Bitcoin has fallen! What will happen to the crypto market next? (Details with charts)

[palunit 2]

By the end of the week, the cryptocurrency market began to actively decline, and its capitalization since Monday decreased by 14%. One of the reasons is the growing scandal around the OneCoin project, which managed to attract about $ 5 billion of investments from people from 175 countries of the world. The mysterious disappearance of the founder of the crypto project, Ruzhi Ignatova, has attracted the attention of prosecutors around the world. Confessions of a court in New York have already been given by Konstantin Ignatov, the brother of the founder of the project, who faces up to 90 years in prison. Manhattan prosecutors are now deciding the fate of former partner at Locke Lord Law Firm, Mark Scott, who is accused of laundering $ 400 million for OneCoin. The criminal chronicle is also replenished with a message about a possible compromise of 1,400 GateHub crypto-wallets. According to media reports, not only GateHub user email addresses, but also their passwords two-factor authentication hashes and codes. At the same time, November 21, when quotes of the first cryptocurrency fell below $ 8,000, some experts warned about the possible beginning of the surrender of miners from the Bitcoin network. However, not all market players agree with this assessment of the situation. Nevertheless, a number of negative news led to a decrease in the value of many crypto assets, but in the medium term this will give buyers the opportunity to make good profit.

Bitcoin

On the four-hour chart of bitcoin, one can note a decline, which began at the beginning of the week. The first cryptocurrency made attempts to stop the fall in the support area of $ 8050 after going beyond the borders of the Klin technical analysis model (the edges are highlighted in light green). But the bears turned out to be very serious and pushed the price to the previously noted targets on the support of $ 7800 and $ 7500. In October, bitcoin showed similar dynamics, after which the whales decided to send the price to conquer the highs. But by the end of the week, quotes of the first cryptocurrency continue to collapse and decrease to the target area of $ 7,000. The next supports will be $ 6800, $ 6500 and $ 6200, but in the future we should expect a return to $ 8050, where the median of the Bollinger Bands indicator is going. If the demand for the first cryptocurrency continues to increase, we can expect quotes to move up to $ 8750 (38.2% Fibonacci retracement level), where the 200-day simple moving average passes. Overcoming this mark will mean a change in trend and pave the way for achieving the previously noted first medium-term goal in the form of a consolidation of $ 8900− $ 9500.

BTC / USD chart, four hour timeframe. A source.

On the daily timeframe, Bitcoin is also developing a downward movement as part of the “Downstream Parallel Channel” technical analysis model. The first target of $ 8,200 paved the way for sales development to the $ 7,400 area. And this support was successfully conquered, paving the way for Bitcoin to reach a cluster of $ 6670− $ 6800 and further for a collapse to $ 6000. But according to current quotes, the median of the Channel is located, on which a trend can turn up. Overcoming the consolidation of $ 8900− $ 9500 will play a significant role in confirming this trend. In the perspective of the coming months (until the end of the 1st quarter of 2020), we can count on the price movement of the first cryptocurrency capitalized to the goals of $ 10,550, $ 11,200 and $ 11,800 (built on Fibonacci lines).

BTC / USD chart, daily timeframe. A source.

Bitcoin cash

A decrease is developing in the altcoin market, and sellers' pressure on quotes will most likely not go anywhere. The Bitcoin fork bounces off the top border of the Downstream Channel model (below it faces are indicated in orange). Bitcoin Cash quotes are rapidly going down and trying to break through support in the form of a cluster of $ 200− $ 210. Further withdrawal is possible up to $ 170 and $ 140. But the forecast for the restoration of medium-term dynamics for the purchase remains in case of reaching and moving above the region of $ 280− $ 316 (78.6% and 88.5% Fibonacci retracement levels).

Litecoin

Litecoin collapsed as part of the forecast to support $ 52, moves further through support of $ 47, like a hot knife through butter, and the question already arises of reaching a cluster of $ 40− $ 42. The bullish scenario remains valid, the implementation of which will begin if the digital silver quotes go above $ 61, where the Bollinger Bands median and 50% Fibonacci retracement levels are located. This will allow quotes to rush further to $ 65, $ 70 (61.8% Fibonacci retracement level) and to the consolidation borders of $ 83.13− $ 91, where the line of the 200-day simple moving average is located.

