Despite the sharp fall in prices, the Bitcoin miners remain unfazed as the hash rate on Nov. 23 was close to its previous all-time highs.
On Nov. 22, Bitcoin prices recovered from their lows, which shows buying by the institutional players at lower levels.
Contrary to our assumption, if the bears sink and sustain the price below the support line of the wedge, a fall to 78.60% Fibonacci retracement level of $5,533.
There were a couple of announcements that could have supported the price.
If the bulls can push the price above $1.85, the pair will start a new uptrend that can carry the price to $2.87 and above it to $3.37.
If the bears can sustain the price below $0.941, the decline can extend to the next support at $0.8276.Contrary to our assumption, if the price turns around from current levels, it would continue to consolidate for a few more weeks.
Traders can wait for the price to close above $1.0544 before initiating long positions.
If the price slips below $0.22, the downtrend will resume.
Currently, the bulls are attempting to push the price back above $107. If successful, the pair can rise to the resistance line of the descending channel.
Conversely, if the price fails to re-enter the channel, the bears will again attempt to sink it below the immediate support of $92.693.
Top-5 Cryptos This Week: Bitcoin, XTZ, LEO, XRP, BSV
gepubliceerd op Nov 24, 2019
by Cointele | gepubliceerd op Coinage
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