Today is Monday, 29th 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 news about Salvador and several crypto whales shopping for crypto allowed bulls to punch above their weight. The market saw Bitcoin grow by $5,000 in less than 24 hours. That’s been an interesting weekend.
Does it mean that Bitcoin will start to climb peaks again in the near future? Across the charts, we find promising signs, but little certainty about what lies ahead.
Bitcoin is currently moving towards the lower boundary of the white broadening trading channel. More often than not cryptocurrencies break out of such patterns only after a market pump. In order for that to happen, Bitcoin needs to gain a foothold above the $58,000 mark. The $60,000 psychological resistance level also helps bears to fight bulls.
The market is extremely unstable at the moment, so the probability that Bitcoin will stay in the $56,000 – $57,000 range for a few more days remains quite significant. In case the cryptocurrency doesn’t break above these prices, we might see another retest of the $54,000 mark.
If BTC drops below the lower boundary of the white broadening trading channel, the crypto market’s fate will be sealed. We will be forced to face a bitter crypto winter, especially if the cryptocurrency fails the $50,000 retest.
Ethereum is riding the wave of BTC’s success. The cryptocurrency is changing hands at around $4,330 at the time of writing. However, its growth hasn’t been a steady one, so it’s too early to declare victory.
ETH’s latest lows and highs have formed a triangle, with lows remaining on the same level. Therefore, the chart suggests that the digital asset is getting ready for a significant jump. However, the market sentiment might turn the tables.
Pay close attention to the BTC chart. The fate of the whole crypto market depends on it. If the cryptocurrency doesn’t gain a foothold above the $60,000 level, we are sure to see the $50,000 price again.
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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) ₿||$29,817.94||1.35%|
|ETHEREUM (ETHUSD) Ξ||$2,002.83||1.5%|
|IMM. US (REIT)||$2,463.96||0.79%|
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