Today is Monday, 15th November, and this is Cointribune’s Crypto analytics. You will learn about everything that’s been going on in the market, as well as what to expect next in our new article! Make sure to have a look at the previous instalment. Off we go!
Saturday and Sunday were days of positive momentum for Bitcoin. The bulls took the initiative, causing the first cryptocurrency to reach the $65,750 zone at the time of writing.
I cannot say unequivocally that the rally will continue. In order to draw such conclusions, we must first reach a price level above the last absolute high, which is also the last local high. In case the price does break out above that range, it will be safe to say that BTC will try to reach the upper boundary of the white broadening channel, located around $73,000–$74,000.
Alternatively, if no new high is set, the first cryptocurrency has a good chance of heading for another correction. Then the first stop for us is planned at $60,000–$62,000. In case this is not enough for the bears, a collapse down to $48,000–$50,000 may occur.
I consider the recent rise in BTC to be an attempt to artificially increase the fear and greed index in the market. When greed reigns, a great many players continue to open trades, thereby providing turnover for the market. By playing against these volumes, the whales can lock in profits with maximum benefit and low chances of provoking an avalanche of selling.
While the weekend was positive for Bitcoin, for Ethereum, it turned out to be a time of increased bearish activity. The biggest altcoin continued to fall day after day until it reached psychological resistance around $4,500, from which the bulls were able to seize the initiative and break through to the current values. At the time of writing, ETH is trading around $4,700.
The last three local lows of the biggest altcoin are out of the recent pattern. A new local high is not yet in sight either, which could be a strong signal of a trend change. In that case, ETH could be on the verge of a collapse all the way down to $4,000–$4,200.
Mind your stop losses and don’t neglect risk management. The crypto market can be very capricious, at times severely punishing those who are ill-prepared for unexpected price movements.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
|BITCOIN (BTCUSD) ₿||$29,305.73||0.44%|
|ETHEREUM (ETHUSD) Ξ||$1,968.35||0.58%|
|IMM. US (REIT)||$2,463.96||0.79%|
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