Chart LTC / USD, daily timeframe. A source.

Ethereum

The air is already officially ready for the upgrade of the Istanbul network, the launch of which is scheduled for December 4. But despite this, the quotes of ether are reduced under the pressure of whales. At the same time, the price remains within the boundaries of the “Downward Channel” model (on the chart below its borders are indicated by light green color) and breaks beyond the framework of horizontal consolidation in the region of $ 166– $ 200. This momentum for the sale will fix the profit on short positions at $ 150 and $ 130. But leaving above $ 200 will become the basis for opening purchase transactions with potential profit taking on long positions at $ 221. In the coming months, further movement to $ 240, $ 270 and $ 300 is possible.

Chart ETH / USD, daily timeframe. A source.

Xrp

XRP achieves the previously stated goal in the reviews and is trying to close below the important support at $ 0.2360. If this trend continues, the next target will be the 0.2050 mark. But do not forget that the formed support can at any time become a springboard for the growth of XRP quotes. Therefore, the strategy of gradually gaining positions for the purchase will be confirmed when the price goes to the region of $ 0.27. This will allow in the coming months the cost of XRP to go to the levels of $ 0.2860 and $ 0.30. If we overcome the level of $ 0.32, where the line of the 200-day simple moving average passes now, we should expect the formation of a medium-term tendency for the ripple to grow to the cluster $ 0.35− $ 0.3630 and further to $ 0.41.

XRP / USD chart, daily timeframe. A source.

Binance coin

Binance Coin quotes are trying to overcome the support level in the form of an uptrend, which leads to the movement of quotes from $ 19.40 to the target cluster area of $ 15.30− $ 16. Its price is trying to overcome, but so far unsuccessfully, although the predominance of sellers over buyers will lead to a further fall in the cost of Binance Coin in the region of $ 13.80 (50% correction level for Fibonacci lines). But, most likely, the current dynamics looks like a very well-organized scenario for trapping. If prices go above $ 21.30, Binance Coin quotes are ready to achieve the goals of $ 23.50 and $ 26, below which is the line of the 200-day simple moving average.

BNB / USDT chart, daily timeframe. A source.

The cryptocurrency market is not yet ready to show the Santa Claus Rally and bring profit to participants in growth deals. At the same time, more and more fears arise about the beginning of a new stage of cryptozyme. But it is at the time of the panic that it is worth opening purchase contracts and waiting for the growth of the cryptocurrency assets, which will come in the coming months.

 

 The source  

Edited November 24, 2019 by palunit
type source

[Thekingcallme 1975]

Don't worry, it is the calm before the storm, and the Bitcoin price will increase continuously until it reaches big prices.

[silvergain 271]

bitcoin is now under 7K once again. anything can happen from here. it can go either 3K below nor can go to the moon which is 15K. i can not trust bitcoin at this moment. however i will buy it and hold it when the price stay at optimal stable position. better to wait for correction and wanna hungry to buy at cheap rate that should be under 4K

[Sumonksr 65]

Bitcoin price gradually down day by day but its not permanently its normal for bitcoin because we saw that previously btc price walk this method so its happened and I hope that its price again jump.

[Iamstrong 563]

Then it will grow again, this is an axiom, the more bitcoin falls in price the higher it will rise later, so it has always been and will be.

[Crypto123 0]

Wow!! What an amazing analysis !!! This is exactly the price of Bitcoin at the moment as it is now $ 8900 !!! Who is this analyst? I want to follow it up because I liked it very much.

