The collapse of FTX cryptocurrency exchange has produced a liquidity crisis within the crypto space, that could extend the crypto winter with the finish of 2023, based on an investigation report by Coinbase.
Based on analysts, the FTX implosion can keep the institutional investors away since they’re even more prone to tread very carefully for a while.
The crisis has negatively impacted several crypto-focused companies who’ve assets stuck on FTX following a company’s personal bankruptcy filing on November. 11. Investors also fear the contagion could spread, causing further harm to the cryptocurrency ecosystem.
Although several investors were rattled through the collapse of FTX, millionaire venture capitalist and serial blockchain investor Tim Draper remains bullish on Bitcoin (BTC). Inside a November.15 interview with Cointelegraph, Draper bending lower on his $250,000 target for Bitcoin in 2023.
However, investors must take the cost projection having a pinch of salt since it is unlikely that Bitcoin will begin a roaring bull market soon.
Do you know the key support and resistance levels to take into consideration on Bitcoin and altcoins? Let’s read the charts from the top-10 cryptocurrencies to discover.
Bitcoin broke and closed underneath the June low of $17,622 on November. 9. This marked the resumption from the downtrend. Although bulls attempted to stage a powerful recovery on November. 10, their efforts met with heavy selling above $17,622. This means the bears have flipped the amount into resistance.
The 20-day exponential moving average ($18,271) has switched lower and also the relative strength index (RSI) is incorporated in the negative territory. This means the bears possess the upper hands.
When the cost sustains below $17,622, it will raise the prospect of the break below $15,588, In the event that happens, the BTC/USDT pair could extend its decline to $12,200.
Unlike this assumption, when the cost appears and breaks over the 20-day EMA, it’ll suggest strong demand at ‘abnormal’ amounts. The happy couple could then challenge the mental level at $20,000.
Ether (ETH) continues to be declining in the climbing down funnel pattern within the last several days. The failure to push the cost over the funnel on November. 4 might have brought to learn-booking through the short-term traders.
The buyers strongly bought the dip towards the support line on November. 10 however the relief rally fizzled out close to the 50-day simple moving average ($1,372). This means that bears can sell at greater levels.
The bears will again make an effort to sink the cost underneath the funnel. In the event that happens, the selling could intensify and also the ETH/USDT pair could drop to $1,000. To achieve top of the hands, buyers will need to push the cost over the moving averages. The happy couple could then rise towards the downtrend line.
BNB (BNB) soared to $398 on November. 8 however the bulls couldn’t sustain the greater levels as seen in the lengthy wick around the day’s candlepower unit. The selling ongoing on November. 9 and pulled the cost close to the strong support at $258.
The bulls purchased the drop on November. 10 but they couldn’t thrust the cost over the 20-day EMA ($295). This means the sentiment switched negative and bears were selling the relief rallies towards the 20-day EMA.
The bears will again attempt to break the support at $258 and when they manage to achieve that, the BNB/USDT pair could drop to $239 and then to $216. This negative view is going to be invalidated soon if bulls push and sustain the cost above $313.
XRP (XRP) re-joined the $.41 to $.30 range on November. 8, indicating too little demand at greater levels. The selling ongoing on November. 9 and also the cost dropped to $.32.
Buyers purchased the dip and attempted to push the cost back above $.41 however the bears didn’t relent. This means the bears have flipped the $.41 level into resistance. The bears will again attempt to pull the happy couple towards the critical support at $.30.
It is really an important level for that bulls to protect just because a break and shut below it might signal the resumption from the downtrend. Around the upside, the very first manifestation of strength is a break and shut above $.41. The XRP/USDT pair could then rise towards the 50-day SMA ($.45).
Cardano (ADA) is within a powerful downtrend. Although both moving averages are sloping lower, the RSI is trying to form a bullish divergence, indicating the selling pressure might be reducing.
