Price analysis 11/18: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, UNI, LTC
The sentiment across the cryptocurrency ecosystem remains fragile as market participants assess the impact of the FTX crisis on various businesses within and outside of the crypto sector. Trading firm QCP Capital said in its latest circular on Telegram that crypto assets may continue their underperformance till the new year. QCP projects Bitcoin (BTC) to plunge to $12,000 and Ether (ETH) to $800.
Looking at the brighter side, FTX could be the last major player to bite the dust during the current bear market cycle, according to CK Zheng, co-founder of crypto hedge fund ZX Squared Capital.
Zheng also added that institutional investors who have a long-term horizon may continue to invest in blockchain technology and select cryptocurrencies such as Bitcoin and Ethereum.
When the sentiment is bearish, rumors create panic among traders who dump their holdings out of fear. Usually, these occasions form a bottom. Traders may remain cautious and avoid placing large bets until the dust settles and the markets confirm a bottom.
What are the important levels to keep an eye on and which could suggest that the correction may be over? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin continues to trade below the breakdown level of $17,622, which is a negative sign. After a period of high volatility, the price has been stuck inside the range between $16,229 and $17,190.
The 20-day exponential moving average ($17,980) is sloping down and the relative strength index (RSI) is in the negative territory, indicating that bears are in control. If the price turns down and breaks below $16,229, the BTC/USDT pair could retest the Nov. 9 low of $15,588.
A break and close below this support could trigger panic selling, which
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