Bitcoin Price Analysis [BTC]
Notice that BTC is finding minor support at $3,600 or Nov 25 floors and if today close higher then we might see a temporary recovery towards $4,700.
10 months after the unfortunate hack that saw $530 million worth of NEM siphoned off from Coincheck, the Japanese exchange is back in operation after reinstating deposits and purchases of XRP and Factom (FCT). This now means users can deposit and withdraw in fiat—Yen and crypto.
Blockchain Market to Be Worth over $28 Billion by 2025 As Coincheck gears up, BitMex Insurance Fund now holds 18,851 BTC. According to the exchange, the fund is used to prevent auto-deleveraging traders’ positions and the fund grows from market liquidation executed at a better price than at bankruptcy level. Because of this, online commentators now think this minor Bitcoin accumulation would help shore prices after two weeks of turmoil that saw BTC sink $1,500 hours after the disastrous hash rate war between Bitcoin Cash SV and ABC.
Bitcoin’s Survival Hinges on People Believing in It While it would be the perfect shot in the arm if bulls find a way and bounce above $5,000, market analysts are shying away from bullish comments. While talking to CNBC Fast Money, Vinny Lingham of civic talks of Crypto winter where he projects that Bitcoin prices will be trapped within a tight range between $3,000 and $5,000 till end of Q2 2019. During this time, he says, there will be a lot of short-term buys which will surely help in recovery.
Now that BTC is finding short-term floors at $3,600 or Nov 25 lows. However, if buyers breach and close above $4,700 then we may see a temporary rally towards $5,000 and even to $5,800 as the market sparks back to action.
Ethereum Price Analysis [ETH]
Yesterday, we saw a fresh decline below the $112 level in ETH price against the US Dollar. The ETH/USD pair even broke the $110 and $106 support levels. Besides, there was a close below $110 and the 100 hourly simple moving average. The decline was such that the price retested the $100 support area where buyers emerged. A low was formed near $99 and later the price started a short term correction. It moved above the $206 level and the 23.6% Fib retracement level of the recent drop from the $119 high to $99 low. However, the price is currently facing a tough resistance near $110-112.
Moreover, yesterday’s important bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD. Around the trend line, the 100 hourly SMA is positioned at $112. Therefore, the $110-112 zone is a significant resistance for buyers. A break above $112 could push the price towards the next major resistance at $118.
However, a proper close above the $118 level is needed for a larger upward move. If not, the price may decline back towards the $100 level. Hourly MACD – The MACD is moving nicely in the bullish zone. Hourly RSI – The RSI is now placed well above the 50 level.
Major Support Level – $99.16, Major Resistance Level – $118
Ripple Price Analysis [XRP]
Though XRP might be the second most valuable coin after flipping ETH to second hours after the upheavals around Bitcoin Cash hark fork, the coin is not immune to price shocks. It is down 27 percent in the last week. While other coins stabilize, XRP is down two percent in the last day and risk sliding lower now that we have a bear breakout pattern after yesterday’s dips below 35 cents. As stated in previous XRP/USD trade plans, we shall only take longs as long as prices are trending above 35 cents—the lower limit of our clear support zone defined by 40 cents on the upside and 35 cents on the lower edge.
And what’s worse is that the above average market participation of last week—770 million versus 540 million could fuel further losses towards Sep 2018 lows crashing XRP bulls. Because our stops at 40 cents and 35 cents are no longer valid, we suggest taking a neutral position and recommending sells in lower time frames.
Moreover, the 76.4% Fib retracement level of the last wave also acted as a support near $0.3302. On the upside, an initial resistance is near the $0.3600 level. More importantly, yesterday’s crucial bearish trend line is active with resistance at $0.3620 on the hourly chart of the XRP/USD pair.
Litecoin Price Analysis [LTC]
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Litecoin price trading down around 2% in the early part of Tuesday’s session, price struggles to hold gains seen at the daily open. LTC/USD via the 60-minute chart view has formed a head and shoulders pattern, subject to a potential breakout south. Neckline of above-mentioned pattern seen at around $28.70, a breach could open the door for another chunky drop.
Litecoin Creator Correctly Predicted Price Crash Back in December Last Year Charlie Lee, creator of Litecoin predicted back in December that Litecoin could crash to $20. Now in November, we are pretty close to seeing that price in reality. It is no secret that Charlie sold all of his Litecoin holdings at the peak price, he received a lot of backlash from the community at the time and to this day people still criticize him. But it is less known that he predicted a multi-year bear market with Litecoin’s price dropping to as low as $20.