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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and commercial movement involves a risk, you must conduct your own investigation to make a decision.
Market data is provided by the HitBTC cryptobolse.
After the disruption of large-scale wealth within the cryptocurrency space, many began to wonder whether this asset class would survive or disappear. NYSE President Jeffrey Sprecher is optimistic about the future of digital currencies and says his survival as an asset class is "unequivocal".
Kelly Loeffler, CEO of Bakkt, said confidently that the platform's futures contract will help establish a reliable Bitcoin price for investors, unlike what is happening right now, when Bitcoin is trading at prices different in different markets.
Undaunted by the fall in Bitcoin prices, Nasdaq plans to launch Bitcoin futures for the first quarter of 2019, reports Bloomberg. The entry of these two major exchanges shows that there is sufficient demand for the Bitcoin trade even after the current decline.
Many believe that the launch of Bitcoin ETFs can increase demand for cryptocurrencies. SEC Chairman Jay Clayton said yesterday that the commission should see improvements in market surveillance and custody before the regulator is comfortable with a Bitcoin ETC. Currently, several companies are tackling both issues, increasing the likelihood of a Bitcoin ETF in the near future.
According to a report by the World Trade Organization (WTO), blockchain technology could add $ 3 billion to international trade by 2030. Technology would help reduce costs by eliminating barriers, by increasing transparency and facilitating the automation of processes.
Although Bitcoin SV has managed to enter the top 10 crypto currencies, we have not yet included it because of its brief history of operations.
BTC / USD
Bitcoin formed consecutive intraday candle patterns on November 26 and 27. Today, indecision has been resolved on the rise. The slowdown could face less resistance in the downtrend line.
A break in resistance may attract the purchase of aggressive bulls and the short cover of bears. Therefore, we have retained the purchase recommendation provided in our previous analysis. The key levels to watch are 4712.89 USD and 5050.40 USD.
If the BTC / USD pair does not find the buyers at higher and lower levels to break the support of $ 3620.26, the downtrend will resume, bringing the price to a high support of $ 3,000.
Although the trend is weak, we believe that the slowdown will be brutal and negotiable. So we recommended a long position.
XRP / USD
The ripple attempts to bounce from the downstream channel support line. It's behaved remarkably well over the recent decline because it is well above its cumulative minimums so far and the RSI has not even penetrated the territory of oversold sales.
A break above $ 0.385 could result in a 20-day switch to EMA, which could be a resistance. If the two moving averages are crossed, the XRP / USD pair could join the resistance line of the channel. Operators can purchase a fence (UTC time slice) greater than USD 0.385 and keep the stop the loss at $ 0.30. The goal is upward movement at $ 0.50. It is a risky business, so we recommend keeping the size of the position at about 40% of the usual position.
Contrary to our expectations, if the price drops below $ 0.31123, a new test of $ 0.24508 is possible.
ETH / USD
Ethereum is trying to bounce back after finding support at $ 102.20. He has a small hurdle at $ 123, above which he can climb to the 20-day EMA. As the trend is down and both moving averages are down, we expect a strong supply in the EMA zone at 20 days and a value of $ 167.32.
If the downward segment remains above $ 102, it will indicate a probable base fund. However, if the bears drop the ETH / USD pair below $ 102, the next downside support is $ 83.
We think that the reads too sold in the RSI suggest a likely slowdown. However, we do not see a reliable purchase configuration, so we do not recommend an exchange in this pair.
BCH / USD
Over the past three days, Bitcoin Cash has consolidated in a narrow range of USD 204.76 to USD 148.27. He has also formed doji chandeliers over the past two days, which is indicative of indecision. It is unlikely that this condition will last long. Soon we should see momentum going up or down.
In case of weakening, the decline may reach the next support at $ 100. However, given the oversold nature of the IHR, we are planning a promotion.
If the pair BCH / USD is pushed to $ 204.76, we expect the setback to reach $ 242.90 – $ 272.14. Aggressive traders may try to trade the resumption of the opposite trend by taking a long position at close (UTC) above $ 205. The stop loss can stay just below $ 147. It is a risky operation. We therefore recommend that you use 40% of the usual allocation size.
XLM / USD
Stellar is trying to rebound from $ 0,1327050. It could face a strong resistance in the region of $ 0.1547188 – $ 0.184.
A failure to overcome the higher resistance zone will attract sales, which could push the XLM / USD pair to the 25 November low. If the support weakens, the drop can reach $ 0.08.
However, if prices rise to $ 0.184, this indicates that the current fall was a trap for bears. Currently, we do not see any uptrend, so we do not suggest an exchange in this pair.
EOS / USD
Although the EOS fell under the $ 3 support, the bears could not stand the lowest levels. Bulls are currently trying to come back to $ 3.88723, but the virtual currency could face lower resistance in the downtrend line.
The trend continues to be downward. However, after the initial setback, we expect the EOS / USD pair to trade in a range for a few days, trying to set up a core fund. Traders should expect a reversal of the trend to start taking long positions
If the selling pressure during the next phase of decline is high and falls below the November 27th minimum, the decrease can be raised to $ 2.40.
LTC / USD
Currently, Litecoin corrects oversold readings in the RSI. The recovery can reach the 20-day EMA, which will probably be the first hurdle.
As the decline has been acute, it is likely that the recovery is also strong. Above the 20-day EMA, the LTC / USD pair can reach the $ 47 level. Aggressive traders can try to negotiate the reversal of the opposite trend, maintaining strict stops and targeting small targets.
Contrary to our opinion, if the rally fades and the bears resume their downward trend, the next downside will be $ 20.
ADA / USD
Cardano formed consecutive motives during the day of November 26 and 27, sign of indecision. Uncertainty has been resolved upward, increasing the likelihood of a rebound.
The recovery will face a strong resistance in the EMA of 20 days and above $ 0.060105. If the next tranche of one of the resistances drops below 0.033065 USD, the downtrend can be extended to 0.025954 USD.
However, if the ADA / USD pair reaches a higher minimum next fall, this will indicate the possibility of a change in trend. Traders have to wait for the formation of a reliable buying configuration before time passes.
XMR / USD
Monero maintained support of $ 53.10 on November 26 and 27. The bulls are currently trying an impulse that could face obstacles at $ 71, 20-day EMA and $ 81.
If the XMR / USD pair goes from one of the highest resistances and drops below $ 53, the next support is much lower, at $ 40.
The next correction after the pulse will confirm if there is a base fund. We expect the digital currency to enter a range limit for a few days before starting a new uptrend.
TRX / USD
The rebound of TRON resulted in a general resistance of $ 0.01587681. The 20-day EMA is also just above this level. We expect strong resistance at this level, but if the bulls escape, an increase of $ 0.0183 is possible.
This should only be considered as an impulse because the trend is maintained with the two moving averages inclined downwards. Next fall, it will confirm whether a base fund is in place.
A break below 0.015 $ 0.01089965 below the November 25th low could drop the TRX / USD pair to the next support at 0.00844479. It is best to wait for the confirmation of a core fund before starting any long position.
Market data is provided by the HitBTC cryptobolse. Charts for analysis are provided by TradingView.
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