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The market data are taken from HitBTC exchange.
This week, the layers of the Bitcoin Cash (BCH)-Hard-Fork and the ugly dispute between the parties to the conflict in the center. This led to a mood of shock, and many believe that the reason for the sudden decline of the crypto courses on 14. November had been. The decline was fierce and several crypto-currencies to new lows for the Year down and has fallen below critical support levels.
This is a big mood dampener, as the technical picture for most of the digital currencies has deteriorated, and the correction of long and tedious will be the last. This Chaos also led to a new rank distribution of the Top 5 crypto-currencies by market capitalization.
Should see investors this fall so buying opportunity, or should you wait until the fall comes to an end, and there is a reversal of the trend before you open a Long positions? Let us find out.
XEM/USD
We adhere normally to crypto-currencies with a market capitalisation of 1 billion US dollars (874,7 million Euro), and more. This week, however, we have made an exception. Because in the red wave among the Top 20 crypto-currencies stings New Economy Movement (NEM). This is, in fact, the only one in the last seven days at least like, and from time to time, in the green area swept.
The digital currency received a boost, as the Japanese crypto exchange Coincheck has started trading with NEM (XEM) for the first Time since the infamous Hack. 26. January of this year, were stolen in this hack NEM attack in the value of 534 million US dollars (467 million Euro). This announcement led to the 12. and 13. November a rally of around 35 percent. What the Charts predict? A further rally is possible?
The digital currency is currently 95 percent below its all-time high of 2,14676437 US Dollar (1,8802 Euro). This was on 4. January of this year. Due to the sharp decline, it is difficult to analyse the week’s chart; Therefore, we use a chart for our analysis.
Since the beginning of August, the XEM/USD is a Pair in the range between 0,13125258 US Dollar (0,1150 Euro) and 0,081984 US Dollar (0,0718 Euro). The moving averages are flat and the RSI has recently fallen into negative territory. This indicates a continuation of trade within the range for a few days.
The downward trend continues, if the bears manage to get the margin down to break through. In such a case, may extend decline to $ 0.05 (EUR 0.04). Further to the above, there is a new uptrend, if the bulls can hold above this range. Traders should wait until the price is about 0,13125258 US Dollar (0,1150 euros), before you buy. The first goal can be a rally of 0.2 US-Dollar (EUR 0.17).
XRP/USD
In the course of the last decline, we have to get a new leading Altcoin: Ripple (XRP) has replaced Ethereum (ETH) and the second place among the crypto-currencies by market capitalization secured.
The Malaysian Bank CIMB has partnered with Ripple for co-operation on cross-border credit Transfers. With this partnership, Ripple wants to participate in the large number of incoming transfer payments in the ASEAN Region. The Ripple-CEO, Brad garlinghouse pointed out that Ripple is likely to be to the international Standard payment processor by it dethroned SWIFT. This message was well received by the market participants is very positive, which has stemmed the losses. What the Charts predict?
The XRP/USD Pair has not suffered a major loss, which is a positive sign. This shows that the bulls buy at declines. He is currently on the small upward trend line. A case of this line would reduce the rate on the lower end of the range in 0,24508 US Dollar (0,2147 Euro).
If the line holds, and is likely to climb the digital currency on the upper end of the range in 0,76440 US Dollar (0,6695 Euro). A rise above this resistance could trigger a new upward trend, in which the pattern target at 1,28372 US Dollar (1,1243 Euro). There is a small resistance at 0,96490 US Dollar (0,8451 Euro), but we expect that this will be overcome.
XLM/USD
Stellar (XLM) has replaced the EOS and its place among the Top 5 digital currencies by market capitalisation taken. The listing of securities on the stock exchange Bithumb was cheered by the markets and has helped to make the days losses. The Messenger-App maker Kik is also in the development of its crypto-currency by the name of Kin of Ethereum to Stellar.
