BTC/USD is being traded at $5,159 and continues to fall. The upward correction, and it will definitely be, is postponed for some time. Bloomberg’s news hysteria about the price of Bitcoin for $3,000 and $1,500, where they think the price will be in the near future, has not gone unnoticed. There are generally two versions of the reasons for the fall of the market: the reaction of cash flows to the hardfork of the nearest cryptocurrency counterpart and an artificial attempt to knock out the Stop Loss of careless market participants for a future upward impulse. The public cannot come to a consensus yet. We, in turn, can only state the fact that, last week, Bitcoin completed the correctional flat phase, in which it was located from February 2018, and continued the global bearish trend, which lasts from December 2017. Therefore, Bloomberg, with its estimates of the “bottom”, most likely, is not so far from the truth. However, there is no reason to panic. We gave an analytical assessment of the whole movement of crypto coin No. 1 back in June 2018, in the article “When will Bitcoin change its trend?!” and, at the moment, everything happens in a timely and harmonious way.
As part of the forecast for November 20, we can expect a further fall with an intermediate target of $5,050. If the pressure of the bears does not decrease, then the further target zone is the area of $4,960 – $4,372. In the nearest support zone, the price is likely to slow down for a while and maybe we will still see an upward correction to the $5,400 mark.
An alternative option is the continuation of the fall and the breakdown of the nearest price levels of $5,050 and $4,880, with a target of $4,650.
ETH/USD is being traded at $177.08 and continues to fall following after Bitcoin. Practically, there is nothing to write about, it completely repeats the movement of the previous one and the reasons for their fall are also identical. The only thing that can be noted is that Ethereum is now testing the upper limits of a wide area of annual minimums of $157.00 – $137.00. Therefore, you need to monitor the behaviour of prices in this area, because its breakdown will lead the price for testing this May low of $110.50. Any narrower areas of support at the moment are no longer entirely correct to estimate, you need to wait for the formation of new ones.
As part of the forecast for November 20, we can expect a further fall and update of current lows. Also, there will probably be attempts at a correction in the $157.00 area. At the moment, this is where the price has met with support and there is a conflict of interests between market participants.
An alternative option is to continue falling and testing the level of $137.00.
XRP/USD is being traded at $0.51700 and traded in a flat. This coin is desperately resisting the general market trend and has already fought off half of the new fall of the previous trading day. The coin, as before, continues to stubbornly refuse to leave the borders of the flat region and is the first to show growth, restoring lost positions as rapidly as it had lost them before. The technical analysis confirms the presence of a large number of buyers and says that the current flat maximums will still be updated. Therefore, we will most likely still see an increase to the upper border of the flat, but what will happen to the price of this asset after this is difficult to say.
As part of the forecast for November 20, we can expect a continuation of the upward correction, in order to fully play the new fall in prices that Bitcoin has caused and update the highs in the $0.53000 – $0.54000 area. A continuation of the upward correction can be expected both from the current levels and after a small decline to the level of the struggle of the interests of market participants at $0.49000, which was formed over the last trading day.
Cancellation of the development of growth to the upper boundaries of the flat will be a fall to the level of $0.44500, during the breakdown of which we can expect the renewal of minimum in the range of $0.41500 – $0.39850.
XMR/USD is being traded at $75.910 and continues to fall. Since, unlike Bitcoin or Ethereum, this coin had a correction at the weekend, this increased the potential for a fall, and the price broke through the annual minimums. Will quotes are fixed below $76.000 we will see in the near future. Now in this area, there is a struggle between market participants, but, probably, in the end, everything will be decided by the general mood of the market, but at the moment it does not contribute to the strengthening of prices.
As part of the forecast for November 20, we can expect the continuation of the struggle of interests of market participants in the area of the annual minimum of $78.000 – $76.000, which will result in a correction. If the bears continue to pressure, the price is likely to go down, by the September 2017 minimum of $61.500.