LTC/USD, XMR/USD and XLM/USD Find Support After Heavy Losses

After weeks of double digit loses and break below important support levels now resistance, Stellar Lumens—XLM/USD, Litecoin—LTC/USD and even Monero—XMR/USD could pull back towards immediate resistance as demand grow in lower time frames.

Let’s have a look at these charts:

EOS/USD Price Analysis

The ego war is having a toll on Bitcoin cash and after dropping 52 percent from last week’s close, BCH has dropped to fifth meaning EOS is now the fourth most capitalized coin in the space despite losing 26 percent in the last week.

Although this flip could cement the trust investors have on the coin, candlestick arrangement points to stability in a bearish market. From previous EOS/USD price forecast, we had said as long as prices are trending below $4 then both set of traders are free to unpack EOS on pullbacks with first targets at $1.5.

Read: Singapore’s KuCoin Hits Funding Target Despite Bearish Markets

Now considering yesterday’s rejection of lower lows, we expect prices to edge higher today. Because of that aggressive traders would look for shorting opportunities in the 1HR or 4HR chart only when prices are trending below $4. However, any sharp break above thrusting prices above $4.3 cancels this bearish projection.

LTC/USD Price Analysis

LTC/USD Price Analysis

Traders and investors are definitely hurting and with LTC/USD collapsing and dropping ranks to eight, we might end up seeing a recovery today as prices bounce back from $30. From previous LTC/USD price analysis, we had insisted that it was imperative for bulls to maintain LTC prices above $30 because should there be any losses at the back of high volumes, then odds are LTC/USD pair could drop to $20 and even $10 by the end of the year.

At the moment though, prices are calm thanks to injection of buy pressure—high market volumes rejecting lower lows below our main support level of $30. For a retest of $50, then we need to see a recovery above Nov 21 highs of $40. Once that print then aggressive traders can buy LTC at spot with first targets at $50—or higher depending on momentum, with stops at $35.

XLM/USD Price Analysis

XLM/USD Price Analysis

Thing is Stellar Lumens, like the rest, is facing a lot of headwinds and is literally struggling against incessant sell pressure. But after yesterday’s dips below 20 cents and the rejection of lower lows as a doji bar prints with high volumes, we could end up seeing XLM/USD edge higher by close.

Notice that even though the trade range was wide and volumes highs—almost double those of Nov 25, bears couldn’t force a meltdown meaning XLM has underlying support.

Also Read: Canadian Bank Announces Digital Safety Deposit Box for Crypto Exchanges and Investment Funds

As a result of yesterday’s doji bar, we suggest buying at spot prices with stops at 13 cents with first targets at 30 cents. On the flip side, risk-on traders should take a hold position only entering longs if and only if today close as a bull completing a three-bar bull reversal pattern, the morning star with first targets at 30 cents with stops at 15 cents or there about.

ADA/USD Price Analysis

ADA/USD Price Analysis

Technically, ADA/USD is bearish and is trading within a bear break out pattern following last week’s drop below 6 cents. At spot prices, it is trending at new lows but could recover today.

Although we don’t suggest buying at spot prices unless otherwise this week close as a bull above 6 cents and with support from increasing market participation via volume uptick, odds are the pull back in BTC could see Cardano print higher.

After all, we already have a pin bar and aggressive traders can take advantage of this reprieve to pluck ADA at a discount with stops at 3.3 cents or Nov 26 lows and aim at 6 cents—our immediate resistance.

XMR/USD Price Analysis

XMR/USD Price Analysis

Monero is down 34 percent in the last week but sellers are pretty slow in the last day adding 3.1 percent while printing a pin bar after yesterday’s close.

Although this could indicate increasing demand which aggressive, risk-off traders can take advantage of and buy at spot with stops at Nov 26 lows of $54 and targets at $70, conservative traders should be cautious until after there are strong surges above $70 igniting bulls and possible recovery to $110.

