Weekly Crypto Market Analysis with Geco.one 15.11.2021
After breaking a new all-time high record (ATH) of more than $ 69,000, Bitcoin fell nearly 10 %, thus sliding to the area of previously defeated resistance (now support) of $ 63 700. It was around this level that the first demand reaction appeared last Friday, November 12 this year.
The resulting pro-growth pin-bar candle signalled a potential rejection of the support mentioned above and the upward trend slightly below the line. So if the increases that have been going on for several days are continued, the BTC rate could return to around $ 69,000 or even break new ATH and thus open the way for further increases.
The current situation on the Ethereum quotations rose from the lows of September 21 to the peaks on November 10 this year by almost $ 2,200, which is over 82 %.
Such a significant appreciation led to overcoming several critical resistance zones; as a result, the ETH rate was at the highest level in history, above $ 4,800.
Over the last few days, however, we have observed its declines. The trend was not very strong, however, and as a result, it only led to a re-test of the recently defeated resistance (now support) of $ 4,610. It is noteworthy that this level coincides with the measurement of 50% Fibonacci retracements from the earlier upward impulse, which may explain the emergence of more significant demand pressure in its vicinity.
There are many indications that this is not the end of the boom in the cryptocurrency market, and the upward trend will continue in the near future.
The current situation on XEM quotes is also quite similar. The price of this cryptocurrency increased during nine sessions between October 27 and November 5 this year by 64.50%, thus overcoming local resistance of $ 0.1850.
Although we have again observed declines in recent days, it is worth noting that this tendency only led to the test of the level mentioned above. It is also worth noting that this zone coincides with the gold proportion, i.e. measuring 61.8 % Fibonacci retracements from the earlier upward movement, which explains the emergence of demand response in its area.
So if the currently tested support is permanently rejected, the XEM rate could return to the path of increases, for which the actual ranges seem to be around $ 0.2450, or even $ 0.40 or $ 0.49.
The current situation on the Tron (TRX) is also looking pro-growth. The rebate of this cryptocurrency increased on Monday morning by more than 9 %, thus increasing the number of hours that lasted from October 27 this year appreciation to over 44 %. In turn, counting from the lows of July 20 this year, the TRX price has already increased by almost 160 %.
Such a significant increase led to overcoming two critical resistance zones, the last of which was at the level of $ 0.1210. Due to this fact, the TRX price was at the highest level since mid-May this year.
If this trend continues, we could expect to re-test around $ 0.14 in the near future and even test $ 0.17.