CV Market Watch™: Weekly Crypto Trading Overview (November 15-22, 2019)

Bitcoin (BTC) failed to hold onto several support levels, threatening to crash below $7,000 without a relief rally.

Bitcoin (BTC) briefly stabilized above $8,500, before sinking down to $7,077 on futures markets and around $7,115 on spot markets.

Bitcoin (BTC) Dips Below $8,000 in Bull and Bear Fight

Bitcoin (BTC) erased several tiers, sliding down by hundreds in a day. The past week saw a bull-and-bear fight, in which the price attempted to bounce. But BTC slid progressively, trading at $7,100.34 as of 2:00 UTC and to $7,081 minutes later, with signs of further corrections possibly under the $7,000 mark. With the latest moves, BTC failed the predictions for bouncing from $7,400, where it spent a short time before crashing again. 

The share of Tether (USDT) moved between 77% and 85% as volumes rose above $25 billion in the past day. The BTC market cap dominance was around 66%, as altcoins corrected deeper.

TRON (TRX) Meets Another Airdrop Token

Ethereum (ETH) crashed rapidly to $148.83, an especially painful correction as the coin held near $180 even during some of the bad days for BTC. The rapid slide of ETH may shake down the growing DeFi sector, which saw more rapid inflows in the past month.

XRP (XRP) reached $0.22 after Friday’s correction, crashing from relative stability around $0.25, losing all hope for more rallies to a higher valuation, at least for a while.

Bitcoin Cash (BCH) erased 25% since last week, standing at $201.06, in a long-overdue correction.

Litecoin (LTC) tanked to $45.06, losing significantly after the recent hike above $60, and showing that it still cannot withstand a bigger BTC correction.

EOS (EOS) is back down to $2.53, sliding with the rest of the altcoins, again down more than 25% this week.

Binance Coin (BNB) is down to $15.06, losing more than 12% late on Friday, and down more than 27% this week.

Bitcoin SV (BSV) slid below $100, losing more than 27% since last Friday, down to $90.07. The asset held on surprisingly well, potentially on artificial support, but slid once the markets turned red.

Stellar (XLM) is down to $0.056, losing most of the gains made after the recent coin burn and the hype of the Meridian event.

Unus Sed Leo (LEO) is up the charts, with an anomalous loss of around 2%, seemingly unaffected by the market crash. LEO only slid to $0.93, potentially signalling artificial price action.

TRON (TRX) kept losing to $0.013, erasing all recent gains. TRON is now overrun by simulated mining.

Cardano (ADA) is down to $0.035, losing 18% this week.

Monero (XMR) is down to $49.65, after a recent threat with a rogue wallet that could potentially steal coins. XMR erased more than 22% in this week’s slide.

Tezos (XTZ) managed to stay at $1.17, due to the recent rally after a Coinbase listing. But the asset still erased 7% on Friday, and may deepen the losses.

Chainlink (LINK) is at $2.21, correcting after a hike near $3. The coin did not manage to defy the market pressure, and lost 25% this week.

BTC moved down to “extreme fear” based on trader sentiment, as the fear and greed index went immediately from 30 to 20 points. Extreme fear is considered a leaping board for a temporary capitulation. The recent slide in BTC did not create an altcoin season, instead most coins crashed by 20 to 27%. The end of 2019 now looks like staging a new price drop instead of a rally, and BTC enters unknown territory.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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