On the flip side, any dip below $50, clearing our stops could as well crash buyers as prices sink towards $20 disillusioning miners.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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Bearish Pennant Portends Weekend Losses




The bitcoin price on Friday expects to close the week on another drop as it slows its upside correction following yesterday’s $400 plunge.

The BTC/USD rate is now trading at 4283-fiat, up 4.8-percent from its intraday low. The upside action is taking place as volume drops. It means that traders are showing no support to the move up, and the BTC/USD rate should fall. From a technical point of view, the pair is forming what traders call a bearish pennant. It means that traders are shorting their positions after the latest drop, leading BTC/USD to make lower highs and higher lows. Overall, the consolidation should meet a downside action.

BTC/USD 1H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

Meanwhile, the US dollar expects to lose some of its yearly gains as Brexit comes closer to a fair deal. The draft declaration agreed upon by both the United Kingdom and the European Union has created a positive atmosphere for traders, meaning that the greenback could correct lower by as much as 10 percent. The global impact of a weak dollar will be seen across its quoted assets, one of them being bitcoin, which is attempting to locate a bottom after two weeks of constant bearish action.

As of now, the shorts in BTC/USD are targeting the lower trendline of the triangular pennant which, if broken, could lead a drop towards 4000-fiat. A bounce back from that trendline, meanwhile, will open a good long opportunity towards resistance. If volume begins to drop near it, be prepared for a dump.

BTC/USD 1D CHART | SOURCE: COINBASE, TRADINGVIEW.COM

Technically, on the daily chart, the RSI has extended its stay inside the oversold area and the Stochastic Oscillator is hinting at a similar action. The BTC/USD index, meanwhile, is trending inside a giant falling wedge, as discussed in CCN’s previous analysis. A medium-term bullish correction could create long opportunities towards the intermediary target near 4500-fiat, leading to a full-blown recovery towards the wedge resistance, ensuring a breakout scenario towards the 200-period moving average.

Intraday Analysis

BTC/USD 15M CHART | SOURCE: COINBASE, TRADINGVIEW.COM

The range we are watching today is defined by 4254-fiat as interim support and 4298-fiat as interim resistance. We are already in a position to apply our breakout strategy. Therefore, we are starting by opening a short position towards 4171-fiat while maintaining our stop-loss level just 3-pips above the entry point.

In the event of a bounce back, we would enter a quick long position towards 4298-fiat to reserve minimum profits. As we do, a stop loss around 4250-fiat would minimize our losses should the bias reverse.

An extended upside, at the same time, will have us put another long position, but this time towards 4341-fiat. A stop loss just 3-pips below the entry point will define our risk management perspective.

Trade safely!

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Crypto Markets Shaky but Most Top Coins See Only Mild Losses

Thursday, Nov. 22: after a period of tumult, the crypto markets are today somewhat calmer, with most of the top ten cryptocurrencies seeing only mild losses capped beneath a 3 percent range. A scattering of top twenty coins are even tipping into green, as data from Coin360 shows.

Market visualization by Coin360

Bitcoin (BTC) has today jaggedly veered between below $4,450 and $4,630; as of press time, the top coin is at $4,517, down 0.4 percent on its 24-hour chart. After a further sell-off brought Bitcoin to as low as $4,300 Nov. 20, the asset has traded over the past couple of days circling the $4,500 mark.

On the week, Bitcoin is almost 18 percent in the red; monthly losses are at a grim 30.6 percent, according to CoinMarketCap.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

The now second-largest ranked crypto asset, Ripple (XRP), is down 0.3 percent on the day, trading at $0.44 to press time. Today, with a market share of $17.6 billion — as compared with Ethereum (ETH)’s $13.6 billion — the alt is holding on to its margin ahead of the latter.

On the week, Ripple is 1.5 percent in the red, with monthly losses at around 2.7 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) has continued to shed value and is down 2.65 percent on the day to trade at $131.75. The asset’s decline on the week has brought it to almost 23 percent in the red; monthly losses are pushing 36 percent.

