Price Analysis, November 28

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Market data was provided by the HitBTC trading platform.

After the recent collapse of the cryptocurrency markets, many have begun to wonder how long digital coins will continue to exist. Jeffrey Sprecher, president of the New York Stock Exchange (NYSE), has no doubt about the future of this technology, claiming that his survival is "unequivocal".

Kelly Loeffler, CEO of Bakkt, is also convinced that future contracts offered by his platform "will help Bitcoin traders to establish a reliable price"Currently, the currency is exchanged at different prices on different stock exchanges, many of which are not regulated at all.

Not at all shaken by the decline, Nasdaq still plans to launch its Bitcoin futures by the first quarter of next year. These reports show that the interest in Bitcoin is still very high.

Let's take a look at the markets, looking for potential purchase configurations. Although Bitcoin SV has reached the tenth position in the ranking, we have preferred for the moment not to include this currency, because it is still extremely young.

BTC / USD

Bitcoin formed two consecutive candlestick patterns on November 26 and 27. Today, indecision has been resolved with a bullish movement, but the pullback may encounter weaker resistance to the downtrend line.

An escape from resistance could push the most aggressive traders to buy and increase the cover uncovered by the bears. The key levels that will be given special attention are $ 4,712 and $ 5,050.

On the other hand, if the BTC / USD could not find buyers at the highest levels, falling below the support at $ 3,620, we could see a resumption of the downtrend, which would raise prices to 3 $ 000.

Although the trend is generally bearish, we think that the decline will be considerable: for this reason, just like in the previous badysis, we recommend the opening of long positions.

XRP / USD

Ripple is trying to get a rebound from the support line of the downtrend channel. The currency has performed well during the recent downtrend: unlike many other currencies, it has not recorded new annual lows.

An escape of $ 0.385 could result in a 20-day movement of EMA, which represents a strong resistance. If both moving averages were exceeded, the XRP / USD could increase significantly to the resistance line of the channel.

Traders should proceed with the Closing Purchase (UTC) above $ 0.385, while maintaining a loss overhang at $ 0.30: our goal is to move to $ 0.50. However, it is a risky business, and we recommend opening only 40% of the usual positions.

If, contrary to our expectations, the price were to fall below $ 0.31123, we could see a new test of $ 0.24508.

ETH / USD

Ethereum is trying to get a rebound of support at $ 102.20. There is a minor hurdle at $ 123, above which the currency could move to the 20-day EMA. As the trend is bearish and both moving averages are down, we still expect significant sales around the EMA, at $ 167.32.

If the next downward movement were to stop at $ 102, this would indicate a likely floor. If, on the other hand, the bears were able to push the ETH / USD pair below $ 102, the next support is at $ 83.

The RSI shows that the cryptocurrency has been sold out and we think that a withdrawal is very likely. However, there is no reliable purchase configuration and we do not recommend trading this currency.

BCH / USD

Over the last three days, Bitcoin Cash has been consolidated in a narrow range, including USD 204.76 and USD 148.27. The formation of the doji candlestick shows a lot of indecision on the part of the investors. But this situation will not last long: it will be resolved quickly with an escape or a breakdown.

In the event of a breakdown, the collapse could extend to the next support at $ 100. However, as the RSI shows that the currency has been sold excessively, we expect an upward movement.

If the pair BCH / USD manages to beat the resistance at $ 204.76, the withdrawal could extend to $ 242.90 or $ 272.14. Aggressive traders may try to open long positions in the event of closing (UTC) above $ 205, while maintaining a stop-loss of just under $ 147. This is a risky business, it is better to invest only 40% of usual funds.

XML / USD

Stellar is trying to get a rebound of $ 0.134707050, but could face strong resistance in the area between $ 0.1547188 and $ 0.184.

In the event that the currency fails to overcome the increased resistance, the resulting sales could push the XLM / USD pair lower on November 25th. If this support was also broken, the collapse could reach up to $ 0.08.

On the other hand, if the bulls could exceed the dollar level of 0.184, this would indicate that the current collapse is only a "bear trap". Currently, we do not find any purchase configuration and we do not recommend the exchange of this currency.

EOS / USD

Although the EOS slipped under the $ 3 support, the bears could not keep the money at lower levels. The bulls are now attempting a withdrawal at $ 3.88723, but may encounter less resistance to the downtrend line.

The trend remains broadly bearish. However, after the initial withdrawal, we expect the EOS / USD pair to be traded in a fork for a few days, trying to find a bottom. Traders should wait for the trend to reverse before opening new long positions.

But if the sales pressure during the next downward movement should be strong enough to push the price below the floor of November 27, the decline could reach $ 2.40.

LTC / USD

Litecoin is currently trying to recover up to 20 days from the EMA, which could be an obstacle.

The decline was remarkable and sudden: the recovery will probably be as strong. On the 20 days of the EMA, the LTC / USD pair could reach $ 47. The most aggressive traders can try to take advantage of these moves, targeting small targets and keeping the stop loss always close.

If, contrary to our opinion, the bears resume withdrawal, the next support below is $ 20.

ADA / USD

Cardano formed small intraday structures on 26 and 27 November: this indicates a certain indecision on the part of investors. This ambiguity could be solved by an upward movement increasing the chances of a fallback.

The recovery, however, will meet a fierce resistance to the EMA 20 days, still greater than $ 0.060105. The next downward move could instead break the support at $ 0.033065, extending the downtrend to $ 0.025954.

If the ADA / USD pair were able to record a higher minimum in future rebates, this would indicate the possibility of a trend reversal. Traders must wait for the formation of reliable buying patterns before opening new long positions.

XMR / USD

Monero maintained his support at $ 53.10 on November 26 and 27. Currently, bulls are trying to get a withdrawal, which could however face barriers at $ 71, at 20-day EMA and at $ 81.

If the XMR / USD pair falls below $ 53 next fall, the next support will be $ 40.

The correction following the withdrawal will confirm whether a background has been found or not. We expect cryptocurrency to enter a beach for a few days before starting a new uptrend.

TRX / USD

This decline allowed TRON to exceed $ 0.001587681. The 20-day EMA is also around this level: resistance is expected, but the increase could be as high as $ 0.0183 if the bulls are able to outperform it.

But this is a simple decline, the trend remaining bearish and moving averages still down. The subsequent contraction will confirm whether a background has been found or not.

A break under the trough of the day on November 25 at 0.01089965 USD could drag the TRX / USD pair to the next support at 0.00844479 USD. Better to wait for the confirmation of a background before opening the long positions.

Market data was provided by the HitBTC trading platform. The charts for the badyzes were provided by TradingView.