This week, Bitcoin saw a small correction from the previously seen bearish trend in November. The cryptocurrency managed to rise by a total of 7.67% to reach the current trading level of $7,768.
Bitcoin has a long way to recover, and for this market to be considered bullish again, we would need to see the coin break above the November highs at $9,600. If Bitcoin was to drop back beneath $7,000, we could then consider the market as bearish. Bitcoin now faces initial resistance at $7,915. Above this, resistance can be expected at $8,000, and then between $8,500 and $8,600, where lies the 100-days and 200-days EMAs.Toward the downside, support lies at $7,390 and $7,000.
Ethereum also witnessed a rebound this week, although the 4.28% increase is smaller than Bitcoin’s bounce. ETH found strong support at the $133.50 level, which allowed it to rebound higher to the current level of $157. Looking ahead, initial resistance lies at $165 and $180 (100-days EMA). Alternatively, if the sellers step in, strong initial support is expected at $150. Beneath this, support is found at $133.50.
Against Bitcoin, Ethereum has been suffering during the latter half of November as it slid beneath the 0.021 BTC level to reach 0.020 BTC. Moreover, ETH is trapped within the range between 0.0225 BTC and 0.019 BTC for the past two months. Initial resistance is expected at 0.021 BTC, where lies the 100-days EMA. Above this, resistance lies at 0.0226 BTC (October high-day-close). Toward the downside, support is expected at 0.01966 BTC and 0.019 BTC (.618 Fibonacci Retracement).
Relative to the other coins, the rebound for XRP has not been as prominent as it is still down by a total of 1.3% over the past seven days of trading. Nevertheless, it managed to recover to $0.23 after dipping to as low as $0.20.
The nearest level of resistance lies at $0.2345. Above this, strong resistance lies at $0.2750 (100-days EMA) and $0.30 (200-days EMA). Toward the downside, support lies at $0.22 and $0.20.
Against BTC, XRP has been battling to remain above the support at 3000 SAT and has been successful thus far. From above, the nearest level of resistance lies at 3200 SAT (100-days EMA). Above this, strong resistance is found at 3740 SAT (October highs). If the sellers push beneath 3000 SAT, support lies at 2905 SAT (.618 Fib Retracement) and 2752 SAT.
Tron has seen a pretty strong rebound this week as it increased by over 12.5% to reach the current price of $0.01630. The cryptocurrency had found strong support at $0.0131 which allowed it to bounce higher. The nearest level of resistance lies at $0.018 (100-days EMA). Above this, resistance is located at $0.20 (200-days EMA). Toward the downside, support lies at $0.015 and $0.014. Beneath this, added support lies at $0.0131 and $0.012.
Against BTC, Tron has been holding up pretty well after bouncing from the support at 191 SAT to reach the current 215 SAT level. The momentum is in the favor of the bulls as the RSI is above 50, however, for a bullish trend, we must see TRX breaking above 240 SAT. Above 215 SAT, initial resistance can be found at 230 SAT (October high) and 253 (200-days EMA). Toward the downside, support lies at 200 SAT and 179 SAT.
Matic saw an extraordinary price surge this week after increasing by a massive 80%. The cryptocurrency now trades at a price of around $0.024. Matic faces resistance at $0.2464 and must overcome this level if we would like to see the bullish run to continue. Toward the downside, support is expected at $0.022 and $0.016 (.618 Fib Retracement).
Against BTC, MATIC has also been surging as it faces resistance at 341 SAT. From above we can expect higher resistance at 377 SAT and 400 SAT. From below, the nearest level of support lies at 266 SAT (.382 Fib Retracement). Beneath this, added support is found at 200 SAT.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.