Our price analysis dated 15th November 2021 noted the importance of BTC respecting the $62,000 support level, as any breach below that level would set up a downward movement to a strong support level of around $57,000. Price action breached this level, and we saw confirmation of a weekly bearish pin bar. But the bulls could not maintain price action above the $57,000 support, and we saw a bearish movement until our major support level was $55,000.
After revisiting key support of $55,600, the price took a bounce and made a run for the resistance level, and encountered sell-off pressure after hitting the lower parts of $60,000. On the weekly candle, which closed yesterday, BTC closed below the $60,000 resistance level, which is no good news for the bulls.
A close below the $60,000 resistance levels is a pointer that price action may continue to range in a consolidating pattern for the next few days. The pair appears to be bearish, and further rejection of price at the $60,000 levels will initiate another leg down to the support levels of $55,000 or even lower. The short-term outlook for BTC appears to be bearish. However, this outlook is not definitive. The market momentum will become bullish if the bulls can influence price action to break and claim the $62,000 resistance level. Claiming the $62,000 resistance level will bring the next target level of $67,000 to view.
BTC seems to be in an uptrend on both the mid-term and long-term outlook. But in the short term, it appears to be in a downtrend. BTC's momentum is also looking bearish as the MACD line is below the signal line, and the RSI is at 43 levels. The MACD histogram is currently increasing, indicating that the momentum could be approaching another upswing.
Ethereum has continued to respect the support levels of $4,000 after briefly breaching below on 18th November. The bulls quickly reclaimed the support level, and the pair is currently trading below $4,250 and the 100 hourly simple moving average after failing to close above the $4,400 resistance level.
Currently, we have a resistance level at $4,350, close to 100 hourly simple moving average. If the bulls can maintain price action above the $4,350 level, that may initiate another fresh leg up in the short term. And a claim above the previous resistance level of $4,430 would bring our next resistance level of $4,430 to view.
But if price action cannot claim above the $4,350 level, we may experience more dip. And our first support level is at $4,150 near the 61.8% Fib retracement level of the upswing rally from the $3,960 swing low to $4,440 high. If breached, we may see the pair's price falling towards our next support level at $4,050. We do not want to see a breach below the $4,000 level, which would further strengthen the bearish bias around the ETH.
As long as the bulls can sustain price action above the key support level of $4,000, the greater the possibilities of the bulls regaining price action in readiness for more upsides and claiming the psychological $5,000 target.
Ethereum is in an uptrend in both the short term, midterm term, and long term outlook. However, the momentum is bearish as the MACD line is below the signal line. The RSI is at the 47 levels, indicating an increase in buying activities. Also, the MACD histogram is rising, positing that the momentum could be set for an upswing.
BCH seems to be back in the woods. After creating a high of $732, the price got rejected, and we saw the price dipping down in a corrective pattern. BCH has continued to create lower lows after breaking below the 200-day Moving Average price of $675 and below the $600 support zone. On the 1-day time frame, BCH has found support at $542, from which it bounced off to the upside and got rejected at $588. It seems that the pair is currently facing resistance at $600. Breaking above the $600 resistance and converting that zone to a strong support level will allow more upsides.
However, to get a clear confirmation of upside movement, the bulls will need to claim price action above the 200-day Moving average resistance price of $675. But until then, BCH is looking bearish on a short-term basis.
BCH is in an uptrend in both the short-term and long-term outlook. But it appears to be heading for a downtrend in the midterm outlook. The momentum seems bearish as the MACD line is below the signal line and RSI is at 41 levels, indicating a drop in buying activities over selling activities.
On 15th November, we noticed that price action breached below the key major support level of $269, and ever since, the price has been forming lower lows on the 1-day time frame. LTC has found support around the $199 level, and we saw price action take a bounce from there on Friday and get rejected after the price ranged to $230 on Sunday.
