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Market data is provided by the HitBTC exchange.
Digital currencies were relatively stable from the beginning of mid-November, after which the decline began. Since then, the incessant sale has dragged the total market capitalization of cryptocurrencies by over $ 210 billion on November 14, to just under $ 116 billion on November 25, a decline of nearly 45 percent.
After such a decline in the waterfall, an equally sharp retreat is likely. However, markets will not immediately switch from a strong bear phase to a bullish phase. Mike Novogratz, a former member of Goldman Sachs and founder of Galaxy Digital, believes that cryptocurrencies will be staging a turnaround next year.
While the fall has damaged the merchant accounts, it has not stopped the adoption of cryptocurrencies. At first apparent, companies in the US state of Ohio will be able to pay the fees in Bitcoin. This structure could be extended to individual contributors in the future, according to the Wall Street Journal (WSJ).
BTC / USD
Bitcoin dropped to a low of $ 3,620.26 on November 26th, from where the bulls attempted a pullback that hit a roadblock just above the $ 4,200 level. Currently, the bears are trying to resume the downward trend. The area between $ 3,000 and $ 3,500 is an important support and we expect it to hold.
The fall in recent days has immersed the RSI in profoundly oversold levels. Although in a bear phase the RSI often remains close to the oversold zone, a reading of 11 on the RSI indicates capitulation.
Usually, such a marked decline is followed by a return rally at the same level. The BTC / USD pair will have to face a slight resistance to the downtrend line, but we expect it to be outdated. The upward targets are a return to the Fibonacci retracement level of 38.2 percent of $ 4,712.89 and a retracement level of 50 percent of $ 5,050.40. The 20-day EMA is also just above this level and could act as a rigid resistance.
It is difficult to trade the rebound, therefore, only experienced traders willing to take risks should try to go long, if the virtual currency supports $ 4,250 for around four hours. The stop loss can be kept just under $ 3,500. Because it is a risky business, use only 30 percent of the usual budget. On the downside, if the digital currency breaks below $ 3.60.26, it is likely to fall to $ 3,000.
XRP / USD
Ripple broke below the support of $ 0.37185 on November 25, but buying at lower levels helped recover most of the intraday losses. Bears are currently trying to sell off again.
If successful, the XRP / USD pair may decline towards the channel support line, which will act as a strong support. However, if the level fails to maintain, a new test of $ 0.24508 is possible.
On the other hand, if the bulls push prices above $ 0.37185, a pullback will start that can extend to $ 0.43 where we expect strong resistance from the 20-day EMA. We do not find any purchase configuration; therefore, we are not suggesting a trade in it.
ETH / USD
Buyers seem to have abandoned Ethereum because there is not even a reasonable attempt to withdraw after such a decline.
On November 25th, the bears easily broke below the support of $ 110. The pair ETH / USD found support at $ 102.96 but the pullback was weak. A break of the $ 102.96 level can drag the digital currency to $ 83.
On the upside, the recovery will address the roadblocks to $ 130 and $ 140. If these two levels are exceeded, a withdrawal to $ 158 is possible. However, we do not find any reliable purchase configuration, so it is better to stay on the sidelines.
BCH / USD
While the war of hash in Bitcoin Cash is over, we reintroduced it in our analysis. Because of the fork, we'll have to watch it again.
Within a short span of 20 days, the decline was enormous. The bulls are trying to provide support near $ 148.27. If they are successful, it is likely to return to the Fibonacci retracement of 38.2 percent and a retracement of 50 percent of the recent fall.
If the bulls fail, the BCH / USD pair could extend its downward trend. Even if it is in an unexplored territory, the next major support is $ 100. Traders can wait for a bullish trend to form before starting any long position.
XLM / USD
Stellar broke below the critical support of $ 0.184 and $ 0.1547188, which is a bearish sign. He found some purchases at $ 0.13427050 but the bulls are struggling to support the withdrawal.
A breakdown of the November 25 lows will resume the downtrend and push the XLM / USD pair to the next support at $ 0.08. Any recovery will face a stiff resistance at the $ 0.184 level. We do not find any reliable purchase configuration, so we are not proposing a trade in it.
EOS / USD
Although the RSI is in oversold territory, the bulls can not start a recovery in EOS while continuing to trade below the $ 3.8723 level.
Immediate support is $ 3. If the EOS / USD pair rebounds from this support, it will have to face a slight resistance to the downtrend line, above which $ 3,88723 will act as a major drag. If bears fall below $ 3, the next support is $ 2.40. Traders should wait for a trend reversal before attempting to buy it.
LTC / USD
Litecoin has a solid gold grip. He broke his support for $ 32 and dropped to a low of $ 28 on November 25th. There was no reasonable decline from the decline started on November 14, which shows a lack of interest in buying by the bulls.
Under $ 28, the next support is $ 20, but considering the oversold readings on the RSI, we expect a pullback within the next few days.
On the upside, the recovery will face a tough 20-day EMA hurdle. We expect the LTC / USD pair to form a gap before starting a new uptrend. Until then, we suggest traders to stay on the sidelines.
ADA / USD
The lack of purchases pushed Cardano to $ 0.033065 on November 25th. If this medium breaks down, the slide can extend to the next support at $ 0.025954.
The RSI is in deep oversold levels that can result in a pullback that will face resistance in the $ 0.50 area and the 20-day EMA. We will wait for a confirmed fund to be formed and the graph model to report an inversion before suggesting a trade on ADA / USD.
XMR / USD
Monero broke below $ 60 support and slipped to $ 54,081 on November 25th. If this level is broken, there is a psychological support at $ 50, below which the slide can reach the $ 40 level.
If the bulls hold $ 54.081 support and start a recovery, the XMR / USD can rise to $ 71 and over $ 81. We expect strong resistance to $ 81. Due to oversold RSI readings, we expect a recovery within the next few days. However, there are no purchase configurations yet, so we are not recommending a trade in it.
TRX / USD
TRON broke the support at $ 0.0122194 and lowered to an intraday low of $ 0.01089965 on November 25th. The bulls managed to keep prices close to the November 20th lows but were not able to push prices higher.
The RSI is deeply oversold, which shows that the sale has been exaggerated. A recovery from current levels can bring the TRX / USD pair to the overload resistance of $ 0.01587681, where we expect vendors to intervene.
Contrary to our opinion, if bears continue to beat the digital currency, a reduction of $ 0.00844479 is possible. Traders must wait for the creation of a new purchase configuration before buying.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.
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