[Goody28 259]

Well what can I say we are not new to these news at all it's a normal process BTC has been like this for some time now because it has no volatility it changes every minute

[Muhammad atif iqbal 569]

You explain it very well with full detail bitcoin has the main cryptocurrency other altcoin price depends on Bitcoin price we follow the Bitcoin market chart Bitcoin price is rise again and face some resistance and go back and after that they will pump again in my opinion Bitcoin price gradually increased Bitcoin give good profit on long term holding we but we can make reasonable profit in daily base trading

[Shaza Ahmad 1682]

Now the market situation is good and going forward, the ups and downs and extreme volatility are the advantage of cryptocurrencies, we are now heading to $ 11,000 bitcoin price

[Razan alikac 1899]

Currency fluctuations can be very beneficial, and they are an opportunity to profit when seizing the right opportunity to buy and sell

[Shaza Ahmad 1682]

Now Bitcoin is approaching 11K and may be surprised by the explosion of its price soon, the large change in the price of Bitcoin is a normal thing my friend and this happens every day because the cryptocurrency market is volatile

[Hendy1 370]

The history of bitcoin movements before the beginning of the year points to a bitcoin trend chart to date and some bitcoin corrections indicate that market movements are doing well. For now the highest resistance of bitcoin is $ 10300 and will rise even higher and reach a half bitcoin reduction.

[Sasaki 171]

It's natural to happen because bitcoin is very volatile, you don't need to panic, and the market will still be remain how it works, in this situation that btc is dumping we need to be patient because it's not always like that just wait and stay calm because btc will not dissapoint us. 

[bentayebsalah 2280]

Bitcoin price has rebounded and increased during the beginning of the year 2020 and this had a strong impact on other cryptocurrencies as its price also increased

[Alomgir0099 7]

it’s part of the journey of bitcoin and cryptocurrency. nearby are era while it hits events like this causing it to make for certainly down. but in a jiffy it’ rising again. 
 

[BrolySSJ 7899]

This was a very detailed an in depth analysis. Thank you for this. I do not think that bitcoin will continue to fall. I think that this is the calm before the storm, as other members have said on this topic. The halving event is coming up and it is likely to increase the price drastically. So i would say hold onto your btc.

[lolok 60]

On 11/24/2019 at 3:05 PM, palunit said:

By the end of the week, the cryptocurrency market began to actively decline, and its capitalization since Monday decreased by 14%. One of the reasons is the growing scandal around the OneCoin project, which managed to attract about $ 5 billion of investments from people from 175 countries of the world. The mysterious disappearance of the founder of the crypto project, Ruzhi Ignatova, has attracted the attention of prosecutors around the world. Confessions of a court in New York have already been given by Konstantin Ignatov, the brother of the founder of the project, who faces up to 90 years in prison. Manhattan prosecutors are now deciding the fate of former partner at Locke Lord Law Firm, Mark Scott, who is accused of laundering $ 400 million for OneCoin. The criminal chronicle is also replenished with a message about a possible compromise of 1,400 GateHub crypto-wallets. According to media reports, not only GateHub user email addresses, but also their passwords two-factor authentication hashes and codes. At the same time, November 21, when quotes of the first cryptocurrency fell below $ 8,000, some experts warned about the possible beginning of the surrender of miners from the Bitcoin network. However, not all market players agree with this assessment of the situation. Nevertheless, a number of negative news led to a decrease in the value of many crypto assets, but in the medium term this will give buyers the opportunity to make good profit.

Bitcoin

On the four-hour chart of bitcoin, one can note a decline, which began at the beginning of the week. The first cryptocurrency made attempts to stop the fall in the support area of $ 8050 after going beyond the borders of the Klin technical analysis model (the edges are highlighted in light green). But the bears turned out to be very serious and pushed the price to the previously noted targets on the support of $ 7800 and $ 7500. In October, bitcoin showed similar dynamics, after which the whales decided to send the price to conquer the highs. But by the end of the week, quotes of the first cryptocurrency continue to collapse and decrease to the target area of $ 7,000. The next supports will be $ 6800, $ 6500 and $ 6200, but in the future we should expect a return to $ 8050, where the median of the Bollinger Bands indicator is going. If the demand for the first cryptocurrency continues to increase, we can expect quotes to move up to $ 8750 (38.2% Fibonacci retracement level), where the 200-day simple moving average passes. Overcoming this mark will mean a change in trend and pave the way for achieving the previously noted first medium-term goal in the form of a consolidation of $ 8900− $ 9500.

BTC / USD chart, four hour timeframe. A source.

