Bitcoin fell below $5000 in November 20th, the encrypted digital currency market analysis

The encryption money market since yesterday once again opened a new round of decline. At present, the total market value of all encrypted currency have dropped below $170 billion, once again created a new low for the year.

And expand in the volatility of the re emergence of the downward trend, some analysts have begun to forecast the price of bitcoin will be dropped to a very low level. When the market sentiment is negative, this prediction is likely to scare away new investors, and forced some investors to sell their assets.

However, in bitcoin’s history, this is not the first time bitcoin fell 74% from the peak. Bitcoin, there have been two from highs plunged 94%, and rise again. The third decline is from time highs fell 85%. Therefore, the collapse of bitcoin is not unusual, but this time, bitcoin is more noticeable than ever.

In the bear market and the fundamentals of the panic is not so important, the market more easily driven by emotions. Although this time also can provide a long-term holdings of the opportunity, but it is best to wait until after the end of fall to buy, because during the sell-off in panic, prices may fall to very low.

BTC/USD

After bitcoin fell below the $5450 support level last night fell below $5000 mark. Now, bitcoin every rebound will suffer huge selling pressure.

The 20 day moving average and 50 day SMA are downward, RSI also in oversold. This shows that bears potential is still not reduced, even short did not wait for the callback.

Next, if the bulls can not bitcoin prices back to $5000 this important psychological level, so this round of decline is likely to extend to the $4700 to $4100, or even lower.

But the current RSI index also shows that selling is overdone, the callback may happen at any moment. While the intensity of the callback will provide a valuable insight into the signal, we will fall is over, or if there is a greater fall.

The current trend, it is difficult to predict where will stop bitcoin. So now I suggest you still wait and see, do not blindly take knife approach.

XRP/USD

One of the reboxetine currency is still relatively strong encryption currency, the transaction price is much higher than the recent lows.

Now, XRP’s moving average was flat, RSI close to neutral position. This means that the next XRP may still have a lot of finishing at $0.40 to $0.565 range.

The next XRP once fell below $0.40, it is likely to fall further to $0.37185 to $0.26913 or less. On the other hand, if the XRP is able to break the $0.565, it will likely rise to $0.625 or even $0.76440.

Overall, XRP’s performance in the encryption currency market this round of slump is very good, but the current market sentiment is very panic in case I suggest that you do not blind approach.

ETH/USD

Ethernet (ETH) currency like bitcoin plummeted again, at present has been below the 9 month record of $167.32 intraday lows, creating a new low for the year.

ETH under a support of around $136, if the 136 is below $so decline is likely to expand to $110. But at present, the 20 day moving average is down, RSI was oversold, falling resistance is very small.

Of course, if ETH can rebound from the current position, and will push prices back above $167.32, then it is likely to rebound to near 20 day moving average. So I recommend waiting for the signal for the reversal of the trend, considering the approach.

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