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Cryptocurrency prices analysis and forecast – 16 November 2018

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BTC/USD

BTC/USD is being traded at $5,654 and trying to start the correction. On November 14 and 15, the crypto market experienced a serious fall, as a result of which the market capitalization fell by $27 billion, falling from $210 billion to $183 billion. The price of Bitcoin fell by 11% after it lasted around $6,000 for almost half a year, reaching the lowest volatility from August to November. The unexpected fall, which has been associated with the Bitcoin Cash fork (but there is another theory), has affected the traditional financial sector, especially large companies that are associated with cryptocurrencies. Shares in the US market related to the blockchain also fell on Wednesday. Ideanomics Inc. fell by 49%, which was the biggest loss of the company since 2010.

BTC/USD Forecast and analytics 16 November 2018
BTC/USD Forecast and analytics 16 November 2018

As part of the forecast for November 16, we can expect new attempts for the correction. A sharp drop drove prices “deep into the oversold zone” and this will probably lead to a short-term rally upwards. In the medium term, the expectations are as follows: if the price consolidates below $5,600, the loss of this support will lead to the test of the following values $5,050, $4,880 and $4,650. At the moment, this is an unlikely development, considering how much the price has already collapsed. A more likely scenario – a correction to levels of $5,620, $5,850, $6,000.

ETH/USD

ETH/USD is being traded at $180.70 and correlating with Bitcoin is in correction after the fall. Over the last trading day, the price did not reach $170.00 again, updating the minimum at the level of $171.36. This coin survived the fall better than bitcoin, but still, the $170.00 mark is the “golden middle”, and there is not much to fall, and the mark for the beginning of a bull rally is good. Therefore, if now we see a stop of the fall and a correction, then in the medium term, the price will most likely test the level of $170.00.

ETH/USD Forecast and analytics 16 November 2018
ETH/USD Forecast and analytics 16 November 2018

As part of the forecast for November 16, we can expect the continuation of the correction and lateral movement between the support and resistance zones, with the prospect of diverting the price to the level of $200.00. Such consolidation expects all cryptocurrencies in the near future, at least this week.

An alternative option is the breakdown of the level of $170.00 and the continuation of the fall with a target of $140.00.

XRP/USD

XRP/USD is being traded at $0.47237 and continues to be in the correction after the fall. This coin still feels much better than all the others, and the support levels work fine. It is possible that market participants fled from panic sales from the rest of the coins. This method of “salvation” is very doubtful, because having loaded positions, the rate may fall to $0.36000, thus catching up with the rest of the market.

XRP/USD Forecast and analytics 16 November 2018
XRP/USD Forecast and analytics 16 November 2018

As part of the forecast for November 16, we can expect the continuation of the corrective movement between the support and resistance zones. This coin is still a favourite in the long run to win back the fall and be the first to return to the price area, before the fall of $0.52000 – $0.53000.

Cancellation of the development of the corrective movement will be the continuation of the fall and the renewal of minimum in the area of $0.41500 – $0.39850.

XMR/USD

XMR/USD is being traded at $88.304 and correlating with the rest of the crypto market is in the correction after the fall. The price did not reach the psychologically important level of $80.000 a bit, and it was already quite strongly outtaken from the level of $81.720. At the moment there is no reason to assume that the price will fall to $80.000, at least in the short term. The current low is far below and the more likely scenario is flat in the range of $96.500 – $83.500.

XMR/USD Forecast and analytics 16 November 2018
XMR/USD Forecast and analytics 16 November 2018

As part of the forecast for November 16, we can expect a correction to the area of the signal lines of the cloud of Ichimoku Kinko Hyo at $94.210. In the medium term, lateral movement and the accumulation of positions of market participants are expected, which will later lead the price in one direction or another.

An alternative option is to continue falling in order to gain a foothold below $80.000.

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