Ethereum 1-month price chart

Ethereum 1-month price chart. Source: CoinMarketCap

Most of the remaining top ten coins on CoinMarketCap are seeing losses of below 3 percent, with the notable exception of Bitcoin Cash (BCH), which is down 5.8 percent to trade at $220.62 — a 49 percent devaluation on the month, due to the fallout of its controversial hard fork Nov. 15.

Recently, it has emerged that U.S. cryptocurrency exchange and wallet provider Coinbase will face a court hearing over alleged insider trading of Bitcoin Cash (BCH) back in 2017, a case which had previously been dismissed in October.

The remaining coins in the top twenty by market cap are mixed red and green, with the largest positive momentum for NEM (XEM) — seeing 3.5 percent growth on the day at $0.08 — and the heftiest losses hitting privacy-focused alt, Zcash (ZEC), which is down 4.3 percent at $82.2.

The 13th largest crypto, IOTA (MIOTA), has also seen a solid 2.5 percent recovery at $0.32.  

Total market capitalization of all cryptocurrencies is around $147 billion as of press time, down from an intraweek high at $187 billion Nov. 19.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Amid the current crypto market picture, Lou Kerner, a partner at venture capital firm CryptoOracle, yesterday compared the current situation with the dot-com bubble collapse in the early 2000s. Kerner recalled that during that era “Amazon, arguably one of the greatest companies in the history of the mankind, was down over 95 percent over two years,” and reminded crypto traders that today’s volatility pales in comparison with Bitcoin’s price swings in 2013.



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Bitcoin Price Claws Back to $4,500 But Further Losses May Lie Ahead




The bitcoin price on Tuesday nursed extensive losses of over 12 percent against the US dollar, stabbing through $5,000 as it did.

BTC/USD Intraday Analysis

The BTC/USD index is currently trading at the 4513-fiat price level after a minor jump from its intraday low at 4035-fiat. The knee-jerk reaction after a massive sell-off does not confirm a substantial bias shift. It looks more like a bear pennant formation that is likely to extend the bearish action as it overreaches its downside targets.

BTC/USD 1H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

The little rise we are looking at could just be traders closing their short positions. It doesn’t guarantee any substantial accumulation. The BTC/USD rate, therefore, could consolidate for a while before forming another bearish flag, this time targeting new supports for a potential reversal.

Indeed, the world’s leading digital currency is behaving like a reckless altcoin after weeks of stability. It doesn’t leave retail investors with any choice but to wait for things to settle down. Analysts are calling the bottom like they always do, but real accumulation could only appear when big-pocket bulls buy the dip. The events taking place in the bitcoin cash market are leaving investors no choice but to wait.

Our intraday analysis, therefore, can only provide for day traders willing to catch the falling knife. Approach with caution.

As BTC/USD forms a bearish pennant, we are testing its levels as a sign for out breakout/breakdown targets. That said, a jump above the upper trendline could have us enter a long position towards 4797-fiat. Similarly, slipping below the lower trendline could allow us to watch 4313-fiat as our short target. In both places, we are maintaining our stop losses tightly — just 2-pips opposite the direction of the price action would be enough to define our risk management perspective. Period.

Bitcoin Price Weekly Outlook

BTC/USD 1W CHART | SOURCE: COINBASE, TRADINGVIEW.COM

A weekly chart provides us with a better outlook of how bitcoin could behave in the future. With Bakkt delaying its launch, the market has every reason to test the lower trendline of the falling wedge pattern. That somewhat coincides with levels around $3,500, a prophesied bottom. Breaking below it would put pressure of calling bulls on 2982-fiat, a level that had a decent historical significance during the August-September 2017 session.

