The Selloff Continues Hitting the Crypto World
|This Tuesday, the sales pressure did not weaken in the crypto sector. Bitcoin lost 3.6%, but those most affected by the selling pressure were Ethereum, which lost another 7.5%, Ripple (-6-27%), Bitcoin Cash (-9.9%) and Tezos (-9.5%).
On the Ethereum token sector, Link (-5.75%), MKR (-7.78%), ZRX (-6.2%), SNX (-10%), and BAT (-7.8%) were the ones who fell the most among the top capitalized. Surprisingly, CENNX gained +14.3%.
Fig 1 - 24H Crypto Heat Map
The market capitalization lost another 477% and now stands at $178 billion. Also, the 24H volume increased by 35.5% to $38 billion, and the dominance of Bitcoin moved slightly up to 66.6%.
Fig 2 - 24H Crypto Market Cap and Traded Volume
Hot News
The ECB has built a proof of concept to explore a partially anonymous central bank digital currency, trying to merge privacy with compliance. The concept would use anonymity vouchers allowing users to be anonymous on low-value transactions.
On a tweet post, Justin Sun announced the Shielded transaction beta-test for TRON. According to his tweet, shielded transactions would hide sender and receiver’s addresses, transaction input and output, and the amount transacted using zk-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge).
Technical Analysis - Bitcoin
Chart 1- Bitcoin 4H Chart
Bitcoin is suffering another wave of selling pressure, with its price well under the -1SD line and close to touch the $6525 low mace on Nov 25. Currently, the price action is having a pause near $6,600, but, so far, there is no reaction by the buyers. If we give credit to the channel trendlines, BTCUSD seems headed towards the $6,250 area. For a reversal, we would need to see a strong close above $6,930.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
6,600 |
6,700 |
6,850 |
|
6,525 |
7,100 |
|
|
6,400 |
7,220 |
Ripple
Chart 2 - Ripple 4H Chart
Ripple has fallen 16% in the last 72 hours, moving from over $0.22 to $0.185. The bearish momentum has not decreased, and its pricehas followed the path marked by its -3SD line. In the last hours, there has been a consolidation of the price, held over the $0.18 level, which seems to act as support. Given the overextension of the movement, it is probable that this support will hold. A bounce from $0.18 to test the $0.20 level is also likely.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.18 |
0.19 |
0.2 |
|
0.173 |
0.214 |
|
|
0.165 |
0.223 |
Ethereum
Chart 3- Ethereum 4H Chart
Ethereum also lost 15% in the last 72 hours, moving from $144 to the current $122. The price is currently consolidating above the $120 support level and trying to move away from the oversold region. A bounce towards the $130 level is possible, but the current situation is very bearish and unstable for buyers to risk a counter-trend play.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
120 |
124.6 |
130 |
|
115 |
135 |
|
|
110 |
140 |
Litecoin
Chart 4 - Litecoin 4H Chart
Litecoin fell as heavily as the rest of the crypto sector, its price moving following the channel between the -1SD and -3SD lines. The bearishness of the market seems to push it further down. The $36 support was not touched yet, and the price appears to be consolidating around $37. If the $36 is pierced, the potential target is $33.
|
SUPPORT |
PIVOT POINT |
RESISTANCES |
|
36 |
38 |
40.4 |
|
34.5 |
42 |
|
|
33 |
43.5 |
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