The cryptocurrency market takes a dip. Bitcoin and several altcoins dip above 5%

On the 16th of November, the Bitcoin price suffered a drop of 5.33% over the last 24 hours, which saw its price fall to $60,238, and this fall comes after a bearish divergence breaking below key support of $63,700. The long wick below the candle shows a rejection off the 50-day moving average of $58,403. With this price action, the Bitcoin value over the last seven days is down 9.85%. The BTC price edges closer to the 50-day moving $59,138, after experiencing a 0.44% drop to place at $59,844 per coin on the 17th of November; however, the bulls seem to be attempting a pushback.

The tendency of Bitcoin to fall lower is on the cards as a similar scenario occurred in April and September. Therefore, the next couple of days to weeks are crucial in noting if the bear market is set in. However, dips provide opportunities to increase holdings for cheap.

Indicators

With the recent bearish action, the relative strength index stands at 45, which translates to increasing selling in the market. Further bearish action in the market will translate to an even lower relative strength index.
As a reflection of continued sell-off by the bears, the relative strength index on the 17th of November fell to a value of 44.
The MACD and the histogram show a deflection to the downside, illustrating the sharp switch in market momentum. However, the MACD still places BTC in the long term control of the bulls.

Ethereum / US Dollar

For the last few days, the ETH bears have been active in the market, evidenced by consecutive days of selling action; however, the bulls provided significant resistance to prevent a major price crash.
On the 16th of November, we see the bears asserting more dominance on the market, which could be a ripple effect of the Bitcoin crash, and this saw ETH fall by 7.03% in the last 24 hours to a price of $4,273 and a seven-day price drop of 10.6%. With this price movement and rumours of the bear market beginning, individuals are panic selling, further bolstering the action of the bears. Therefore, the price action over the next few days to weeks will determine if this is just a dip or the signal for a bear market.
The 17th of November sees a further increase in selling volume at the beginning of the day, translating to a 0.70% price drop during the writing of this price analysis to place the ETH price at $4,177 per coin.

Indicators

With the downward price action on the 16th of November, we see the relative strength index below the 50 value (45), which illustrates the market being dominated by bearish sentiment. If the bears can sustain the negative momentum, we can expect a further fall in the RSI, and a fall below the 30 mark would mean a market in the oversold region.
In response to the continued selling action, the RSI on the 17th of November has fallen to a value of 43.
Similarly, the MACD confirms the recent sell-off momentum in the market with a deflection to the downside, while the histogram shows the increasing dominance of the bears.

Ripple / US Dollar

In light of its court case with the SEC, Ripple has struggled over the last couple of weeks. Despite this, the bulls attempted to hit the $1.3 price mark, which rejection by the bears quickly followed. With this, the XRP market has seen bearish domination, and this was escalated on the 16th of November, which saw a massive 6.89% price drop in the last 24 hours, therefore, placing XRP at $1.09 per coin (trading below the 50-day moving average of $1.11). With this price movement, the XRP value has experienced a drop of 13.09% in the last seven days.
On the 17th of November, we see increasing buying volume as the bulls attempt to stop the bearish dominance of the market with a 0.09% gain in the last 24 hours to place at $1.09 per coin. However, this gain is not significant enough to confirm the bulls dominance on this day.

Indicators

As a reflection of the huge bearish action on the 16th of November, the relative strength index stands well below the 50 value reflecting the huge selling action in the market. The current RSI stands at 42, and a continued sell-off could see the RSI fall further in control of the bears.
As of the 17th of November, the RSI value stands at 42, being below the 50 mark, indicating increased market selling.
The MACD highlights a sharp shift in the market momentum; despite placing above the zero line (positive zone), we see the MACD and signal line deflect in a sharp shift to the downside, showing the negative momentum to the action. The histogram further confirms the growing influence of bears on the market.

Litecoin / US Dollar

As earlier stated, several altcoins experienced massive price dumps, and Litecoin is one. On the 16th of November, the LTC price stood at $232 per coin amidst increased selling action in the market, reflecting a 24-hour price drop of 11.45%, therefore, bringing the seven-day price movement to a negative 12.68%.
The presence of a long wick at the bottom of the candle illustrates the activity of the bulls to resist the price drop; however, subsequent days will determine if the bears gain full control of the market.
In continuation to the bearish sell-off seen on the previous day, the 17th of November sees sustained selling activity which translates to a price drop of 0.05% to a price of $230 per coin. However, the following hours have seen the bulls attempt a pushback after flipping the red candle.

