Today is Tuesday, 23rd 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!
The previous day ended with a collapse of BTC. The price of the first cryptocurrency equalled the last local minimum, and the new day began with a slight rise. At the time of writing, Bitcoin is trading around $57,000.
What can all the above suggest? The biggest digital asset has once again hit the last significant low and yet again the bulls have started to buy aggressively off that level. However, it may not be because of buying activity, but because the bears themselves are unwilling to sell the first cryptocurrency at prices close to $55,000.
Thus, we can state that there’s a support level with a certain strength. However, to be sure, we need to wait one more day and see how the price behaves during the next 24 hours.
If BTC continues to rise, we could say that a double bottom is forming – a reversal pattern that signals an upcoming rise. In this case, the first cryptocurrency will move into a growth phase, where we may see a pullback, a flat, but the movement itself will be mostly upward. This will give us a chance to not only test $60,000, but also to reach the $65,000–$66,000 range.
However, for the above scenario to become a reality, we need to close today at a new local high, which will be at or above $60,000. Given the psychological resistance near this zone, this is not an easy task.
If the momentum on the bullish side is lost, we could go as low as $48,000–$50,000 in the next few days.
Ethereum continues to follow Bitcoin blindly. At the time of writing, the second most capitalised digital asset is valued at around $4,150.
In the past 24 hours, ETH has managed to get close to support around $4,000. However, Ethereum’s strength restored as a result of Bitcoin’s positive momentum.
However, as in the case of BTC, the picture will become clearer in the next day or two. At this stage, I still believe that a short would be a priority reaction to the market environment.
Don’t neglect stop losses and don’t forget about risk management.
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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) ₿||$20,829.83||-0.95%|
|ETHEREUM (ETHUSD) Ξ||$1,199.41||0.12%|
|IMM. US (REIT)||$2,441.27||-0.16%|
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