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November 22nd started with a huge market dump as Bitcoin, the top cryptocurrency, lost nearly 10% of its value since yesterday. The altcoins have also followed today’s downward trend, as the top 10 coins are all located in the red.
Here is key information about Bitcoin (BTC), Ethereum (ETH), and XRP (XRP).
Our BTC prediction from yesterday came true as the price has almost reached the expected $6,875 mark.
Today’s sharp price drop for the leading crypto has more to do with a fundamental reason than a technical one. This mainly happened because of China’s policy to ban any providers of crypto transactions to its citizens.
Looking the 4H chart, BTC has updated the bottom by touching the $7,000 mark. It is unlikely to go any deeper according to the Stochastic RSI and other indicators because they are showing that BTC is oversold. Meanwhile, the $7,500 mark will be retested soon as this previously served as a support level for BTC. A bounce back might occur through the end of the current week.
At press time, BTC is trading at $7,114.
Compared to BTC and XRP, ETH has faced the biggest price drop (more than 11%) since yesterday.
Even though ETH has lost significant value from its shares, it is more likely to return to its previous positions faster than BTC. The last bearish…