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This week at the cryptocurrency market. Read to learn about the trends for November 11 - November 17, 2018.
BTC experienced a record-breaking drop in the middle of the week, dropping more than 15% in a single day and hitting the year's lowest price thus far. Dipping below the $6,000 support level set by dropping prices in November 2017 makes it increasingly probable that BTC will continue trending downward as low as $3,000, the lowest price of September 2017. Due to the uncertainty surrounding the BCH hard fork and announcements from crypto exchanges, it led to general confusion in the crypto markets and this was seen as the cause of the radical drop. Another potential cause could be the numerous speculators selling their current crypto holdings to buy the new cryptocurrency created in the aftermath of the hard fork. While Bitcoin is experiencing a temporary rebound, its prices are predicted to have a continuous decline in the long-term.
Although the crypto markets experienced instability leading up to the hard fork, BCH's hard fork concluded without complication. However, the process caused significant price drop, equivalent to the levels experienced before the end of 2017. Having surpassed resistance levels, many expected growth after the hard fork but were instead met with intense decline. BCH investors were left extremely uncertain about its future prospects as all signs point to the continuous downward trend for BCH.
No major changes
BTG, along with other cryptos, experienced a decline in the mid-week and fell below the support levels. Price of BTG is expected to remain low for a period and this hinders its price development. Based on fluctuations of the trading volume, BTG could either experience a greater decline or make a strong rebound. Hence, further observation is needed.
ETH experienced similar fluctuations to BTC's price movement this week. However, the difference is that ETH did not fall below the support levels set in September this year. The 25-day and 75-day signal lines continue to approach each other, and with promising news, the price could increase. It could indicate an upcoming shift in ETH trends when the two lines crosses each other. Although ETH is expected to experience a slight increase, the lack of news makes it difficult to judge based on the current situation. Hence, ETH may continue on its downward trend and more observation is needed.
No major changes
The company behind XRP are faced with multiple ongoing lawsuits, including a consolidated class-action lawsuit regarding XRP securities that was moved to the U.S. Federal court recently by the Ripple lawyers themselves. They were determined that their chances of winning the lawsuit were greater at the federal court, making this move somewhat positive news for XRP hopefuls. After the mid-week drop, prices have remained steadily within the Ichimoku Cloud. Whether prices will exceed beyond or drop below the cloud remains to be seen. Further observation is needed.
Crypto ATMs are estimated to exceed 4,000 terminals worldwide in mid-November , and that number is expected to grow in the future. More than half of these ATMs accept LTC, and this convenience may reflect positively on prices henceforth. However, there is still no indication that growth will exceed resistance levels and as a result, LTC's long-term outlook remains trending downwards.
The information posted in the Cryptocurrency Market Report is for informational purposes only, and is not intended to be any solicitation for investment. This report was created based on sources deemed reliable at the time of edit. Bitwallet is not responsible and does not guarantee the accuracy, completeness or timeliness of the content and information. Investors must exercise their own independent judgment when making any investment decisions.
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