Price Analysis, November 26

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Market data is provided by the HitBTC bag.

Digital currencies remained relatively stable from early September to mid-November, after which the decline began. Since then, continued sales have resulted in the total market capitalization of the cryptocurrency of more than $ 210,000 million on November 14 to just under $ 116,000 million on November 25, a drop in sales of $ 20 billion. about 45%.

After such a waterfall, it is likely that a similarly sharp decline will occur. However, markets will not instantly go from a sharp downturn to a bullish phase. Mike Novogratz, former partner of Goldman Sachs and founder of Galaxy Digital, believes that cryptocurrencies will take a turn next year.

Although the fall damaged the accounts of the operators, it did not prevent the adoption of crypto-currencies. In an apparent scoop, companies in the state of Ohio in the United States will be able to pay their taxes in Bitcoin. According to the Wall Street Journal (WSJ), this possibility could eventually be extended to particular taxpayers.

BTC / USD

Bitcoin fell to $ 3,620.26 on November 26, after which the bulls attempted a setback that hit a roadblock just above the $ 4,200 level. Currently, bass players are trying to resume the downtrend. The area between $ 3,000 and $ 3,500 is an important support and we hope it will continue.

The fall of recent days has led the RSI to overestimate its levels. Although, in a downward phase, the RSI often remains close to the oversold zone, a reading of 11 in the RSI indicates surrender.

In general, such a sharp decline is followed by a rebound just as pronounced. The BTC / USD pair will face lower resistance on the downtrend line, but we expect it to cross. The upward targets are a 38.2% decline in the Fibonacci retracement level of $ 4,712.89 and a 50% retracement level of $ 5,050.40. The 20-day EMA is also just above this level and could act as a rigid resistance.

It's hard to exploit the rebound. Therefore, only experienced traders who wish to take a risk should try to move forward if the virtual currency holds $ 4,250 for about four hours. The loss ceiling can remain just under $ 3,500. As it is a risky business, only use 30% of the usual allowance. On the other hand, if the digital currency falls below $ 3,620.26, it will probably fall to $ 3,000.

XRP / USD

On November 25, the ripple was lower than the $ 0.37185 support, but buying at lower levels helped recover most of the intraday losses. Bassists are trying to sell once again.

If successful, the XRP / USD pair may decline on the channel support line, which will be a powerful support. However, if the level is not maintained, a test of $ 0.24508 can be performed again.

On the other hand, if price hikes push prices above 0.37185 USD, a retracement of up to 0.43 USD will start, where we expect strong resistance from EMA of 20 days. We have not found any purchase parameters. therefore, we do not suggest operation.

ETH / USD

The buyers seem to have left Ethereum because there is not even a reasonable attempt to withdraw after such a decline.

On November 25, bass players easily surpassed $ 110. The ETH / USD pair found support at $ 102.96, but the decline was weak. A break in the level of 102.96 USD can drag the digital currency to 83 USD.

On the positive side, the recovery will face locks of 130 and 140 dollars. If these two levels intersect, a $ 158 reversal is possible. However, we do not find reliable purchase parameters, so it's best to stay on the sidelines.

BCH / USD

As the hash war in Bitcoin Cash is over, we have reintroduced it into our analysis. Because of the bifurcation, we will have to examine it again.

In a short period of 20 days, the decrease was massive. The bulls are trying to provide support close to $ 148.27. If successful, it is likely that there will be a 38.2% retracement of the Fibonacci retracement and a 50% retracement of the recent decline.

If the bulls fail, the BCH / USD parity could extend its downtrend. Although located in unexplored territory, the next big support is $ 100. That's why it would be better to wait for the formation of an uptrend.

XLM / USD

Stellar fell under the critical support of $ 0.184 and $ 0.1547188, which is a bearish signal. He found a purchase at $ 0.1327050, but the bulls are struggling to keep the decline.

A November 25 fall will resume the downtrend 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 can not find a reliable purchase configuration, so we do not offer an exchange.

EOS / USD

Although the RSI is in oversold territory, the bulls have not been able to begin a recovery of EOS because it continues to trade at less than $ 3,88723.

Immediate support is $ 3. If the pair EOS / USD bounces on this support, it will face a weak resistance in the downtrend line, above which 3.88723 USD will constitute a major resistance. If bear prices fall below $ 3, the next support is $ 2.40. That is why it would be better to wait for the reversal of the trend.

LTC / USD

Litecoin is firmly held in hand by a bear. He broke his support at $ 32 and dropped to a low of $ 28 on November 25th. There has been no reasonable decline since the start of the fall of November 14, reflecting a lack of buyers' interest in purchasing.

Below $ 28, the next support is $ 20, but given the oversold readings in the RSI, we expect a decline in the next few days.

On the plus side, the recovery will face a difficult hurdle within 20 days of the EMA. We expect the LTC / USD to form a range before starting a new uptrend. Until then, we suggest that operators stay on the sidelines.

ADA / USD

The lack of purchase pushed Cardano to $ 0.033065 on November 25th. If this media is interrupted, the slide can be extended to the next media at $ 0.025954.

The RSI is in oversold levels that could lead to a decline likely to face a resistance of $ 0.50 and 20 days EMA. We will wait for a confirmed fund to be created and the chart template indicates an investment before suggesting an operation in the ADA / USD.

XMR / USD

Monero broke the $ 60 mark and fell to $ 54,081 on November 25th. If this level is exceeded, there is a psychological support of $ 50, below which the slide can reach the level of $ 40.

If speculators maintain support of $ 54,081 and begin a recovery, the XMR / USD parity can go up to $ 71 and above $ 81. We expect a strong resistance of $ 81. Due to overly sold readings in the RSI, we expect a recovery in the next few days. However, there is still no purchase configuration; therefore, we do not recommend any operation on it.

TRX / USD

TRON broke the support at $ 0.0122194 and fell to a daily low of $ 0.01089965 on November 25th. Bulls managed to keep prices close to the lows of November 20, but failed to push prices up.

The RSI is oversold, which shows that sales have been excessive. A resumption of current levels may bring the TRX / USD pair to a resistance of $ 0.01587681, where we expect sellers to intervene.

Contrary to our opinion, if the bears continue to hit the digital currency, a fall to 0.00844479 USD is possible. Operators must wait for the formation of a new purchase configuration before buying.

Market data is provided by the HitBTC bag. Charts for analysis are provided by TradingView..