On the daily timeframe, Bitcoin is also developing a downward movement as part of the “Downstream Parallel Channel” technical analysis model. The first target of $ 8,200 paved the way for sales development to the $ 7,400 area. And this support was successfully conquered, paving the way for Bitcoin to reach a cluster of $ 6670− $ 6800 and further for a collapse to $ 6000. But according to current quotes, the median of the Channel is located, on which a trend can turn up. Overcoming the consolidation of $ 8900− $ 9500 will play a significant role in confirming this trend. In the perspective of the coming months (until the end of the 1st quarter of 2020), we can count on the price movement of the first cryptocurrency capitalized to the goals of $ 10,550, $ 11,200 and $ 11,800 (built on Fibonacci lines).

BTC / USD chart, daily timeframe. A source.

Bitcoin cash

A decrease is developing in the altcoin market, and sellers' pressure on quotes will most likely not go anywhere. The Bitcoin fork bounces off the top border of the Downstream Channel model (below it faces are indicated in orange). Bitcoin Cash quotes are rapidly going down and trying to break through support in the form of a cluster of $ 200− $ 210. Further withdrawal is possible up to $ 170 and $ 140. But the forecast for the restoration of medium-term dynamics for the purchase remains in case of reaching and moving above the region of $ 280− $ 316 (78.6% and 88.5% Fibonacci retracement levels).

Litecoin

Litecoin collapsed as part of the forecast to support $ 52, moves further through support of $ 47, like a hot knife through butter, and the question already arises of reaching a cluster of $ 40− $ 42. The bullish scenario remains valid, the implementation of which will begin if the digital silver quotes go above $ 61, where the Bollinger Bands median and 50% Fibonacci retracement levels are located. This will allow quotes to rush further to $ 65, $ 70 (61.8% Fibonacci retracement level) and to the consolidation borders of $ 83.13− $ 91, where the line of the 200-day simple moving average is located.

Chart LTC / USD, daily timeframe. A source.

Ethereum

The air is already officially ready for the upgrade of the Istanbul network, the launch of which is scheduled for December 4. But despite this, the quotes of ether are reduced under the pressure of whales. At the same time, the price remains within the boundaries of the “Downward Channel” model (on the chart below its borders are indicated by light green color) and breaks beyond the framework of horizontal consolidation in the region of $ 166– $ 200. This momentum for the sale will fix the profit on short positions at $ 150 and $ 130. But leaving above $ 200 will become the basis for opening purchase transactions with potential profit taking on long positions at $ 221. In the coming months, further movement to $ 240, $ 270 and $ 300 is possible.

Chart ETH / USD, daily timeframe. A source.

Xrp

XRP achieves the previously stated goal in the reviews and is trying to close below the important support at $ 0.2360. If this trend continues, the next target will be the 0.2050 mark. But do not forget that the formed support can at any time become a springboard for the growth of XRP quotes. Therefore, the strategy of gradually gaining positions for the purchase will be confirmed when the price goes to the region of $ 0.27. This will allow in the coming months the cost of XRP to go to the levels of $ 0.2860 and $ 0.30. If we overcome the level of $ 0.32, where the line of the 200-day simple moving average passes now, we should expect the formation of a medium-term tendency for the ripple to grow to the cluster $ 0.35− $ 0.3630 and further to $ 0.41.

XRP / USD chart, daily timeframe. A source.

Binance coin

Binance Coin quotes are trying to overcome the support level in the form of an uptrend, which leads to the movement of quotes from $ 19.40 to the target cluster area of $ 15.30− $ 16. Its price is trying to overcome, but so far unsuccessfully, although the predominance of sellers over buyers will lead to a further fall in the cost of Binance Coin in the region of $ 13.80 (50% correction level for Fibonacci lines). But, most likely, the current dynamics looks like a very well-organized scenario for trapping. If prices go above $ 21.30, Binance Coin quotes are ready to achieve the goals of $ 23.50 and $ 26, below which is the line of the 200-day simple moving average.

BNB / USDT chart, daily timeframe. A source.

