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A Period of Strong Consolidation is Needed if The Long-Term Trend is to Resume


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Bitcoin (BTC), Ethereum (ETH) and Alt-Cash – Costs, Charts, and Evaluation

  • Confirmed Bitcoin (BTC) chart break this week.
  • Ethereum (ETH) making positive aspects on Bitcoin.

A troublesome week for Bitcoin with a confirmed break of the latest development seeing the biggest cryptocurrency by market cap lose round $10k from excessive to low and round $13k from the November 10 all-time excessive. Bitcoin additionally broke by a set of prior lows across the $59.5k space which wanted to carry to supply assist. Information that a big block of Bitcoins could quickly be launched by the Mt. Gox to collectors of the defunct trade could also be weighing available on the market. The Mt. Gox trustees are mentioned to be getting ready to launch 141,686 BTC to collectors, though no timeframe has been set, with a present market worth of round $8.2 billion in comparison with a present 24 hour Bitcoin turnover of $43 billion.

Bitcoin must reclaim the $59.5k space quickly and break this week’s sequence of decrease highs and decrease lows to allow it to maneuver increased nonetheless. The CCI indicator does present the present market as closely oversold and this may occasionally assist to ease Bitcoin increased. It’s doubtless {that a} interval of consolidation lies forward to permit consumers and sellers to seek out equilibrium earlier than the following transfer.

Bitcoin (BTC/USD) Each day Value Chart – November 19, 2021

Bitcoin (BTC) and Ethereum (ETH): A Period of Strong Consolidation is Needed if The Long-Term Trend is to Resume

The Ethereum sell-off discovered some assist on the $4k stage and is at the moment pushing again increased. Right now’s candle – thus far – has made a better low in comparison with yesterday and this may occasionally point out that the sell-off has stalled for now. A transfer above Thursday’s $4,344 excessive would additionally break the sequence of decrease highs and see Ethereum again right into a zone of prior resistance that was assist between $4,379 and $4,457. Ethereum additionally stays closely oversold utilizing the CCI indicator.

Ethereum (ETH/USD) Each day Value Chart – November 19, 2021

Bitcoin (BTC) and Ethereum (ETH): A Period of Strong Consolidation is Needed if The Long-Term Trend is to Resume

The alt-coin marketcomplete crypto market cap minus Bitcoin’s market cap – additionally broke by development assist this week and trades sharply beneath its 9-day shifting common, an indicator that has helped to outline its latest transfer. As with Ethereum, at this time’s candle has printed a better low, breaking a five-day sample and this wants to carry and print a brand new excessive over Thursday’s candle to assist steer the market increased. The market is at the moment buying and selling round a previous swing excessive at $1.46 trillion and an in depth and confirmed break above right here will add confidence in a transfer increased.

Crypto Complete Market Cap Minus Bitcoin – November 19, 2021

Bitcoin (BTC) and Ethereum (ETH): A Period of Strong Consolidation is Needed if The Long-Term Trend is to Resume

Chart by TradingView.

What’s your view on Bitcoin (BTC) and Ethereum (ETH) – bullish or bearish?? You’ll be able to tell us through the shape on the finish of this piece or you’ll be able to contact the writer through Twitter @nickcawley1.



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