The XLM/USD Pair has broken out in the previous week, from the descending triangle pattern, which is a positive sign. The decline in the last week has pulled him back again on the downward trend line. If the bulls can hold this support and recover, we expect that the digital currency at over 0,305 US Dollar (0,267 Euro) is gaining momentum. The objectives are above 0.36 US Dollar (EUR 0.31) and $ 0.47 (0.41 euros).
If the bears can push the price back to the triangle, it drops the Pair to critical support at 0,184 US Dollar (0,161 EUR). A case of this level is negative and can lead to the return of the downward trend.
BTC/USD
After about two months of low volatility, has increased the margin of last week down and brought Bitcoin to new lows for the Year. In doing so, he fell below the descending triangle pattern, which is a negative sign. The market capitalisation also fell below the mark of 100 billion US dollars (87,5 billion Euro), the lowest level in a year. Several experts referred to the Hard Fork in Bitcoin Cash and saw this as a trigger for the event. After the fall below support of 5,900 US dollars (5.160 Euro) analysts have predicted that the virtual currency up to US $ 1,500 (1.312 Euro) could fall.
Tom Lee, the co-founder of Fund Global Advis joined ors, however, has said continues to have a high Year-end target of 15,000 US dollars (13.120) Euro for Bitcoin before. Although the new target is compared to the previous US $ 25,000 (21.867 Euro) is lower, it is still about 167 percent higher than the current price. But what the Charts predict?
The BTC/USD Pair is bent from the critical support at 5,900 dollars (5.160 Euro) from to bottom and underneath. If the course closes this week 5.900 US dollars (5.160 Euro), may extend the decline to the first support with 5,450 U.S. dollars (4.767 million for Sundry Euro) and including 5,000 US dollars (4.373 Euro). The pattern target for a case under the close margin between 6.832 US Dollar (5.975 Euro) and 5,900 U.S. dollars (5.160 Euro) is 4.968 US Dollar (4.345 Euro). Therefore, we expect a strong support at about 5,000 US dollars (4.373 Euro).
Our pessimistic view is invalid, if the buyer can bring to the course about the decline in the range of between about 5,900 US dollars (5.160 Euro) and 6.075 US Dollar (5.313 Euro). If the digital currency holds above this area, would allow the on a lot of purchases on the lower levels close. A reversal of the trend there is when it come to the cops manage to 6.832 US Dollar (5.975 Euro). In such a case, we expect that the rally will cause the price to 8.400 US dollars (7.347 Euro) and, in addition to 10,000 US dollars (8.746 Euro). The bottom fishing, especially if the courses are close to to commute to the lows for the Year, is a risky strategy and should be avoided.
IOTA/USD
This week, the declines were so bad that even digital currencies, who have fallen in the double-digit percentage range, have qualified as a Top-5 Performer. The IOTA Foundation has recently announced that they have set the business developer Pierre Hoffman, a former employee at Microsoft and TOTAL. The Foundation expects that it can reinforce with its experience, its presence on the European markets. During the week, the electronics giant Bosch and IOTA have announced a partnership. In the context of this data should be brought to collection product for the Internet of things (IoT) on the market.
After it was up for four weeks in a span fell the IOT/USD Pair to a new low for the Year of 0,3501 US Dollar (0,3066 Euro). On the lower levels, however, there were a few buyers, the raised the price on the support at 0,4037 US Dollar (0,3536 Euro). If the bulls can hold this support, you could try the digital currency to climb to $ 0.50 (€0.44) and, in addition to $ 0.61 (0.53 euros). We believe that new positions should only be made after a reversal of the trend opened.
If the bears can push the prices below the recent low of 0,3501 US Dollar (0,3066 euros), a decline to $ 0.32 (EUR 0.28). This support may extend the decline to between 0,1767 US Dollar (0,1548 Euro) and 0,1427 US Dollar (0,1250 Euro).
The market data are taken from HitBTC exchange. The Charts for the analysis come from trading view.