The cryptocurrency market is not yet ready to show the Santa Claus Rally and bring profit to participants in growth deals. At the same time, more and more fears arise about the beginning of a new stage of cryptozyme. But it is at the time of the panic that it is worth opening purchase contracts and waiting for the growth of the cryptocurrency assets, which will come in the coming months.

 

 The source  

Your analyzes were almost good.
It just goes to show that people who say technical analysis doesn't work with crypto aren't necessarily right.
With crypto you don't necessarily have to use it to take a position but more to reinforce your opinions on a crypto.

[negociosactuales 58]

On 11/24/2019 at 10:05 AM, palunit said:

By the end of the week, the cryptocurrency market began to actively decline, and its capitalization since Monday decreased by 14%. One of the reasons is the growing scandal around the OneCoin project, which managed to attract about $ 5 billion of investments from people from 175 countries of the world. The mysterious disappearance of the founder of the crypto project, Ruzhi Ignatova, has attracted the attention of prosecutors around the world. Confessions of a court in New York have already been given by Konstantin Ignatov, the brother of the founder of the project, who faces up to 90 years in prison. Manhattan prosecutors are now deciding the fate of former partner at Locke Lord Law Firm, Mark Scott, who is accused of laundering $ 400 million for OneCoin. The criminal chronicle is also replenished with a message about a possible compromise of 1,400 GateHub crypto-wallets. According to media reports, not only GateHub user email addresses, but also their passwords two-factor authentication hashes and codes. At the same time, November 21, when quotes of the first cryptocurrency fell below $ 8,000, some experts warned about the possible beginning of the surrender of miners from the Bitcoin network. However, not all market players agree with this assessment of the situation. Nevertheless, a number of negative news led to a decrease in the value of many crypto assets, but in the medium term this will give buyers the opportunity to make good profit.

Bitcoin

On the four-hour chart of bitcoin, one can note a decline, which began at the beginning of the week. The first cryptocurrency made attempts to stop the fall in the support area of $ 8050 after going beyond the borders of the Klin technical analysis model (the edges are highlighted in light green). But the bears turned out to be very serious and pushed the price to the previously noted targets on the support of $ 7800 and $ 7500. In October, bitcoin showed similar dynamics, after which the whales decided to send the price to conquer the highs. But by the end of the week, quotes of the first cryptocurrency continue to collapse and decrease to the target area of $ 7,000. The next supports will be $ 6800, $ 6500 and $ 6200, but in the future we should expect a return to $ 8050, where the median of the Bollinger Bands indicator is going. If the demand for the first cryptocurrency continues to increase, we can expect quotes to move up to $ 8750 (38.2% Fibonacci retracement level), where the 200-day simple moving average passes. Overcoming this mark will mean a change in trend and pave the way for achieving the previously noted first medium-term goal in the form of a consolidation of $ 8900− $ 9500.

BTC / USD chart, four hour timeframe. A source.

On the daily timeframe, Bitcoin is also developing a downward movement as part of the “Downstream Parallel Channel” technical analysis model. The first target of $ 8,200 paved the way for sales development to the $ 7,400 area. And this support was successfully conquered, paving the way for Bitcoin to reach a cluster of $ 6670− $ 6800 and further for a collapse to $ 6000. But according to current quotes, the median of the Channel is located, on which a trend can turn up. Overcoming the consolidation of $ 8900− $ 9500 will play a significant role in confirming this trend. In the perspective of the coming months (until the end of the 1st quarter of 2020), we can count on the price movement of the first cryptocurrency capitalized to the goals of $ 10,550, $ 11,200 and $ 11,800 (built on Fibonacci lines).

BTC / USD chart, daily timeframe. A source.

Bitcoin cash

A decrease is developing in the altcoin market, and sellers' pressure on quotes will most likely not go anywhere. The Bitcoin fork bounces off the top border of the Downstream Channel model (below it faces are indicated in orange). Bitcoin Cash quotes are rapidly going down and trying to break through support in the form of a cluster of $ 200− $ 210. Further withdrawal is possible up to $ 170 and $ 140. But the forecast for the restoration of medium-term dynamics for the purchase remains in case of reaching and moving above the region of $ 280− $ 316 (78.6% and 88.5% Fibonacci retracement levels).

