CFO of the ASTL investment project and popular analyst Konstantinas Sizovas analyzed the targets for the price of Bitcoin and the second largest cryptocurrency. Today we will be looking at two major coins from a technical analysis perspective. These are Bitcoin (BTC) and ETH.
Throughout October and the first half of November, the main cryptocurrency formed active growth without corrections, which could be used for more successful purchase levels. Currently, the asset has reached its goal from the last correction, successfully pushing off from the support levels of 50SMA and 200EMA in mid-October. The area of $36-38 thousand is the area of former support at the beginning of 2022, to which the coin has now returned, but from the other side. In fact, there are not many options: either a high-speed breakout of the level upward, or a correction followed by an attempt to breakout.
On November 13, as a result of another recalculation, the Bitcoin mining difficulty indicator increased by 3.55%, setting a new historical record at 64.68 T. The increase in the mining difficulty and hashrate of the Bitcoin network suggests that more and more miners are connecting to the mining of the first cryptocurrency.
On November 14, the price of BTC dropped to 21 EMA on the daily timeframe, which acts as a support level, and from where the coin’s chart can try to push back and continue its upward movement. The Bitcoin (BTC) rate fell by almost 3% from November 14 to November 15, immediately reaching $34,779 in pairs with the stablecoin Tether USD (USDT) on the Binance exchange. At 10:00 Hong Kong time, BTC is trading at $35,604. Jumps in cryptocurrency prices provoked a massive liquidation of margin positions of traders on crypto exchanges. According to Coinglass, over the past 24 hours, more than 76 thousand traders collectively lost more than $300 million; the largest liquidation in terms of size occurred in the amount of $9.45 million on the OKX exchange.
The average cost of a transaction on the Bitcoin (BTC) network has increased from $1.6 in early November to $9.26 currently, according to the analytical service BitInfoCharts. The fee increase peaked on November 9, when the average transaction price was $15.86, the highest since May 10, 2023. The current increase in fees comes amid a surge in activity associated with the issuance of Bitcoin NFTs or Ordinals. The opportunity to issue tokens on the Bitcoin network appeared at the end of January, and since then more than 40 million of them have been created. More than 2,450 BTC ($88.7 million as of the date of publication of the news) in the form of commissions were spent on their issue.
The main struggle this week will take place on the 4-hour Bitcoin timeframe, where you can see the chart’s attempt to go under support levels and gain a foothold under them. At the moment, the chart has already gone below 21EMA and 50SMA. According to the classics of technical analysis, to confirm a breakout, you need to go back and test the levels as resistance. Whether the coin will be able to push upward from the 21EMA on the daily timeframe will depend on how much the levels hold the chart as resistance. In the event of a successful breakout upward and consolidation above the moving averages 21 EMA and 50 SMA, we can expect the price to move to the $40 thousand mark, otherwise a decline to the area of 200 EMA ($33.5 thousand)
The picture for ETH also looks positive; the price of the coin successfully bounced off 200 EMA on the weekly timeframe and almost reached the April maximum ($2141). The goals of the movement after such a correction are promising; when subsequent highs are formed and the resistance level is overcome, the value of the coin can be expected to rise to $2600. To successfully implement such a scenario, it is important for the coin’s chart to remain above the 21EMA level on the daily timeframe, which currently acts as support for it. The chart can also be supported by the 200 EMA on the 4-hour time frame, which is in the same area as the 21 EMA on the daily time frame. Cancellation of the growth scenario will be a breakdown of 200 EMA on the 4-hour timeframe and a downward breakdown of 21 EMA on the daily time frame. In this case, we can expect a deeper correction, up to 200EMA on the daily timeframe.
Most of the top 10 cryptocurrencies by capitalization also fell in price over the past 24 hours. Ethereum (ETH) is trading below $2k after recently rising above that mark on news of BlackRock’s Ethereum exchange-traded fund (ETF) bid. Of the top ten crypto assets, the XRP token from Ripple sank the most – by 5.2%. On the night of November 15, the Delaware Department of State referred to the Department of Justice a case regarding the false registration of an application for an ETF for XRP on behalf of BlackRock, which previously led to a jump in the price of the coin. The Solana network token (SOL) remains the growth leader among leading crypto assets; the coin grew by 7.5% over the past 24 hours. The price of SOL, as of November 15, is $58.3; over the past week, the token has risen in price by more than 33%. The coin is among the top ten largest crypto assets with a capitalization of more than $24.6 billion and has more than tripled in price since the beginning of the year.
Against the backdrop of such trends, one of the legitimate and stable forms of investing in cryptocurrency mining is the ASTL investment project, which allows investors to have the opportunity to directly invest fiat and cryptocurrency assets into stable passive income, which obviously exceeds inflation expectations and is not subject to any sanctions, blocking or confiscation. The ASTL project is a simple and elegant solution for potential investors – an investment in the development of the real sector of a diversified portfolio of cryptocurrencies, with a fairly high APR (up to 14%) with payments in stablecoin (USDT) and the possibility of a full return on investment through the subsequent sale of accrued ASTL tokens on leading crypto exchanges . Details can be found at https://astl.world