Crypto market review 19 — 23 November - Hitecher
The BTC rate analysis. Everything according to the plan: our predicted market decline took place

Crypto market review 19 — 23 November

by iFlagman on

Сryptocurrencies news

The week in the market has been «fun-filled».

Uncertainty and panicky sentiments have reigned in the market. The overnight flat ended with a slide. The local minimum is $4,210 — and we wrote about it in our previous review. Technically, everything points at a continued slump, so we can’t rule out attempts to test the $4,200 — $4,000 support levels.

Crypto market review 19 — 23 November

Intra-day chart

Judging by the intra-day chart, we cannot rule out a false puncture in the channel, but at the moment, everything points at a continued slide. By the way, Fibonacci retracement levels of 0.382 and 0.618 may be realistic targets in case of correction, and they correspond to the resistance levels, into the bargain (the range above $5,000 and $5,600).

Crypto market review 19 — 23 November

But there are still some optimists in the market, Tom Lee, for example. In a talk on CNBC he said that the Bitocoin plunge was but a temporary trend.

In the talk he accused the SEC of creating a panic in the market, as it carefully reviews many projects. He believes that it puts a strong pressure on the market. For example, the SEC has recently blamed EtherDelta with trading unregistered securities. We will prepare a detailed review of cryptocurrency market background news in Monday, but meanwhile you can read about the causes of the market drop.
He noted that the market decline was a global trend and there is a grain of truth in his words.

The 2018 outcomes will, most likely, prove that keeping your money in cash and not investing in any assets is the best option.

Global funds and bonds, raw material commodities as well as S&P500 Index have been declining.

Crypto market review 19 — 23 November

Support at $4,200 and $4,000 levels may contain the downward trend. However, we cannot rule out a further slide.

Resistance at the ascending movement is $4,750, $5,000 and $5,600.

The best decision would be to wait and see. That’s why just sign up for Hitecher and you’ll always keep abreast of all cryptomarket and technology news.

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