Learn How To Profit From The 2021 Cryptocurrency Bullrun Now!
Get 10% Discount Off Your Crypto Trading Commissions Now!
Get Free Bitcoins!
BeInCrypto takes a look at the price movement for seven different cryptocurrencies, including Bitcoin (BTC), which fell sharply on Nov 15.
BTC has been falling since reaching an all-time high price of $69,000 on Nov 10. The downward movement accelerated on Nov 15, and a low of $58,574 was reached the next day.
BTC has bounced at the support line o an ascending parallel channel and the $60,000 horizontal support area. This created a long lower wick (green icon), which is considered a sign of buying pressure.
While it is possible that the low is in, the most likely count has BTC dropping to around $57,000 before beginning another upward movement.
Similarly to BTC, Ethereum (ETH) has been falling since reaching an all-time high price on Nov 10. Two days later, it broke down from an ascending wedge.
ETH has reached the 0.382 Fib retracement support level at $4,020 and created a long lower wick.
The next closest support levels are at $3,760 and $3,500. These are the 0.5 and 0.618 Fib retracement levels, respectively. The former is also a horizontal support area, increasing its significance.
XRP (XRP) had been increasing alongside a short-term ascending support line (dashed) since Oct 27. This led to a high of $1.35 on Nov 10, and a breakout above the $1.25 horizontal area.
However, XRP fell afterwards, rendering the breakout as a deviation only (red circle). This is a bearish sign that is often followed by a significant movement to the downside.
While XRP decrease considerably afterwards, it is still holding on above a long-term ascending support line.
Compound (COMP) has been decreasing inside a descending parallel channel since July 6. Since Sept 29, it has been trading just above the channel and the $305 horizontal support area.
The Nov 16 drop took COMP back to this level, where it created a long lower wick.
Therefore, the current price level is very suitable for a bounce.
Similarly to BTC, Helium (HNT) has been trading inside an ascending parallel channel since it reached a new all-time high price on Nov 7.
More recently, it validated its support line on Nov 15. This bounce also coincided with a touch of the 0.382 Fib retracement support level and the $42.65 horizontal support area.
If a breakdown were to occur instead, the next support would be at 37.60.
Elrond (EGLD) has been decreasing since Nov 10. It bounced twice at the $295 horizontal area (green icon), which previously acted as the all-time high resistance level. The ongoing bounce has served to validate it as support.
A breakout from the descending resistance line would confirm that the correction is complete.
Since Oct 18, Stacks (STX) has been rejected four times by the $2.45 horizontal resistance area (red icon). Most recently, it was rejected on Nov 16.
The ensuing decrease took STX to an ascending support line in place since Nov 1. Afterwards, the token bounced.
As long as the support line is in place, the bullish structure remains intact.