Price Analysis November 25:
BTC, BCH, ETH & XRP
Sunday, November 25: Cryptocurrency markets remain wild and bearish, reaching the new yearly-low record. Total market cap losing over $20 billion bringing Bitcoin price below $3,800.
Today, we experienced another hit in the market. While as high as 92% of Cryptocurrencies have closed in losses – Next step is to find the next potential bottom .
Today we’ve decided to cover the 4 biggest cryptocurrencies by market cap. All the content below is NOT a financial advice – you should be doing your own research while trading.
BTC/USD – 1M Chart Analysis
Previously we were explaining the reasons behind Bitcoin recent drop. Now, we would like to go over the historical data we have, and see if we can get a better understanding of the current situation.
On November 22, we posted our trading idea for BTC/USD on our TradingView channel:
“The most important aspect is the red candlestick that has big chances to be fully created below the 20 days Moving Average..”
“And like we’ve mentioned on the previous posts, this red candlestick can be considered as a confirmation of the bearish trend, meaning that the next Support Level of 2045$ can be a possible target in the future..”
As we have noted today, Bitcoin has fallen below the $4,000 price level – Lowest rate since August 2017, which will always be remembered as the beginning of the bullish trend last year.
BCH/USD – 1D Chart Analysis
The recent Bitcoin Cash hash, wars between the ABC and SV chains have done quite lot of damage. BCH/USD has been dropping almost 20% in the last 24hours (based on market cap).
On November 20, we posted our trading idea for BCH/USD on our TradingView channel:
After the big drop of the market capitalization and negative fundamentals, the price of Bitcoin Cash also had an aggressive movement and became one of the coins which are leading the drop.
Looking at the chart, we can easily compare the current decrease
ofthe price with the ones we could see the US Stocks having in the middle of the previous financial crisis.
Well, it’s obvious that we have a bearish market as long as the current price it’s almost 48% lower compared to it’s last “peak” but the technical indicators are a bit in contradiction as it follows:
* We have 2 indicators which are showing that the price has reached the “oversold” area :
-The RSI is 27;
-Stochastic’s crossover below the level of 20.
* And another 2 indicators which are showing that there is still more room for the regress to continue:
-The price didn’t reach the lower standard deviation of the Bollinger Band which can also be considered as a Support Level, meaning that it shouldn’t have any difficulty in going even lower.
-The MACD is still below the Signal, meaning that there is no reason to believe that the price will change it’s direction very soon.
At this stage, if the price will follow the same pattern as in the interval 15th-18th of November, we can expect it to have some sideways movements before it will drop again, with the possible target price at 315$.
XRP/USD – 1W Chart Analysis
Ripple remains in the news as it announces new partnerships with more banks around the globe. Rumors recently claim that Ripple might seal a deal with Bank of America, which would result with a new hype.
Yesterday, November 23 we posted our trading idea for XRP/USD on our TradingView channel:
After the big drop in market capitalization which made most of the cryptocurrencies to be under pressure, it seems that the things have calmed down, at least for the short term.
And even if most of the charts are indicating “bearish” trends, the one for Ripple can be considered an exception caused by a small “delay”.
On a 1W chart, we can see how the price has jumped on the 3rd week of September between the 20 days Moving Average and the upper standard deviation of the Bollinger Bands and “officially” it still has a bullish trend.
But the actual situation is about to change as long as the RSI is heading towards the “oversold” area, the “fast” line of the Stochastic just went below the “slow” one and the MACD seems to register a crossover anytime soon.
The ones with a higher risk appetite can consider opening “Sell” positions with a possible target anywhere above the Support Level of 0.3532$.
While the “cautious” ones can wait to see if the red candlestick will be fully created below the 20 days Moving Average, as a confirmation before taking any decision.
ETH/USD – 1D Chart Analysis
Ethereum bears are in control, bulls failing to find buyers. Currently, the bears are creating more and more pressure, dropping ETH below $110 level.
The 20-day EMA is also close to this level, making it a critical resistance to cross for the bulls.
On November 19 we posted our trading idea for ETH/USD on our TradingView channel:
Based on a trading volume which is constantly decreasing, the price of Ethereum -5.40% has dropped with 11.17% so far, just like all of the major cryptocurrencies.
For now, there are 3 indicators which have registered “oversold” positions and are indicating a possible “correction” of the price :
* The RSI is 23;
* The lower standard deviation of the Bollinger Bands is reached;
* Both MA of the Stochastic both below the level of 20, awaiting for a crossover which will indicate that the price may change its direction.
However, as long as the trading volumes will continue decreasing and the MACD line will stay below the Signal one.
An advanced chart reader will be the one in which who consider that the RSI, the Stochastic and the Bollinger Bands are indicating just a short-term slow down of the price (or sideways movement), followed by a continuation of the drop.
As a possible target price we can consider the Support Level 1 of 145$.
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