Last week was a bit positive for the crypto market, as it broke above from its cold and rangebound movement. The market cap hovered between $210 and $220 level, providing multiple trading opportunities. The coin which dominated the market most part of the week was Bitcoin Cash, which witnessed some wild price swings with heavy volumes ahead of its hard fork on Nov. 15th. However, by the end of the week, the market again became static with a narrow range bound movement, cutting back the probability of year-end rally.
Over the last seven days, Bitcoin was fairly positive bouncing higher from the $6,350 level to reach as high as $6,600. But, got a bit resistance up there and has pulled back. Currently, BTC is hovering around the $6,450 level.
Both 100 & 50 Day EMA in the hourly chart is offering strong support to the Bitcoin price and also 50 Day EMA line has turned higher after a long downtrend phase. If Bitcoin breaks below this line, then most likely it will move down to the $6,200 level.
Ethereum also managed to rally higher during the previous week to $220 level but has pulled back up from there. It is currently trading around the $210 level and is likely to pull back further on a weak technical formation. Stochastic is falling from the higher level which indicates an overbought situation in the market. The $207, $205 and $200 levels are important support points in the market and if it breaks then it could go much lower.
Bitcoin Cash was the most active leading coin of the past week and has rallied over 50 percent mainly on the news about its impending hard fork on Nov 15th. Bitcoin Cash will continue to be extremely volatile in the next few sessions until the hard fork occurs. Bitcoin Cash is currently trading near the $500 level.
Lately, on the hourly chart, it is trading inside a downtrend channel pattern and no buy trade is recommended until it breaks above this channel.
Ripple bounced higher from the $0.46 level in the last week, reaching as high as $0.56 but has pulled back since then and is trading sideways. It is likely to continue trade in a narrow range between $0.4948 to $0.518 level. If it breaks the lower range, then the market could reach towards the$0.464 level, which is its next major support.