Indicators

The relative strength index in response to the price drop places at a value of 53. Though still in the bullish zone (above 50), the current RSi responds to a sell-off that saw the value fall from the overbought region. With the recent price action, more sell-off is expected, seeing the relative strength index fall even lower.
The RSI sees a flattening out on the 17th of November to place at a value of 52, which could mean a pushback by the bulls to regain dominance over the market.
The MACD shows a deflection to the downside, while the histogram shows a reduction in the bullish momentum but not enough to shift the market to bearish control.

Bitcoin Cash / US Dollar

As of the 16th of November, the Bitcoin Cash bears have succeeded in putting a halt to the bullish dominance seen over the last few weeks; as a result, BCH has experienced increased selling action resulting in a 24-hour price drop of 8.75% to place at $607 per coin which is just a little above the 50-day moving average of $604 per coin. With this bearish action, BCH is now down 14.44% in the last seven days.
The 17th of November sees the continued presence of the bears with increased selling volume resulting in a 0.69% price drop to $586 per coin; however, the bulls are seen to attempt to stop the downward market momentum. The next few days will determine a critical area of support.

Indicators

The relative strength index falls from a value of 60 to 46, illustrating a large number of individuals selling their holdings. If this action is sustained, we can expect the RSI to fall even lower.
The relative strength index continues its fall, portraying the sustained selling action in the market to a value of 44.
Similarly, the MACD, though portraying the long term dominance of the bulls, also shows a deflection that signifies the market's recent bearish momentum.
The histogram reflects the increased presence of the bears, which is gaining more momentum. Sustenance of this price action will see the MACD fall below the zero line.

Cardano / US Dollar

The ADA market has been in control of the bears over the past few weeks. The bulls attempted to revive the bullish outlook predicted by analysts, but the bears quickly shot this down.
As of the 16th of November, we see a boost in the market's bearish activity, which has resulted in a 24-hour price drop of 5.98% to stand at $1.89, breaking a bit below the previous support of $1.90.
The 17th of November sees a continuation of the bearish dominance of the market with increasing selling volume and ADA falling 1.20% to a price of $1.84 per coin. However, the bulls' resistance has seen the creation of a green candle and increased buying volume, signifying individuals buying in on the dips.

Indicators

On the 16th of November, the relative strength index reflected the massive sell-off placing well in the selling zone with a value of 37, and this has continued onto the 17th of November, where the relative strength index fell deeper into the sell-off zone as a result of sustained selling action to a value of 35.
The MACD places below the zero line portraying a negative momentum in the market, confirming the dominance of the bears.

Dogecoin / US Dollar

The bears have maintained control over the Doge market over the last few weeks, and events over the last two days further increased their hold on the doge market.
Over the last seven days, the Dogecoin price has fallen by 13.88%, while on the 17th of November, Doge has gained 1.14% to place at $0.23 per coin, therefore trading below the 50-day moving average of $0.25. However, this price movement is not significant enough for the bulls to assert dominance over the market.

Indicators

Over the last two days, the relative strength index reflects the dominance of the bears with consecutive days of downward momentum to place at a value of 40, showing increasing selling action in the market.
The MACD crosses below the zero line indicating the bears have shifted the market into negative momentum. The histogram also shows the growing momentum of the bears, and this coupled with the deflection of the MACD below the zero line portrays a negative outlook for the doge market.

Correlations

• Bitcoin / Ethereum = 0.95
• Bitcoin / Ripple = 0.92
• Bitcoin / Litecoin = 0.95
• Bitcoin / Bitcoin cash = 0.90
• Bitcoin / Cardano = 0.89
• Bitcoin / Dogecoin = 0.91

Keynotes for today

• Bitcoin falls below $60,000, currently standing at $59,844 per coin.
• Altcoin market fall
• Ethereum bears maintain control over the market. ETH currently stands at $4,177 per coin.
• Ripple falls to $1.09 per coin.
• Litecoin stands at $230 per coin.
• Bitcoin Cash bears assert increased dominance; BCH currently stands at $586.
• Cardano bears regained control of the ADA market. ADA currently stands at $1.84.
• Dogecoin remains under the control of the bears. Doge currently stands at $0.23.