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Market data is provided by the HitBTC exchange.
After the destruction of large-scale wealth in the cryptocurrency space, many have begun to wonder if the asset class will survive or die out. New York Stock Exchange (NYSE) president Jeffrey Sprecher is positive about the future of digital currencies, stating that their survival as an asset class is "unequivocal".
Bakkt's managing director, Kelly Loeffler, expressed the belief that the platform's future contract will help establish a reliable price for investors, unlike today, when Bitcoin operates at different prices on different exchanges.
Not troubled by the fall in Bitcoin prices, Nasdaq plans to launch Bitcoin futures trading by the first quarter of 2019, reports Bloomberg. The entry of both these big stock exchanges shows that there is sufficient demand for Bitcoin trading even after the current decline.
Many believe that the launch of Bitcoin ETFs can increase the demand for cryptocurrencies. SEC President Jay Clayton said yesterday that the commission would need to see updates in market surveillance and custody before the regulator felt comfortable with a Bitcoin ETF. Both issues are currently being dealt with by various companies, increasing the likelihood of a Bitcoin ETF in the near future.
A report by the World Trade Organization (WTO) has predicted that the Blockchain technology will add $ 3 trillion to international trade by 2030. The technology will help reduce costs by removing barriers, increasing transparency and facilitating business. process automation.
Although Bitcoin SV has entered the top 10 of cryptocurrencies, we have not yet included it due to its short trading history.
BTC / USD
On November 26 and 27 bitcoins formed consecutive candlestick patterns a day. Today the indecision has resolved towards the top. The pullback could face a lower resistance to the downtrend line.
A break in resistance could attract the purchase of aggressive bulls and short bears' coverage. Therefore, we have maintained the purchase recommendation provided in our previous analysis. The key levels to look upward are $ 4,712.89 and $ 5,050.40.
If the BTC / USD pair can not find buyers at higher levels and refuses to break the $ 3,620.26 support, the downtrend will resume, pushing the price to the main support of $ 3,000.
Although the trend is falling, we believe that the withdrawal will be net and is negotiable, therefore, we have recommended a long position.
XRP / USD
Ripple is attempting to bounce off the downtrend channel support line. During the recent decline, it was a better result than its lows since the beginning of the year and RSI has not even entered oversold territory.
A breakout of more than $ 0.385 may result in a 20-day changeover, which could act as a resistance. If both moving averages are crossed, the XRP / USD pair can reach the resistance line of the channel. Traders can buy a close (UTC timeframe) above $ 0.385 and keep the stop loss at $ 0.30. The goal is an increase up to $ 0.50. This is a risky business, so we recommend that you keep your position size about 40% more than usual.
Contrary to our expectations, if the price drops and falls below $ 0.31123, a new test of $ 0.24508 is possible.
ETH / USD
Ethereum is trying to rebound after finding support for $ 102.20. It has a minor stumbling block at $ 123, above which, you can gather for the 20-day EMA. As the trend is declining and both moving averages are falling, we expect a strong supply in the 20-day EMA area and $ 167.32.
If the next leg down holds above $ 102, it will indicate a probable fund. However, if the bears sink the ETH / USD pair below $ 102, the next bearish support is $ 83.
We believe that oversold RSI readings suggest that withdrawal is likely. However, we do not see a reliable purchase configuration, so we are not recommending a negotiation.
BCH / USD
Over the past three days, Bitcoin Cash has consolidated into the narrow range of $ 204.76 – $ 148.27. He also formed the doji candles in the last two days, which shows indecision. This state is unlikely to remain long. We should soon see a breakout or a break.
In the event of a failure, the fall may extend to support after $ 100. However, considering the oversold nature of CSR, we expect an increase.
If the BCH / USD pair breaks out at $ 204.76, we expect the pullback to reach $ 242.90 and $ 272.14. Aggressive traders can try to trade the counter-current rally by going long on a close above $ 205. The stop loss can be kept just under $ 147. This is a risky trade, so we recommend using 40 percent of the usual allocation sizes.
XLM / USD
Stellar is trying to rebound $ 0.13427050. It could face a stiff resistance in the $ 0.1547188- $ 0.184 zone.
Failure to climb above the air resistance zone will attract the sale which can push the XLM / USD pair to the 25 November low. If the support breaks down, the drop can reach $ 0.08.
On the other hand, if the bulls reach the $ 0.184 level, this will indicate that the current fall was a bear trap. At the moment, we do not see any bullish trend, so we are not suggesting a trade in it.
EOS / USD
Although EOS lowered below the $ 3 support, the bears could not sustain the lower levels. The bulls are currently attempting to retreat at $ 3.8723, but the virtual currency may encounter slight resistance to the downtrend line.
The trend remains down. However, after the initial withdrawal, we expect the EOS / USD pair to change in a range for a few days, trying to put a fund in place. Traders should expect a reversal to start long positions.
If the sales pressure during the next leg is strong and breaks below the lows of November 27, the drop can reach $ 2.40.
LTC / USD
Litecoin is currently correcting oversold readings on RSI. The recovery can reach the 20-day EMA, which will probably act as the first barrier.
As the decline was net, the recovery is likely to be strong as well. Over the 20-day EMA, the LTC / USD pair can reach the $ 47 level. Aggressive traders can try to swap the counter-current rally, keeping the shots still and aiming for small targets.
Contrary to our opinion, if the pullback fades and bears pick up the downtrend, the next downside support is $ 20.
ADA / USD
Cardano has formed consecutive models within the day on 26 and 27 November which indicate indecision. Uncertainty has resolved towards the top, which increases the likelihood of a withdrawal.
The recovery will face a stiff resistance to the 20-day EMA and above $ 0.060105. If the next stage from one of the resistances breaks below $ 0.033065, the downtrend may extend to $ 0.025954.
However, next autumn, if the ADA / USD pair will be lower, it will signal the possibility of a trend change. Traders should expect to create a reliable purchase setup before going long.
XMR / USD
Monero claimed support for $ 53.10 on November 26 and 27. The bulls are currently attempting a withdrawal that could face hurdles at $ 71, EMA at 20 days and $ 81.
If the XMR / USD falls from one of the air resistors and breaks below $ 53, the next support is much lower at $ 40.
The next correction following the pullback will confirm if a fund is in place. We anticipate that the digital currency will enter an interval-related action for a few days before starting a new uptrend.
TRX / USD
Pullback in TRON has led to environmental resistance at $ 0.01587681. The 20-day EMA is also located above this level. We expect a stiff resistance at this level, but if the bulls break out, a rally of $ 0.0183 is possible.
This should only be treated as a retreat because the trend remains low with both moving averages sloping downwards. Next autumn will confirm if a fund is in place.
A break below the November 25 November intra-day low of $ 0.01089965 may cause the TRX / USD pair to sink to the next support at 0.00844479. It is best to wait until a fund is confirmed before starting any long position.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.