Weekly Crypto Market Analysis with Geco.one 29.11.2021
Bitcoin’s quotations fell between November 10–28 this year by almost $ 15,700. It means that Bitcoin decreased by nearly 23% in less than 19 days. Such a significant depreciation caused the BTC price to drop to the area of technical support of $ 53k, about which we wrote, among others, a week ago.
It is worth noting that a considerable demand reaction appeared last Sunday in the vicinity of this zone. If only the increases continue, Bitcoin could soon return to the region of $ 60,000. However, for us to talk about a permanent return to the growth path, the quotations of the oldest virtual currencies would have to break through the barrier as mentioned above. However, there is a probability that it will not be successful the first time, and before the establishment of a new ATH, the BTC price will drop again to the level of $ 53,000.
The current situation on the Ethereum quotations is also quite similar, the price of which fell between 10–26 November by more than $ 950, which was almost 20%. This depreciation stopped only in technical support in the surges of $ 3,910, where there was a considerable demand reaction last Sunday.
As in the case of BTC, to talk about a permanent return of ETH to the growth path, the price of this cryptocurrency would first have to break through technical resistance, which in this case is around $ 4,500.
The current situation on LTC quotes is also exciting. The price of this cryptocurrency has dropped below the upward trend line. These declines stopped only around the horizontal support of $ 190, where the demand relationship appeared last Sunday. Nevertheless, it seems unlikely that it will be enough to contribute to more significant increases. A possible increase could be limited to a re-test of the previously defeated upward trend line, after which the market could slide down to $ 164.
The current situation on the Polka Dot market is also pro-declining, as its price has recently slipped below the horizontal support of $ 38. Due to this fact, even if the increases lasting from Saturday will be continued, their range could be limited only to a re-test of this level from the bottom (as a resistance). However, the persistent appearance of more significant supply pressure there could open the way to further declines, for which even around $ 26 technical support seem to be actual ranges.
Looking at the Cardano (ADA) quotes, we notice that, according to the projection presented by us for the first time in September this year, the price of this cryptocurrency has recently dropped to the technical support of $ 1.50. It is where a slight demand reaction has already appeared, and if this zone is permanently rejected, the exchange rate of this cryptocurrency could rise to $ 1.90.