The very first manifestation of strength is a break and shut over the downtrend line. This type of move will advise a potential trend change. The ADA/USDT pair could then chance a rally to $.52.
However, when the cost continues lower and breaks below $.31, the happy couple could drop towards the support line. This line has arrested the decline on three previous occasions, therefore, the bulls may again purchase the dip for this level. If buyers neglect to defend the amount, the happy couple could extend its downtrend to $.25.
Dogecoin (DOGE) observed a clear, crisp rally from $.06 on March. 25 to $.16 on November. 1. That pressed the RSI into very overbought levels, who have enticed short-term traders to reserve profits.
The selling selected up momentum after bulls unsuccessful to protect the 50% Fibonacci retracement degree of $.11. Buyers defended the 50-day SMA ($.08) on November. 9 however the bears stopped the recovery in the 20-day EMA ($.09).
The DOGE/USDT pair continues to be buying and selling between your moving averages within the last couple of days. If bears sink the cost underneath the 50-day SMA, the happy couple could develop a 100% retracement and drop to $.06. Contrarily, a rest above $.10 will claim that the bulls are during the game. The happy couple could then rise to $.12.
Polygon (MATIC) soared over the overhead resistance of $1.05 on November. 4 however the rally met with stiff resistance at $1.30 on November. 5. Buyers attempted to resume the up-move ahead November. 7 but tend to not obvious the overhead hurdle.
The bears offered strongly on November. 8 and 9 and pulled the cost underneath the moving averages however the buyers held the upward trend line. The MATIC/USDT pair rebounded dramatically on November. 10 however the bears offered at greater levels and pulled the cost back underneath the 20-day EMA ($.96) on November. 12.
When the cost slides underneath the 50-day SMA ($.89), the happy couple could drop towards the upward trend line. A rest below this support could open the doorways for any retest from the crucial support at $.69. On the other hand, if buyers push the cost over the 20-day EMA, the happy couple could rise to $1.05.
Polkadot (Us dot) stepped underneath the strong support zone of $6 to $5.68 on November. 9. This signifies the resumption from the downtrend.
Buyers tried to push the cost back above $6 and trap the aggressive bears however the sellers held their ground. This signifies the bears are attempting to switch the $6 level into resistance.
The downsloping 20-day EMA ($6.12) and also the RSI within the negative territory indicate benefit to the bears. The sellers can make yet another make an effort to pull the Us dot/USDT pair below $5.32. When they succeed, the happy couple could extend its decline to $4.32. To invalidate this negative view, the bulls will need to push and sustain the cost over the moving averages.
Uniswap (UNI) have been buying and selling between $5.14 and $7.36 within the last a few days. Buyers drove the cost over the resistance on November. 4 but tend to not build this advantage. The bears pulled the cost into the range on November. 6.
This might have trapped the aggressive bulls who then rushed towards the exit. Lengthy liquidation and selling through the bears pulled the cost underneath the support of $5.14 on November. 8 however this demonstrated to become a bear trap. The bulls bought the dip and pressed the cost into the range on November. 10.
The recovery is facing stiff resistance in the moving averages, indicating selling at greater levels. The bears may again make an effort to sink and sustain the cost underneath the range however the bulls are anticipated to protect the support strongly.
This means the UNI/USDT pair may remain range-bound between $4.71 and $7.79 for any couple of more days.
Litecoin (LTC) continues to be range-bound between $46 and $75 within the last several days. The failure from the bulls to push the cost above $75 on November. 7 might have attracted profit-booking by short-term traders. That pulled the cost close to the support of $46 on November. 9.
Once the cost is stuck in the range, traders generally purchase the dips towards the support level and that’s what happened on November. 10. The LTC/USDT pair ongoing its rise on November. 11 but met with strong selling near $65. This means that bears are active at greater levels.
The flattish moving averages and also the RSI close to the midpoint indicate an account balance between demand and supply. This signifies the pair could exchange a good range from $53 and $65 for a while.
The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Cointelegraph.com. Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.