Meanwhile, the RSI is already oversold, and the Stochastic Oscillator could join the club if BTC/USD dips any further. The RSI, in particular, has never been inside the oversold area, barring the initial days of trading. Traders can be hopeful of a recovery — but not sure.

The technical definition of a falling wedge pattern also indicates a breakout session to the upside. Therefore, the BTC/USD pair should consolidate inside the range and ultimately attempt a breakout to as high as 7500-fiat.

Until then, we are speculating highly on the events from the mainstream space. Weak dollar, interest rate hike, bitcoin ETF, Bakkt, and even a financial meltdown — the holders have enough reason to speculate on the market that is just maturing.

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After Yesterday’s Signs of Recovery, Crypto Markets See Drastic Losses

Monday, Nov. 19: after showing some signs of recovery yesterday, Nov. 18, cryptocurrency markets experience another dramatic fall. Bitcoin (BTC) dipped below the $5,000 mark, with some of the top 20 coins falling by as much as 20 percent at press time, according to CoinMarketCap.

Market visualization from Coin360

After a modest attempt to clamber into the green zone on Nov. 18, BTC today has slumped by over 10 percent on the day and is trading at around $4,977 as of press time. On its weekly chart BTC has lost 21.37 percent.

Bitcoin daily price chart. Source: CoinMarketCap

Bitcoin daily price chart. Source: CoinMarketCap

Ripple (XRP) is down almost 2 percent on the day, and is trading at $0.495 at press time. The coin has retained its position as the second largest cryptocurrency by market capitalization since it managed to displace Ethereum (ETH) on Nov. 15. XRP’s market cap is around $20 billion, while ETH’s is over $15.8 at press time, according to CoinMarketCap.

XRP daily price chart. Source: CoinMarketCap

XRP daily price chart. Source: CoinMarketCap

ETH has seen a drastic fall by over 13 percent over the past 24 hours, and is trading at around $153 at press time. Ethereum’s highest point on the day was $179.70 and the lowest of $150.80. In terms of its weekly overview, the altcoin has lost almost 27 percent.

Ethereum daily price chart. Source: CoinMarketCap

Ethereum daily price chart. Source: CoinMarketCap

Major losers among altcoins on the day are Tezos, Ethereum Classic (ETC), and Dash, down by 21.71, 16.05, and 16 percent respectively.

Total market capitalization of all cryptocurrencies dipped as low as $164 billion today, marking the lowest point on its weekly chart. Daily trade volume is around $19.6 billion.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

While crypto markets have been experiencing a steep decline, Netherlands-based ‘Big Four’ auditor KPMG released a bullish report on cryptocurrency Nov. 15. The report argues that institutional investors must join the industry for it to “realize its potential.”

“In 2018, we are seeing a wave of new entrants in the market such as security token platforms, stablecoins, and even established financial services institutions that are launching crypto products and services. Cryptoassets are now impossible to ignore,” the report reads.

Today Cointelegraph also reported that Bitcoin-based smart contract protocol Rootstock (RSK) is integrating with spin-off project RIF OS to expand its scope of operations. This will purportedly enable the RSK protocol to go beyond Bitcoin and Ethereum network support and include various P2P functions and “accelerate the adoption of open source blockchain technology worldwide.”



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Cardano Price Analysis: ADA/USD Accelerating Losses Below $0.060

Key Highlights

  • ADA price extended losses below the $0.0620 and $0.0600 support levels against the US Dollar (tethered).
  • There was a break below a connecting bullish trend line with support at $0.0614 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently trading well below $0.0600 and it could continue to move down in the near term.

Cardano price fell significantly recently against the US Dollar and Bitcoin. ADA/USD is likely to decline further towards the $0.0530 level.

Cardano Price Analysis

In the last analysis, we discussed that cardano price could extend losses below $0.0620 against the US Dollar. The ADA/USD pair did decline recently and traded below the $0.0620 and $0.0600 support levels. There was even a close below the $0.0600 support and the 100 hourly simple moving average. The last swing high was formed near $0.0640 from where the price started a solid decline.

