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Bitcoin (BTC), Ethereum (ETH) – 19th November 2021

Fri 19 Nov 2021 ▪ 8h22 ▪ 4 min read — by Rudy Bauer

Today is Friday, 19th November, and this is Cointribune’s Crypto analytics. You will learn about what’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!

Bitcoin (BTC)

My congratulations and sympathies! The first part is addressed those who have benefited from the current crash. The second one is for those who were kicked out by a triggered stop loss or even got liquidated, as not every marginal deal can survive the dump of about $6,000. Those who prefer gambling to good old spot trade, I advise not to give up and hold your positions. Even if there’s a crypto winter ahead, it will be much more profitable to average your position by buying lower than to sell everything at a loss in a fit of panic and fear.

There was no optimism in the market yesterday. Bitcoin not only failed to beat off the bears to the psychologically important $60,000 level, but was pushed even lower, all the way to the $55,500 area at some point.

The reaction from the bulls’ side is very weak. Only some hundred dollars of losses were repulsed. So, we got new local low, hit the psychological resistance around $55,000 and we’re still at risk of falling lower because it doesn’t look like the buyers are planning to fight back. At the time of writing, BTC is trading around $55,900.

Locally, the trend has completely reversed. It’s no secret that the next significant support for us will be the $48,000–$50,000 range. If the price goes lower, we can start talking about a global market u-turn and the possible start of a crypto winter.

Personally, I expect the price to go even lower. It doesn’t look like there are enough buyers willing to take Bitcoin even at that discount. The situation will change only if a new big investor enters the game. Whales probably won’t close their deals now but will wait for a more favourable moment. So, there’s still hope that after the price drops a bit and starts attracting interest, the market will be flooded with volumes and positive news that will provoke buying again.

Ethereum (ETH)

Ethereum also took a hit. However, due to its deflationary nature, the second most capitalised digital asset after falling below $4,000 immediately bounced back above that psychological level. At the time of writing, ETH is trading around $4,050, but it’s highly likely that it will continue to fall along with the first cryptocurrency.

Take advantage of the opportunity and average your positions. The lower the asset falls, the more you will earn in the long run.

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Rudy Bauer avatar
Rudy Bauer

Photographe, Vidéaste, webdesigner et enfin rédacteur pour CoinTribune: l'image, le digital et la blockchain sont mon dada.

DISCLAIMER

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.

Prices & Indices

BITCOIN (BTCUSD) $20,829.83 -0.95%
ETHEREUM (ETHUSD) Ξ $1,199.41 0.12%
DEFI (DEFIPERP) $2,793.50 -1.85%
MARKETS (ACWI) $86.06 -0.29%
GOLD (XAUUSD) $1,822.61 -0.23%
TECH (NDX) $12,008.23 -0.8%
CURRENCIES (EURUSD) $1.06 0.02%
CURRENCIES (EURGBP) £0.862710 0.02%
CRUDEOIL (USOIL) $109.81 2.12%
IMM. US (REIT) $2,441.27 -0.16%
The percentage expresses the change over the past 24 hours BUY CRYPTOS WITHOUT RISK
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