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The market data is provided by the HitBTC bag.
Digital currencies remained relatively stable from early September through mid-November, after which the decline began. Since then, ceaseless sales have dragged the Cryptomanced's total market capitalization from more than $ 210 billion on Nov. 14 to just under $ 116 billion on Nov. 25, down about 45 percent.
After such a water fall, an equally sharp retreat is likely to occur. However, the markets will not go from a sharp downward phase to an upward phase instantaneously. Mike Novogratz, a former partner of Goldman Sachs and founder of Galaxy Digital, believes that crypto-coins will take place next year.
Although the fall hurt the operators' accounts, it did not prevent the adoption of crypto-coins. In an apparent hole, companies in the American state of Ohio will be able to pay their taxes in Bitcoin. This facility could be extended to individual taxpayers in the future, according to the Wall Street Journal (WSJ).
BTC / USD
Bitcoin fell to a low of $ 3,620.26 on November 26, from where the bulls tried a setback that hit an obstacle just above the $ 4,200 level. Currently, the bassists are trying to resume the bearish trend. The area between $ 3,000 and $ 3,500 is an important support and we hope it continues.
The fall of the last few days has led the RSI to surpass oversold levels. Although in a downward phase the RSI is often close to the oversold zone, a reading of 11 in the RSI indicates capitulation.
In general, such a sharp decline is followed by an equally pronounced rebound. The BTC / USD pair will face lower resistance on the downtrend, but we expect it to cross. The positive targets are a setback to 38.2% of the Fibonacci retraction level of $ 4,712.89 and a 50% retraction level of $ 5,050.40. The 20-day MME is also just above that level and can act as a rigid resistance.
It is difficult to operate the rebound, so only experienced traders wishing to take risks should try to go very far if the virtual currency holds $ 4,250 for about four hours. The limit of loss may be below $ 3,500. Because it's a risky business, use only 30% of the usual allocation. On the downside, if the digital currency breaks below $ 3,620.26, it is likely to fall to $ 3,000.
XRP / USD
Ripple broke below support at $ 0.37185 on Nov. 25, but buying at lower levels helped recover most of the intraday losses. The bass players are trying to sell again.
If successful, the XRP / USD pair may decline to the channel's support line, which will function as strong support. However, if the level is not maintained, a test of $ 0.24508 can be performed again.
On the other hand, if bulls push prices above $ 0.37185, a setback that may extend to $ 0.43 will begin, where we expect a strong resistance from the MME of 20 days. We did not find any purchase settings. therefore, we are not suggesting an operation on it.
ETH / USD
Buyers appear to have left Ethereum because there is not even a reasonable attempt to retreat after such a decline.
On November 25, bassists easily broke below $ 110 support. The ETH / USD pair found some support at $ 102.96, but the decline was weak. A $ 102.96 level drop can drag the digital currency to $ 83.
On the plus side, the rebound will have blocks of $ 130 and $ 140. If these two levels intersect, a reversal to $ 158 is possible. However, we did not find reliable purchase settings, so it's best to stay on the sidelines.
BCH / USD
When the hasco war on Bitcoin Cash ended, we reintroduced it into our analysis. Due to the bifurcation we will have to look again.
In a short period of 20 days, the fall was huge. The bulls are trying to provide support close to $ 148.27. If successful, there is likely to be a 38.2% drop in Fibonacci delay and a 50% fallback in the recent decline.
If the bulls fail, the BCH / USD pair can extend its bearish trend. Although it is located in unexplored territory, the next major support is $ 100. That is why waiting for the formation of a bullish trend would be preferable.
XLM / USD
Stellar broke below critical support of $ 0.184 and $ 0.1547188, which is a bearish sign. He has found some buying at $ 0.1327050, but the bulls are struggling to keep the decline.
A drop in the November 25 lows will resume the bearish trend and push the XLM / USD pair to the next support at $ 0.08. Any recovery will face strong resistance at the $ 0.184 level. We did not find any reliable purchase settings, so we're not proposing a deal on it.
EOS / USD
Although the RSI is in oversold territory, the bulls could not start a recovery at EOS as it continues to trade below $ 3.8723.
Immediate support is $ 3. If the EOS / USD pair jumps on this support, it will face a slight resistance on the bearish trend line, above which $ 3.8723 will act as a great resistance. If bear prices fall below $ 3, next support is $ 2.40. That is why waiting for the reversal of the trend would be preferable.
LTC / USD
Litecoin is in a firm bear grip. He broke his support at $ 32 and fell to a low of $ 28 on November 25. There has not been a reasonable setback since early fall on Nov. 14, which shows a lack of buying interest for the bulls.
Below $ 28, the next support is $ 20, but considering the overshoot readings in the RSI, we predict a setback in the coming days.
On the positive side, recovery will face a difficult hurdle in the 20 days of EMA. We expect the LTC / USD pair to take a break before starting a new bullish trend. Until then, we suggest operators stay on the sidelines.
ADA / USD
The lack of purchase took Cardano to $ 0.033065 on November 25. If this support breaks, the slide can be extended to the next support for $ 0.025954.
The RSI is at oversold levels that could result in a setback that will face resistance in the area of $ 0.50 and EMA of 20 days. We will wait for the formation of a confirmed fund and chart pattern to indicate an investment before suggesting an operation in the ADA / USD.
XMR / USD
Monero broke below the $ 60 support and dropped to $ 54,081 on Nov. 25. If this level is broken, there is psychological support of $ 50, below which the slide can reach the level of $ 40.
If the bulls hold $ 54,081 and start a rebound, the XMR / USD pair could rise to $ 71 and above that to $ 81. We expect strong resistance of $ 81. Due to the oversold readings in the RSI, we anticipate a recovery in the coming days. However, there are still no purchase settings so we are not recommending an operation on it.
TRX / USD
TRON broke support at $ 0.0122194 and fell to a low intraday of $ 0.01089965 on Nov. 25. The bulls were able to keep prices close to the November 20 lows but failed to raise prices.
The RSI is oversold, which shows that sales were excessive. A rebound at current levels could push the TRX / USD pair to resistance at $ 0.01587681, where we expect sellers to step in.
Contrary to our belief, if the bears continue to hit the digital currency, a drop to $ 0.00844479 is possible. Operators must wait for a new purchasing configuration to be formed before purchasing.
The market data is provided by the HitBTC bag. The charts for analysis are provided by TradingView..