Today is Tuesday, 16th 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!
Since Bitcoin hasn’t shown a new local high over the last 24 hours, its price went below the $62,000 support level. The cryptocurrency is changing hands at around $61,800 at the moment of writing. In case BTC’s price dips to $60,000 for a retest, the market might see it fall back to the $55,000 support level. This scenario seems the most plausible to me right now.
However, there’s still a chance that the $60,000 support level will be strong enough to fight off the bears. If by the end of the day we see $63,000 on the chart and no red candles at closing time, the danger will pass.
BTC has touched the top of the white trading channel twice, signalling its coming downfall. Holding any long positions open would be one of the riskiest moves today.
Ethereum has continued its stride despite the market sentiment at the moment. The cryptocurrency has even reached $4,820 with the current ATH sitting at $4,878. However, it is changing hands at around $4,290 at the moment of writing.
This loss of momentum is not very concerning as long as ETH doesn’t drop below the key support. But if it does happen, then bears might drag ETH lower towards the $4,000 support level.
Don’t neglect risk management and don’t forget about stop losses!
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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) ₿||$19,291.39||-3.18%|
|ETHEREUM (ETHUSD) Ξ||$1,064.62||-0.61%|
|IMM. US (REIT)||$2,435.01||1.8%|
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