Crypto Frontline

Weekly Crypto Analysis Nov 26- Dec 2, 2018

Weekly Crypto Analysis Nov 26- Dec 2, 2018

Weekly Crypto Analysis Nov 26- Dec 2, 2018
November 25
08:52 2018

 

Bitcoin

Bitcoin technical analysis Nov 25

Source: tradingview.com

Following the breakout of the 6,000 floor, Bitcoin continues to weaken impulsively, trading at 3,848 on the Bitfinex exchange, at the time of writing. Buyers had been very weak after the breakout, with only two small daily candles closing green.

We suspect the price action will continue to head south, until the 3,500-3,000 key support area. That’s where the late-2017 rally had started, so we expect strong buying order to be parked there. We are already in extreme oversold conditions, and the prospects of a break below and continuation are very low, from our point of view.

If the above-mentioned support area will manage to hold as we anticipate, there could be room for a new rebound higher, probably towards 5,000 swing point. The Bitcoin optimism is at new record lows, so it is the right time to pause and search for contrarian opportunities. Keep in mind that since its creation 10 years ago, we had 6 situations when Bitcoin lost 60-75% of its value.

 

Ethereum

Ethereum technical analysis Nov 25

Source: tradingview.com

Probably the biggest disappointment comes from Ethereum, which is down more than 50% since the beginning of November. The cryptocurrency had lost the second place being overcome by Ripple.

Also, we have recently broken below the 115 level, which was the May 2017 low. We expect the price to continue lower until the 79-support level. Together with the 57 level, it should form a nice area where buyers are expected to accumulate enough in order to prevent further weakness.

On the upside, the broken 115 level should act as resistance, followed by 137, the July 2017 low. Same as Bitcoin, we are in extreme oversold conditions, which raise the prospects for at least a corrective move higher in the near-term horizon.

 

Bitcoin Cash ABC

Bitcoin Cash ABC analysis

Source: tradingview.com

One of the coins resulting after the Bitcoin Cash fork, is now evaluated at 173 Tether on the Bittrex exchange. What’s interesting about the price is the proximity to the August 2017 low, which happens to be the lowest point of Bitcoin Cash reached on the day it was created.

Because of that, even if the price will continue to edge lower, we expect bulls to react around the 108 area. We have uncharted terrain below it, so in case of a break lower, it will be difficult to handle a short position.

If that level holds, we expect a rebound to take place towards the 286 area, which is where a floor had formed in October 2017. We do not know how the markets will treat the coin following the fork. Fundamentally speaking, both new versions of Bitcoin Cash have improved functionalities as compared to Bitcoin, so over time they should appreciate.

Briefings about ICOs

According to icodrops.com, Azbit is a project that currently raises funds. It is a utility token which combines the world of traditional finances with the world of cryptocurrencies for an innovative use of blockchain for investment banking.

Another utility token is Jura, which will start selling in December. The exact date had not been specified yet, but the Jura Protocol is a promising project, a paradigm-shifting suite, providing a decentralized security for users online.