Bitcoin, Ether, Major Altcoins – Weekly Market Update November 15, 2021
The total crypto market cap added $7 billion to its valuation for the last seven days and now stands at $2,875 billion. The top 10 coins showed mixed results for the same time period with Bitcoin adding 4.6 percent to its valuation while Polkadot (DOT) erased 10.5 percent. Bitcoin (BTC) is currently trading at $65,800 while ether (ETH) is at $4,728.
Bitcoin closed the trading day on Sunday, November 7 at $63,320. This was the coin’s second consecutive day in green after hitting a four-day low at the April high near $60,000 few days earlier.
The price managed to move above both the current weekly timeframe resistance near $61,600 and the range high on the daily chart – $62,800. The diagonal downtrend line was successfully surpassed as well.
The biggest cryptocurrency ended the seven-day period with a 3.1 percent of increase.
On Monday, we saw bulls pushing BTC above its previous all-time high. The coin registered a new highest point – $67,826 and added 6.7 percent to its valuation.
The coin was looking quite bullish on both the weekly and daily charts. The potential double-top formation was invalidated, but the Relative Strength Index was starting to show signs of exhaustion making a lower of in what traders call a bearish divergence.
The Tuesday session was when the BTC/USDT pair started pulling back. It fell down to $66,900, but not before hitting $68,600 in the first part of the trading day.
On Wednesday, November 10, it was extremely volatile, moving up and down the $68,900 – $63,000 range before closing with a solid red candle at $64,800.
Bitcoin made its third consecutive day in red on Thursday. It was now trading below the October high and the high selling volumes were suggesting more downside should be expected.
The last day of the workweek came with a re-test of the upper boundary of the old $63,400 – $60,500 range. The BTC/USDT hit a daily low at $62,400, below the 21-day EMA on the daily timeframe chart.
The weekend of November 13-14 started with a short green candle to $64,400 as the volatility was starting to decrease. The zone above the mentioned EMA (around $63,000) was looking for short-term support.
On Sunday, the biggest cryptocurrency made one step up and ended the week at $65,660.
What we are seeing on Monday morning is an attempt from bulls to push the price even higher.
The Ethereum Project token ETH was, as always, following the movement of BTC. It ended the previous seven-day period 7.6 percent higher. This was the fourth consecutive week in green for the leading altcoin and the third after breaking above the mid-term $4,000 resistance zone.
On the daily chart, the ether is in an interrupted uptrend since September 29, staying in the overbought area on the RSI indicator the whole time. If we are to rely on the Fibonacci extension levels, the coin is to reach $6,000 at 161.80% before making a major correction.
On Monday, November 8, the ETH/USDT pair jumped 4.3 percent to reach the $4,810 mark – its new highest point.
Then on Tuesday, it started moving in the opposite direction, pulling down to $4,730 before the end of the session.
The mid-week trading on Wednesday was no different and the ETH fell to $4,624 (or 2.3 percent lower). Bears pushed the price all the way down to $4,459 during intraday. The false reports about the Chinese construction giant Evergrande’s bankruptcy impacted the entire cryptocurrency market.
On Thursday, November 11, bulls reacted and build a fresh green candle to erase all losses from the previous session. The ether was looking relatively stable compared to the rest of the leading majors, keeping the market structure intact.
The Friday session was once again volatile. Sellers pushed the price down to re-test the $4,500 mark but failed in breaking it. The coin recovered to $4,666 in the evening.
The $4,500-$4,600 area is one of the most actively traded above $4,000, so we can expect it to be relatively strong in the short term.
The first day of the weekend came with another red session. ETH stopped at $4,650.
Then on Sunday, it continued to move South, but the selling pressure was starting to ease. It managed to close with a small loss to $4,620.
The ETH/USDT pair is currently trading significantly higher – at $4,728.
- Litecoin (LTC)
One of the oldest cryptocurrencies out there, Litecoin is once again on the rise.
The most popular Bitcoin fork added 37 percent to its valuation during the last week and is now trading above the $230 August high.
LTC registered a six-month high on November 10 by briefly touching $296 before retracing some of the gains down to $265. Bulls are now facing horizontal resistance on the weekly timeframe combined with a Fibonacci 61.80% level.
The next point of interest on the daily chart is situated near $330 which acted as a resistance in April 2021 and then as a support in May 2021.
Altcoin of the Week
Our Altcoin of the week is Loopring (LRC). A well-known cryptocurrency from the last bull run, Loopring is an Ethereum Layer 2 solution that uses the zkRollup scalability technology to provide high-throughput, low-cost trading and payment capabilities for the DeFi users.
The coin spent more than two years below the $0.13 mark before starting to move in the upward direction in July 2020. It then built a new resistance wall around the $0.80 zone but managed to break above it in the last three weeks.
The LRC/USD pair is 105 percent up for the last seven days and 385 percent up on a monthly basis which makes it one of the best-performing assets in the Top 100 list.
It peaked at $3.85 on November 10 setting a new all-time high. Loopring is currently ranked at #58 on CoinGecko with a total market capitalization of approximately $3.7 billion and as of the time of writing is trading at $2.98.