Litecoin

Litecoin collapsed as part of the forecast to support $ 52, moves further through support of $ 47, like a hot knife through butter, and the question already arises of reaching a cluster of $ 40− $ 42. The bullish scenario remains valid, the implementation of which will begin if the digital silver quotes go above $ 61, where the Bollinger Bands median and 50% Fibonacci retracement levels are located. This will allow quotes to rush further to $ 65, $ 70 (61.8% Fibonacci retracement level) and to the consolidation borders of $ 83.13− $ 91, where the line of the 200-day simple moving average is located.

Chart LTC / USD, daily timeframe. A source.

Ethereum

The air is already officially ready for the upgrade of the Istanbul network, the launch of which is scheduled for December 4. But despite this, the quotes of ether are reduced under the pressure of whales. At the same time, the price remains within the boundaries of the “Downward Channel” model (on the chart below its borders are indicated by light green color) and breaks beyond the framework of horizontal consolidation in the region of $ 166– $ 200. This momentum for the sale will fix the profit on short positions at $ 150 and $ 130. But leaving above $ 200 will become the basis for opening purchase transactions with potential profit taking on long positions at $ 221. In the coming months, further movement to $ 240, $ 270 and $ 300 is possible.

Chart ETH / USD, daily timeframe. A source.

Xrp

XRP achieves the previously stated goal in the reviews and is trying to close below the important support at $ 0.2360. If this trend continues, the next target will be the 0.2050 mark. But do not forget that the formed support can at any time become a springboard for the growth of XRP quotes. Therefore, the strategy of gradually gaining positions for the purchase will be confirmed when the price goes to the region of $ 0.27. This will allow in the coming months the cost of XRP to go to the levels of $ 0.2860 and $ 0.30. If we overcome the level of $ 0.32, where the line of the 200-day simple moving average passes now, we should expect the formation of a medium-term tendency for the ripple to grow to the cluster $ 0.35− $ 0.3630 and further to $ 0.41.

XRP / USD chart, daily timeframe. A source.

Binance coin

Binance Coin quotes are trying to overcome the support level in the form of an uptrend, which leads to the movement of quotes from $ 19.40 to the target cluster area of $ 15.30− $ 16. Its price is trying to overcome, but so far unsuccessfully, although the predominance of sellers over buyers will lead to a further fall in the cost of Binance Coin in the region of $ 13.80 (50% correction level for Fibonacci lines). But, most likely, the current dynamics looks like a very well-organized scenario for trapping. If prices go above $ 21.30, Binance Coin quotes are ready to achieve the goals of $ 23.50 and $ 26, below which is the line of the 200-day simple moving average.

BNB / USDT chart, daily timeframe. A source.

The cryptocurrency market is not yet ready to show the Santa Claus Rally and bring profit to participants in growth deals. At the same time, more and more fears arise about the beginning of a new stage of cryptozyme. But it is at the time of the panic that it is worth opening purchase contracts and waiting for the growth of the cryptocurrency assets, which will come in the coming months.

 

 The source  

Very interesting information, it is important to take into account the events that are behind the projects of the different cryptocurrencies since this can influence the increase or loss of value of that cryptocurrency.

[George10 9932]

On 12/17/2019 at 7:12 PM, Sumonksr said:

Bitcoin price gradually down day by day but its not permanently its normal for bitcoin because we saw that previously btc price walk this method so its happened and I hope that its price again jump.

Yes when bitcoin price goes down it doesn't mean it's end but as you said it's normal and I agree with you therefore,what to do is to wait patiently for it's recovery while as buying every dip low.

[Abdulrahman3 1252]

The rise that Bitcoin is making in this period is strange, its main reason cannot be known in order to know how to deal with it, it is not possible to know the point at which it will reach nor the point at which it will begin to decline, many analysts expect numbers from their minds, but none of them depends on a clear basis In his analysis.

[SuperCrypto 7193]

This is very normal, my friend, the rapid rise in the price of Bitcoin, will lead to a very strong correction and decline, this drop leads to liquidation the future traders as well, now Bitcoin returns to stability in medium areas and the formation of strong support points from which to proceed to its next goals.