Therefore, if the bears defend $ 0.304, traders may either close their position or raise their break even. The initial stop loss can be kept at $ 0.2, which can be quickly dragged higher after the position is filled.
Our bullish view will be invalidated if the XLM / USD pair breaks below both moving averages and falls within the downtrend line of the triangle. The downward trend will resume on a breakdown of $ 0.184.
LTC / USD
Litecoin has lowered from the downtrend line. It broke below both moving averages and is likely to test the support zone again between $ 49.466- $ 47,246. Traders who are left with partial positions can keep their stops at $ 50.
The LTC / USD pair remains bearish as long as it trades inside the descending triangle model. The downward trend will resume if bears break below $ 47.246.
The model will be invalidated if the bulls interrupt the downtrend line of the triangle. Such a move can push prices towards the top of the range for $ 69,279. We expect a change in trend if the virtual currency stops and closes (UTC time frame) above $ 69,279.
ADA / USD
Cardano has largely traded within the narrow range of $ 0.082207- $ 0.068989 since October 12th. After finding support at $ 0.068989 on October 31st, the price rose to the top of the narrow band at $ 0.082207 on November 6th.
However, both these levels resisted strongly. While the bulls defended the bottom of the range, the bears defended the top of the range.
With both the flat moving averages and the RSI at the midpoint, the ADA / USD pair does not provide clear information about the next move. We anticipate a new uptrend if the bulls push prices above $ 0.094256. Until then, we suggest that exchanges will remain on the margins. If the virtual currency breaks down by $ 0.060105, the downward trend will resume.
XMR / USD
After failing the $ 112.44 level breakout for four days, Monero lowered and broke below both moving averages.
Unless the bulls quickly scale their moving averages, a decline towards the bottom of the narrow range at $ 100.453 is likely.
The flat moving averages and the RSI close to 50 indicate that the action related to the interval will probably continue. The XMR / USD pair does not show any reliable purchase configuration; therefore, we are not recommending any trade.
TRX / USD
TRON was traded within the range of $ 0.02815521- $ 0.0183 by August 8th. Between August 8 and October 15, the price rose to the top of the range three times and fell to the bottom of the range on two occasions.
However, since then, the TRX / USD pair has been largely gravitating near the mid-range point. Any deviation from the center is quickly withdrawn.
A new trend will form on a breakout or a break from the range. A rally and close (UTC time frame) above $ 0.02815521 can lead to a shift to $ 0.04158193. Below $ 0.0183, the downward trend will resume.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.