During the drop, there was a break below a connecting bullish trend line with support at $0.0614 on the hourly chart of the ADA/USD pair. More importantly, the price traded below the last swing low of $0.0579. The next support is at $0.0560, which is the 1.236 Fibonacci extension level of the last wave from the $0.0579 low to $0.0649 high. The current price action is super bearish below $0.060. Thus, there are high chances of more losses towards the $0.0535 level. It represents the 1.618 Fibonacci extension level of the last wave from the $0.0579 low to $0.0649 high.

The chart indicates that ADA price settled below a few key support at $0.0600 and the 100 hourly SMA. To recover, the price must climb above $0.0600, $0.06200. If buyers fail to gain traction, the price will most likely slide below $0.0550 in the near term.

Hourly MACD – The MACD for ADA/USD is gaining strength in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently below the 30 level.

Major Support Level – $0.0550

Major Resistance Level – $0.0620

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Price Holding Losses, Eyes Recovery as Dollar Slides




The bitcoin price on Friday plunged 0.85 percent against the US dollar, now trading at 5528-fiat.

Bitcoin Price Seeks to Claw Back Lost Ground

The digital currency has had a shocking week so far, with its value losing almost $1,200 within just five days. Not only bitcoin, but the entire cryptocurrency market also had to “bear” losses worth billions of dollars as a civil crypto war brewed inside the Bitcoin Cash community. It has already led to the split of Bitcoin Cash blockchain. Now, the market expects a return to normalcy.

Bitcoin initially traded shakily, owing to the displeasure of investors who preferred to stay out of its trades until the dust settled. The price started rebounding on Thursday after the BCH fork went live, rising from a low at 5188-fiat to as high as 5611-fiat. That marks more than 8 percent in intraday gains.

BTC/USD 15M CHART | SOURCE: COINBASE, TRADINGVIEW.COM

Bitcoin expects to further its gains amidst favorable macroeconomic factors. A Federal Reserve official today expressed doubts about the outlook of an interest rate hike scheduled at the end of this year. The comments rattled a strong US dollar, which dropped to its weekly low.

The technicalities do not support a robust bullish correction, anyway. The BTC/USD pair is trading in the middle of nowhere, with no bottom established yet. The next crucial support area is near 3027-fiat from September 2017 while a psychological barrier sits somewhere near 4500-fiat. The pair then again remains capped by strong resistance levels as it pursues a more substantial bullish correction.

BTC/USD 1D CHART | SOURCE: COINBASE, TRADINGVIEW.COM

On the daily chart, the BTC/USD RSI indicator is inside an oversold region, awaiting correction from bulls. The Stochastic Oscillator is also inside a buying sentiment area following the latest drop. At least in near-term, we are looking at a bullish bias.

While trading inside a falling wedge formation, BTC/USD can expect to restest the lower trendline for a potential bounce back towards the upper trendline. This action would be too obvious, which is why we have placed a Fibonacci retracement level to understand potential entry/exit levels — as defined in the intraday analysis as follows.

BTC/USD Intraday Analysis

We are looking at a range that is defined by 5414-fiat as interim support and 5709-fiat as interim resistance. BTC/USD has stabilized near-term following the latest correction, allowing us to expect a further bullish action. That said, we have already entered a long position towards 5709-fiat while maintaining our stop-loss order just three-pips below the level we entered from. That should minimize our losses if the downtrend resumes.

If BTC/USD manages to break above 5709-fiat, we will enter a new long position towards the 50 percent Fibonacci level at 5871-fiat. A stop loss just three-pips below the entry position would protect us from heavy losses should the uptrend reverse.

Looking to the downside, a break below 5414-support would have us enter a short position towards 5354-fiat while eyeing 5188-fiat as a potential breakdown target. On both the short positions, we will maintain a stop loss 5-pips above the entry position to define our risk management against the bulls.

