In this article we are going to have a weekly analysis (15-21 Nov).
As you may know, the Bitcoin bullish trend is continuing. The main reasons are entering institutional investors in the market and the sell pressure. In order to understand the sell pressure, it requires to study the behavior of Bitcoin holders. Because, Bitcoin holders move their coins to exchanges. As a result, study the amount of Bitcoins, which are holding in exchanges may help to realize the behavior of holders. In fact, statistics from Glassnode show that amount of Bitcoin on exchanges decreased by 18%, which means the market is experiencing reduction in sell pressure. However, whenever the price surged and the amount of Bitcoin in exchanges decreased, whales always made a sell pressure in the market.
In order to understand the market, let’s take a look at price charts.
Last week, Bitcoin price dropped to $16000 and then started a new bullish run. It could break the ascending channel top line. If this bullish trend continues and break the $20000 psychological resistance, it can set a new record. Otherwise, this vertical uptrend follows by a waterfall decline. If the price drops, first the top line of the channel and then $16000 to $16500 range could be the next support levels.
If the price drops below that level, a major correction will occur. According to monthly price chart, the $13800 support level could play a significant role as a strong support level.
Weekly Analysis (15-21 Nov); Ethereum
Ethereum also experienced a strong bullish trend and could break the $500 psychological resistance. If, the price could become stable on the ascending line, the price may increase to $550. The RSI is at 70, which shows that the price has the potential to grow. Otherwise, the price will fall to $480 or even lower to EMA-20, which is $460.
Weekly Analysis (15-21 Nov); Ripple
Ripple candles left the 24 cent to 26 cent range. It could make a strong growth and could break the resistance at 32 cents. It should be noted that the buyers can raise the price above 40 cents. Otherwise, the price may drop to 32 cents.