Market Update (Nov. 19, 2022)
The bulls were not able to maintain yesterday's growth, and most of the coins are back in the red zone as a result.
Before the FTX fiasco, things were looking bright, as far as bitcoin's price is concerned. The leading crypto asset was trading above the $20K zone a week before the scandal broke. On the first of November, bitcoin (BTC) was changing hands for $20,485 per coin.
Since November 9, 2022, BTC’s price is close to $4K below that range at $16,664 per unit. Now that there are less than two weeks left in November, in order for BTC’s price to rise above what it lost, it needs to cross the $20,500 range or higher by Nov. 30, 2022.
That means in order for bitcoin’s November price to join the eight previous November bulls, between now and the end of November, BTC needs to rise 18.7% against the U.S. dollar. On Nov. 1, 2010, bitcoin started the month at $0.19 per token and by the end of November, it was $0.23.
Today's Winning and Losing Alts
- IQ.Wiki - IQ (+65.80%)
- MovieBloc - MBL (+25.60%)
- Threshold - T (+15.06%)
- SafePal - SFP (-19.66%)
- Prosper - PROS (-15.73%)
- Mirror Protocol - MIR (-12.41%)
Based on the volume profile, Bitcoin continues to respect the same levels as before.
A move down and close under the Point of Control (POC) then saw a re-test and rejection to confirm this as the new resistance at $16.7k
It is always a good idea to follow the range until it’s broken, so I have highlighted what I believe to be the most probable moves unless we get out of this range first.
The Bitcoin Volatility chart is back in the reversal zone, signaling to us that a bigger move is just around the corner.
Over the past 24 hours, the price of Ethereum (ETH) has decreased by 0.78%. Ethereum (ETH) has started the day with a false breakout of the local support level at $1,200 despite the decline. The rate is currently slowly moving toward the $1,210 resistance.
Since the price is outside of the important levels, Ethereum (ETH) continues to trade sideways on the daily chart. If buyers fail to hold the $1,200 region, one might anticipate a swift decline to $1,100 by the end of the week. If nothing changes, the climb might shortly result in a test of the $1,220 area.
Ethereum (ETH) is currently trading close to the support zone created by the $1,155 false breakthrough. The continued high selling volume indicates that bears currently outnumber bulls in strength. In contrast, a slide to the crucial level at $1,000 is the more likely scenario. At the time of publication, Ethereum is worth $1,207.