Research and Analysis

Crypto Conjecture For November 20, 2018

Bitcoin Price Analysis [BTC]

Daily Chart
BTC/USD under weekly SMA100 for the first time ever.

BTC market price analysis for Nov 20
The price of bitcoin briefly dropped below $5,000 as 2018’s bear market refuses to quit. As we go to press, bitcoin’s price sits at $5,045, a drop of 8.9% over the last 24 hours.
Last week, bitcoin was sitting at $6,400. Over the last seven days, however, bitcoin’s price has continued to drop. Late last week, bitcoin hit a one-year low with a price of $5,500 – a price that hadn’t been seen since October 2017. Now, bitcoin has retreated even lower, dropping below $5,000 at various points during the day. At its lowest point, bitcoin reached a price of $4,951.47 before climbing once again above $5,000.
The collapse on the cryptocurrency market has resumed after a short-lived respite and $4,000 for BTC/USD may not be ruled out at this stage. According to Founder & Partner at Morgan Creek Digital Anthony Pompliano the current decline will have a purifying effect on the industry, clearing it from random people.
We have entered an uncharted territory and the range not since mid-October 2017. The coin has lost a quarter of its value in one week and dropped under weekly SMA100 for the first time ever. From the long-term perspective, it brings SMA200 (weekly) at $3,143 in focus.
This is a critical support that might be reached once $4,000 gives way. On the upside, $5,000 remains the key resistance that needs to be taken out to bring some relief to the market and allow for an extended recovery towards the above said SMA100 at $5,825.

Bitcoin Hash Rate

BTC hash rate on Nov 20

According to statistics, marking the drop of prices is the marked decrease of hash rate or network fire power and overall mining difficulty. This should be a concern for Bitcoin traders/investors. Though historical price movements hint that the bottoms is most likely near, we might end up seeing BTC print new lows as more miners are forced to switch off their rigs due to fiscal pressures.
After all, mining is dominated by businesses and most of them are after making money. As they switch off their rigs, the network hash rate will most likely drop from 60 Eh/s of early this year to new lows below current fire power of 43.7 Eh/s and this shall not be a pretty scene for bulls who might have to witness another drop below $4,500 to about $3,000 as eToro analyst Mati Greenspan project.

Yesterday’s losses could either mark the beginning of a lasting bear market or the end of a bear cycle as price range horizontally. Unless otherwise there are convincing gains above $5,800 and most importantly $6,000, sellers should find an opportunity to unload BTC on every pull back as bears seek to drive prices to $4,500.

Ethereum Price Analysis [ETH]

Daily Chart:

ETH market price analysis for Nov 20
Yesterday, we saw a major decline below $175 in ETH price against the US Dollar. The ETH/USD pair broke the $179 and $175 support levels to start a fresh decline. Later, bitcoin price declined heavily and broke the $5,000 support. It increased bearish pressure on ETH and pushed it below the $165 and $160 support levels.
More importantly, there was a break below $150 and the price settled below 100 hourly simple moving average. A new multi month low was formed at $142 and later the price started consolidating losses. It recovered a few points above the $145, but there are many hurdles on the upside. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $179 high to $142 low. Moreover, there is a short term bearish trend line in place with resistance at $150 on the hourly chart of ETH/USD. If there is a break above the $150 and $151 level, the price could correct towards $160. It represents the 50% Fib retracement level of the recent decline from the $179 high to $142 low.
At this chart, ETH price is trading in a nasty downtrend and it could decline further below the $142 low. The next major support is near $140, below which the price could trade to $125.

Major Resistance Levels: $240, $250, $280
Major Support Levels: $150, $140, $130

Ripple Price Analysis [XRP]

Daily Chart:

XRP market price analysis for Nov 20
The pair could retest the $0.4600 or $0.4520 support level before a fresh upward move.
There was a decent support base formed near the $0.4600 level in ripple price against the US Dollar. The XRP/USD pair remained above the $0.4600 support and did not decline. On the other hand, bitcoin and Ethereum were under a lot of bearish pressure and both fell more than 10%. Recently, XRP price moved above the $0.4700 level and the 100 hourly simple moving average.
Moreover, there was a break above the 50% Fib retracement level of the recent decline from the $0.5206 high to $0.4600 low. However, the upside move was capped by the $0.4950 resistance. It seems like the price failed to gain traction above $0.5000 and declined. There was also a rejection near the 61.8% Fib retracement level of the recent decline from the $0.5206 high to $0.4600 low.
At this chart, ripple price is trading with a lot of strength above the $0.4600 support. If there is a short term bearish reaction, buyers could appear near $0.4600 or $0.4520.
Looking at the technical indicators: Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to move above the 50 level.
Major Support Level – $0.4073
Major Resistance Level – $0.4950

Litecoin Price Analysis [LTC]

Daily Chart:

LTC market price analysis for Nov 20
LTC/USD Medium-term Trend:
Bearish Resistance Levels: $66, $68, $70
Support Levels: $30, $28, $26
Yesterday, November 19, the price of Litecoin was in a bearish trend. On November 19, a bearish candlestick was resisted by the 12-day EMA and price fell to the low of $ 37.14. Later the digital currency commenced a range bound movement towards the exponential moving averages (EMAs).
If price breaks through the EMAs to the upside, the price of Litecoin is likely to rise. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Litecoin is below 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

OWLT Market Media Desk publishes press releases from individuals and companies related to the cryptocurrency-related market.

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