Konstantin Anissimov, Executive Director at CEX.IO
BTC/USD
On Thursday, 19th November, the BTC/USD price rate opened at 17,810. In the first hour, the price dipped below 17,600 but quickly rebounded to almost the level of the open. In the next three hours, the price was edging up, several times reaching above 18,000. Starting from 4:00 UTC, BTC/USD began trending down, breaking below the 50-period SMA on the hourly timeframe. At its lowest, the price went to 17,365 between 9:00 and 10:00 UTC. Starting from 10:00 UTC, the price jumped up and was at 18,180, but getting under the pressure of the intraday resistance level at 17,951, slumped from the day’s high to 18,000 at 18:00 UTC.
The day’s dynamics in BTC/USD indicate continued downside pressure on the flagship asset of the cryptocurrency market from the 18,200 resistance level set in January 2018. The traders must be using this opportunity to lock in their profits, which is likely to send the pair down a few percent in the next one – two weeks. The current two most prominent support levels for the pair are at 17,600 and 15,875. A downward correction remains the likeliest course for BTC/USD in the near future.
ETH/USD
The ETH/USD trading pair began the trading session of 19th November with downside price action going forward. The pair opened the day at 480.25 and ran down to 466 between 9:00 and 10:00 UTC in a steadily going succession of bearish candlesticks. From 10:00 until 15:00 UTC, the pair was on a rebound course and reached 478.3 at a local summit. From 15:00 to 18:00 UTC, the pair was going doing in a sluggish fashion, practically steadying between 478 and 475.
Thursday’s ETH/USD price action indicates a local reduction of volatility along with that of trading volumes in the pair. The market might be showing indecision, and some of the high-net-worth individual traders are probably waiting on the sidelines until the market becomes less dubious to make money with a new wave of straightforward price action.
With the ETH/USD price action on 18th – 19th November, we can conclude that the price is locally locked in a corridor between 470 and 480. Depending on which way the price breaks out of this corridor, the price may continue upwards or downwards. Since the breakthrough above 488 on 18th November lasted less than two hours, it will be reasonable to think this level yet unbroken. Therefore, it still remains the closest upside target for the pair. If the price breaks down below 470, the two closest support levels will be waiting at 465 and 460.8.
