Crypto Market Update Nov.20: Black November. Crypto crushes, is the bleeding over?

After a relatively long period of stability, the crypto markets suffered a significant blow, and the crash is now in full swing, as described by me last week. The price of Bitcoin has fallen around 30%, and the alternative coins, altcoins, have also been painted red with severe losses of up to 50%.

After the hype of 2017, the crypto market has had a tough year both in terms of regulations and trade, even for the HODLers. However, in a fundamental analysis of the market, we can see that the infrastructure is in steady development, and it seems that the market is aiming in a positive direction, but it is probably not enough to support the highly hyped prices of 2017.

It is not customary to look for reasons for the volatility. However, if we must, then we can see the tightening regulations around ICOs as a possible reason. It is also possible that the internal wars in Bitcoin Cash was another catalyst for the recent declines.

The war in Bitcoin Cash is underway, and mining is still being done at a loss along with wasteful maintenance of the network. It is possible that the financing of the Bitcoin cash war will lead to the decision by the various parties of the waste, bringing the entire market down. Whether it’s an ego war or a conspiracy, it’s never boring in the crypto market.

In conclusion, after talking about the market floor, we received another painful correction that reminded us of the volatility of the market exposing the investors to an unexpected risk. From here we hope to find the bottom soon so that the investors will not be harmed and lose confidence in crypto.

The crypto market cap is shrinking, and is now at $145 billion, trading with higher volumes than we have seen in the last few months (yesterday was the highest volume day since April).

Dominance remains stable – around 53% in favor of Bitcoin.

Crypto News

Lightning Network Surpasses $1M BTC Capacity, 4,000 Nodes. The network for solving Bitcoin’s scalability problem has seen massive growth in the midst of a bear market. Over 4,070 nodes now support the network while the average age of each node is just 137 days old.

SEC Orders AirToken and Paragon To Refund ICO Investors: AirToken Gained 70%. The ICO startups have been charged by the regulators to return the money they gathered from their offering in 2017, on the basis that they flaunted U.S Securities Law.

They Saw Everything We Did For a Year: Exclusive evidence by an ICO maker about the SEC’s Efforts.  According to an ICO maker, the U.S SEC does not have a reason to hunt down ICOs since they also monitored their activities during the boom in 2017.

Major Swiss Stock Exchange SIX Lists World’s First Multi-Crypto ETP Amidst Market Collapse. A first-of-its-kind fund tracking the top five cryptocurrencies by market cap has been launched on the Swiss Stock Exchange, Europe’s fourth-largest stock market.

The “Walmart” Of Venezuela Has Started Accepting Bitcoin. In the midst of their ongoing economic crisis, Tarki, a departmental store in the South American city has begun accepting bitcoin and four other cryptocurrencies from customers.

Bitcoin Ban is Impossible in India, say the Experts. A rumored plan by the Indian government to ban Bitcoin will not be possible according to experts. The decentralized nature of cryptocurrencies means this is impossible.

Charts

Bitcoin

Traded around $4,400 the rapid decline broke all the trend lines. There is a chance of a breakthrough attempt that will test the resistance, but this will happen after the falls have stopped. Meanwhile, support is being built around $4,300, and it is hard to say how long it will hold. If the declines continue, the next step will be marked at around $3000, where the end of the correction appears in the technical analysis, which will be very painful to the holders.

Ethereum

Against the dollar traded at a low of $138 and also touched at $127 still not clear whether it is the floor. Also, resistance cannot be determined yet. The big question is whether Ethereum will succeed in getting through the coming period with its head over $100.

Against Bitcoin traded at 0.03BTC, around the support of the recent period. In this range resistance at 0.032BTC. Against Bitcoin, the picture looks different when the price is trading above the floor we saw in September, and it seems that in the meantime it holds.

Bitcoin Cash

(ABC) Against the dollar, the situation doesn’t look good. Traded around $397 support in this range at $387 and it is not clear if we have got to the floor.

(SV) Against the dollar, it seems that the timing to enter trading was not good, and the price dropped from $150 to $39, which is where the floor is at the moment. Traded around $65 in this range resistance at $70.

(ABC) Against Bitcoin, a 50% decline trading around 0.052BTC and even touched at 0.044BTC, where trading volume entered and changed the trend for the short term as can be seen in the graph. Resistance in this range at 0.056BTC.

(SV) Against Bitcoin traded around the 0.009BTC support range that is not far at around 0.008BTC approaching the end of the correction after a record at 0.038BTC resistance in this range at 0.02BTC.

Factom

Against the dollar in the calculation of the “TRADING VIEW” traded around $6.5 support in this range around $5.5 resistance at $7.5 you can see from the trend unusual behavior of this Alt during this period.

Against Bitcoin traded around 0.0014BTC support is being built at 0.0013BTC resistance at 0.0016BTC if we break out we will see another bullish trend forming.

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