Most cryptocurrencies experienced a price reduction during the last week. As a result, it created a good opportunity for investors and traders to enter the cryptocurrency market. After the last bullish run, these price corrections show that the market is healthy. However, in order to enter the market and make profit from the next bull run, you have to notice the price action of cryptos when they encounter by the key support levels. In this article we are going to have a weekly analysis (21-28 Nov). Let’s take a look at the charts.
Bitcoin surged to $19450 on the last Tuesday. Although, Bitcoin tried to surge more and set higher price, the sellers stopped the trend. After that, the price dropped by 17% to $16250. As we mentioned in the last analysis, the $16000 to $16500 is the critical support range.
The figure above shows the Bitcoin’s four-hours time-frame. As you can see, this range stopped the price. Now, a symmetrical triangle is forming in this time frame. If the price could break the bottom line of the triangle, the price may fall to $15700. But, if, the price breaks the top line of the triangle, it may range for a while and then starts a new bullish trend.
Weekly Analysis (21-28 Nov); Ethereum
As we mentioned in the last analysis, Ethereum price has the potential to grow. Accordingly, Ether could break the ascending line and surge to $625. But, meanwhile the Bitcoin price dropped and Ethereum followed Bitcoin, so the price dropped to $480, but, buyers could take it back to the $500 channel. Even though, they couldn’t move the candles above the ascending line. Now, if the price drops below $480, it may fall below $445. Otherwise the price may range for few days.
Weekly Analysis (21-28 Nov); Ripple
Ripple also surged significantly in the last week and could break the major resistance levels and reach 70 cents. Quickly, the sellers took the opportunity to sell their coins and the price decreased. However, the 50 cents support level could stop the price from falling below. The price does not seem to be lower than 50 cents. But, if it happens, it may fall to EMA-20 (43 cents).