You’re probably sick of hearing that the cryptocurrency market has been going down since last December. Many neutral observers thought we were close of hitting bottom at last. Then came November 14th and it brought the market down strepitously. That should have been it, right? Wrong. On Monday it plummeted yet again.
Fasten your seatbelts because there is no guarantee that we have finally reached the lowest we could go. The signs are still bearish.
In this article, we’re going to share with you the conclusions that can be drawn from the technical market analysis, without delving into all the dirty details. No lines, no graphs, we’ll use plain English only.
Bitcoin
After a long stability period, BTC broke down on Wednesday last week, and then again on Monday this week. The expected behavior in these conditions is for the coin to bounce back briefly (it’s yet to happen, as we write this as the crypto-king still trades in red numbers concerning the last 24 hours) but only to fall again. Yes, Bitcoin can go lower (even to 3k), and chances are it will, don’t be deceived by the current rise, it’s not here to stay. Remember to follow the moving averages.
Ethereum
It’s getting very close to its support level (which is $100, the price is $132 as we write this). This is one to watch closely because of that. The support level is the price at which buyers come back to the market. Then the volume increases and the market bounces back. The next support level would be $55.00. Planning for both scenarios would be wise.
Litecoin
It’s at $34, and it’s been fluctuating over the last 24 hours. The signs give the day to the bears, but a small reaction is expected to occur soon.
Digibyte
It’s lost a lot of support. The level was at $0.015, and it’s been so close to it that it could bounce back anytime now. In fact, it traded in green numbers till last night before going into red-pool this morning again. If it goes further down, which is likely, then the next support level would be at $0.01 (stands at $0.012 currently). Digibyte should rise again at that point.
XRP
It’s been the most stable coin lately but it’s still had some fluctuation. If XRP reaches the $0.50 mark, it could go all the way up to $0.80 quickly, but if the market doesn’t follow through then, it will drop again.
The next support level is $0.38. If there is no buying pressure at that level, then XRP could go as far down as $0.30. Both things could happen so it will be essential to follow the trend. As we write this, it’s at $0.436 and trading in the red.
Please remember that we are not offering you financial advice of any kind, we just try to keep you updated with the market’s latest tendencies.
The current market is not exactly enticing, but it is, nevertheless, a rare opportunity to observe it, study it, and learn from it so that you can take advantage of similar behaviors in the future. Learn your market analysis and observe.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image Courtesy of Pixabay.
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