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This week at the cryptocurrency market. Read to learn about the trends for November 18 - November 24, 2018.
BTC recovered slightly from the significant drop that occurred just before the BCH hard fork, but its price remained relatively low. BTC experienced another detrimental drop on the 19th and 20th of November. A crypto analyst from Bloomberg pointed out that BTC could continue to drop, perhaps even below $1500. American GPU manufacturer Nvidia also recently reported disappointing sales forecasts for the fourth quarter due to the declining demand for cryptocurrency mining equipment and the overall downturn of the crypto market. With nothing but bad news and forecasts lately, investors are particularly hesitant to take risks. While there remains the possibility for sporadic growth, the long-term downward trend will most likely remain unchanged. One can only wait patiently for good news.
BCH has yet to show any signs of recovery from the aforementioned decline, but its price seems to have stabilized for now. It would be wise for traders to respond only after an "official" BCH successor of the two newly created cryptocurrencies is determined by the crypto exchanges. From a more technical perspective however, an ichimoku analysis of BCH predicts strong sales in the future. The uncertainty surrounding this cryptocurrency makes it hard to recommend, but its potential should still be closely monitored.
No major changes
All of the charts have BTG slumping after last week's drop, but it has stabilized albeit at a low price. Due to the degree of complexity that is being associated with the trend, BTG's outcome is uncertain.
It has been reported that due to ETH's lower pricing and reduced mining speeds, mining on the ETH network is no longer profitable. Thus, resulting in a steep decline. In the midst of this negative news and two prolonged price drops, the increasingly close 25-day and 75-day signal lines have begun to drift apart. ETH's second decline fell below September 2018 support lines, and with current prices hovering around the lows set of May 2017. Thus, justifying their slight downward trend.
No major changes
Ripple recently added a Malaysian bank to its list of international partners in the company's cross-border payment network. The company continues to take new actions in developing its brand. With the help of this positive news, XRP was less affected by the steep price drops that plagued other cryptocurrencies. Prices have once again stabilized, but they have fallen below the ichimoku cloud. Prediction of the cloud shrinking next month, could presumably indicate no major changes. Ripple's future efforts may continue to assist XRP's prices, so one can be optimistic regarding the development of this cryptocurrency.
LTC prices have been walking the Bollinger bands, a signal of incoming growth. However, there is still no indication that growth will exceed resistance lines. As such, LTC remains weak as an investment option, contributing to its downward trend.
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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