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BTC/USD Prices Steady but Further Losses Expected

Latest Bitcoin News

In the midst of a severe market slump that has seen Bitcoin slide more than 80 percent from 2017 peaks, Zhao Changpeng is pretty optimistic about crypto. We must note that the fall of Bitcoin has dragged altcoins to new levels with some dropping by as much as 95 percent from their 2017 highs.

Nonetheless, Binance is having a stellar year. Pulling in around $3 billion in revenue in the first half of the year the exchange is officially the largest in the world by trading volumes. But contrary to expectations, this super performance coincides with a market wide slump that has seen total market cap slide from $800 billion to around $180 billion. However, fading these are year to year high trading volumes indicative of widespread adoption and/or interest in the space.

Also Read: No Recovery Bounce As Crypto Markets Remain Crushed

While talking to CNBC, Zhao said he wasn’t sure of what exactly could catalyze a market revival but with user base and deposit rate expanding, a recovery was inevitable. Binance has a global presence and recently opened a branch in Uganda.

Besides, as blockchain infrastructure continue to pick pace, the ecosystem continues to grow in strength becoming more robust as major players comply with regulatory requirement. To that end, Binance desires to place itself in a strategic position to tap increasing institutional interest.

Interesting Read: Bitcoin Break to $5,600 is Good For Crypto, Says Major Investor

After all, as one of the few exchanges that is yet to experience a hack thanks to their firm technological and security foundation. Furthermore, incentives such as tiered trading fee discount programs, creation of sub-accounts and more support for corporate accounts would go a long way in sating institutions keen on diversifying into the space.

BTC/USD Price Analysis

Weekly Chart

Like the rest of the market, BTC/USD is deep in loss territory printing 14 percent in the last week and closing below important support levels at the back of strong volumes. Though we expect prices to stabilize over the weekend, the simple fact is that we have a bear break out pattern below 2018 lows of $5,800.

This is not only bad for the coin’s market cap but the (sometimes) direct relationship between BTC and Altcoin could spur further market losses as the sell off continues. From previous BTC/USD trade plan we expect prices to find support at $4,500.

However, if the selloff is strong then BTC could further drop to $3000. Inside this $1,500 is where buyers should find loading opportunities with stops at immediate support level.

Daily Chart

BTC/USD Price Analysis

If anything, our last BTC/USD trade plan is true. And with Bitcoin prices dropping and slicing through several support lines as a whole bar prints below $5,800, we expect further declines throughout next week. As aforementioned, our immediate bear targets are clear. Since the path of least resistance is southwards, we suggest selling on pull backs. Safe stops will be at Nov 15 highs of $6,000.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.



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Cardano Price Analysis: ADA/USD Could Resume Losses Below $0.062

Key Highlights

  • ADA price fell sharply and traded below the $0.0700 and $0.065 supports against the US Dollar (tethered).
  • There is a key bearish trend line formed with resistance at $0.0640 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to decline once again if sellers push the price below the $0.0620 support.

Cardano price tumbled recently against the US Dollar and Bitcoin. ADA/USD is currently recovering, but upsides are capped near $0.0640 and $0.0675.

Cardano Price Analysis

In the last analysis, we discussed the chances of more losses below $0.0720 in cardano price against the US Dollar. There was a sharp decline in bitcoin and Ethereum recently, which pushed the ADA/USD pair below $0.0700. The price tumbled and broke many supports like $0.0650 and $0.0620. There was even a break below $0.0600 and the price settled below the 100 hourly simple moving average.

The price traded as low as $0.0580 and later started an upside correction. It moved above the $0.0600 level and the $0.0620 pivot level. There was also a break above the 23.6% Fibonacci retracement level of the recent decline from the $0.0774 high to $0.0580 low. However, the upside move was capped by the $0.0650 resistance. Moreover, there is a key bearish trend line formed with resistance at $0.0640 on the hourly chart of the ADA/USD pair. Above the trend line and $0.0650, the next major resistance is near $0.0675. It represents the 50% Fibonacci retracement level of the recent decline from the $0.0774 high to $0.0580 low.