After failing to claim the resistance level of $232, the price dipped back below our immediate support at $217. Breaching below this support level may force the pair's price down towards the next support level of $210. But we don't want to see the pair's price breaching below the second support level of $210, as this may cause a bearish bias to take over the market. Thus leaving price action at the mercies of the bears.
On the upsides, the bulls will need to claim above 38.2% Fibonacci, which is $223 or $224, to bring to the fore our first resistance level at $232.
LTC is in an uptrend across all time zones. But looking at the MACD indicator, the momentum is bearish as the MACD line is below the signal line. The RSI is at 47 levels, suggesting that buying activities are gaining on selling activities.
The price of XRP is now consolidating above $1, which is a critical support level. The market's momentum has slowed, and XRP volatility has been minimal in recent days.
After last week's overall market fall, this is an expected halt. The important resistance level of $1.2 remains unchanged, and it is unlikely to be pushed anytime soon, as XRP price activity indicates some reluctance on the path up. But we don't want to see price action dipping below $1.01 as a breach of this support level will bring about a free fall towards the next major resistance level at $0.85
In the 4-hour timeframe, XRP appears to be making higher lows while the price is almost unchanged. And this could imply a bullish divergence and that XRP is preparing for another leg up. XRP's current bias is neutral. And as long as it continues to hold above $1 as key support, the pair will have a decent chance of rebounding and breaking through the $1.2 resistance.
XRP appears to be in a downtrend on the short term outlook and neutral on the midterm outlook but in an uptrend in the long term outlook. The momentum is bearish but in an inflecting manner as the MACD line is below the signal line. The RSI is also dropping and current at 41, confirming a bearish momentum.
In the last three days, Doge has continued to respect the critical support level of $0.22 without a serious price reaction from that zone. And that is a healthy sign. Though, that is not a confirmation of a bearish trend reversal. But it is surely pointing that the bulls are not leaving price action at the mercies of the bear.
For the market trend to turn bullish, the bulls will need to claim and maintain a high above the 50 day Moving Average resistance level of $0.24. Suppose this happens, and the bulls maintain a high above the 50 days Moving Average resistance and convert that level to a strong support zone. In that case, we may have another leg up towards claiming the 200-day Moving Average resistance level of $0.27.
On the downside, our immediate support is between $0.21 to $0.22 level. And any breach of these levels will see the price of the pair heading towards the next support level at $0.19
Note: an extended leg may see the price of Dogecoin pumping hard to a $0.40 resistance level
Doge is in a downtrend in the short term, midterm, and long-term outlook. The MACD line is below the signal line, suggesting a bearish momentum. Also, the RSI is dropping quite fast and is currently at 37 levels, indicating demand is lower than supply.
Following the overall market correction, ADA broke below its critical support level of $1.80 and formed new support at $1.70. From there, the price took a bounce off to the upside following BTC's upward movement of $1.95 before getting rejected.
The price will continue to range in a downtrend manner unless price action breaks above the 200 days moving average support at $2. A break above this level will initiate a reversal of a downtrend. However, a break above the $2 critical resistance level does not imply the beginning of a bullish trend.
For the bulls to see more uptrends, the price of ADA must break above the $2.47 resistance level. On the downside, we don't want to see the price breaching below $1.70 as this may cause a strong bearish bias that may force the price down to a $1.50 support level
ADA is on a downtrend movement in both the short-term and mid-term outlook. Interestingly, it appears to be in an uptrend in the long-term outlook. The momentum is quite bearish as the MACD line is below the signal line. The RSI also confirms the bearish trend as it is currently at 37
Bitcoin / Ethereum = 0.71, Bitcoin / Bitcoin cash = 0.86, bitcoin / Litecoin =0.38, Bitcoin / Ripple = 0.61, Bitcoin / Cardano = 0.34, Bitcoin / Doge =0.74.
BTC still wields considerable influence over most altcoins as its movement largely determines the outlook of altcoins.