The chart indicates that ADA price recovered nicely from the $0.0580 low. However, the price is currently facing a lot of hurdles near $0.0640 and $0.0650. If buyers fail to push the price above $0.0650 or $0.0675, there could be a fresh decline below $0.0620 and $0.0600.

Hourly MACD – The MACD for ADA/USD is about to move back in the bearish zone.

Hourly RSI – The RSI for ADA/USD is currently just below the 50 level.

Major Support Level – $0.0620

Major Resistance Level – $0.0650

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After Yesterday’s Bloodbath, Losses Continue for Major Cryptos, XRP Overtakes Ethereum

Thursday, Nov. 15: yesterday’s fall in crypto markets continues today, with Bitcoin (BTC) dipping below the $5,400 mark, and total market capitalization dropping as low as $174 billion, according to data from CoinMarketCap.

After an extended period of low price volatility, crypto markets experienced a massive decline yesterday, Nov. 14, with Bitcoin dropping from its average trading price of around $6,400 to as low as $5,506.

The recent dive has marked a new volatility record for markets this year. According to BitMEX Daily Historical Bitcoin Volatility Index, Bitcoin volatility rate has exceeded the index of seven for the first time since April this year.

BitMEX Daily Historical Bitcoin Volatility Index. Source: BitMEX

While top 20 cryptocurrencies by market cap are seeing more losses with some coins down almost five percent on the day, major virtual currency Ripple (XRP) has again overtaken Ethereum (ETH) as the second top cryptocurrency in terms of market cap at press time. according to CoinMarketCap.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin continues its downward trend today, with its price dipping as low as $5,358. As of press time, the biggest cryptocurrency is down around 4 percent, and is trading at $5,589. In terms of its 7 day outlook, Bitcoin is down almost 14 percent.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: CoinMarketCap

In contrast, Ripple has managed to see some gains as of press time. XRP is up 2.2 percent and trading at $0.464 at press time. After seeing its intraday low of $0.43, Ripple has continued to hold a relatively stable support of around $0.45 over the day.

Ripple 24-hour price chart

Ripple 24-hour price chart. Source: CoinMarketCap

Ethereum, the third top coin by market cap, has dipped below $180 and dropped to as low as $170 earlier today. The altcoin is down around 3.35 percent at press time, and trading at $177.95. Ethereum has seen big losses over the past 7 days, down almost 17 percent.

Ethereum price chart

Ethereum price chart. Source: CoinMarketCap

Total market cap has dipped even lower today, dipping below $180 billion. As of press time, market cap is $183.5 billion, seeing a slight rebound from $174 billion earlier the day. At press time, daily trade volume amounts to more than $22.3 billion. The total number of cryptocurrencies listed on CoinMarketCap has decreased to 2,080.

Total market capitalization weekly chart

Total market capitalization weekly chart. Source: CoinMarketCap

Meltem Demirors, the Chief Strategic Officer (CSO) of crypto exchange-traded products firm CoinShares has subsequently commented on the recent breakdown, claiming that the cause of the sudden bear market is that institutions are “taking money off the table” due to the hard fork of Bitcoin Cash (BCH). With that, Bitcoin Cash is suffering the biggest losses over 7 days period, at almost 30 percent as of press time, and is trading at $420.

The Bitcoin Cash hard fork is scheduled for today, Nov. 15. Yesterday, the world’s largest crypto exchange OKEx announced early delivery of BCH futures contracts in order to avoid market manipulation and to prevent the crypto markets immense but expected “short-time” volatility.

Fundstrat Global Advisors analyst Rob Sluymer predicted that to repair the “technical damage” caused by the recent collapse of Bitcoin will take “weeks, if not months.”



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