Weekly segment featured on Crypto News Australia
Bitcoin: USD $3660 (as of 27 November 2018)Multiple support levels have been broken in the last two weeks of dramatic selloffs, falling past USD $6000, $5000, $4000, and $3800. Now trading at a brutal 38% below the 50-day moving average, BTC had a 15% dead-cat bounce off the USD $3500 level yesterday, attempting to bring levels back around USD $4000. The recovery didn't achieve enough momentum, so BTC is falling back to yesterday's lows towards USD $3500. While all technical indicators are screaming 'oversold', a rapid recovery is unlikely due to a prolonged11 month bear market. The next level to look for re-entry appears to be the 2017 resistance-turned-support level of USD $3000.
In these times of high volatility, and with daily Bitcoin price movements of up to 15%, all eyes are on Bitcoin. As the cryptocurrency is still considered the main market mover, the main point of speculation and news revolve around Bitcoin finding its bottom.
As the market continues to make new yearly lows, Caleb and Brown is experiencing strong buy action, predominately in Bitcoin. As Bitcoin has now fallen over 80% from its all-time high, our clients view the current discount as a great opportunity to dollar-cost-average into Bitcoin.
Disagreements around Bitcoin Cash divided the community into two different camps, Bitcoin Cash ABC and Bitcoin Cash SV. Whilst both cryptocurrencies have been trading significantly below the previous Bitcoin Cash price, Bitcoin Cash SV took especially big losses in terms of value and was trading over 90% lower than the previous Bitcoin Cash price just prior to the hard-fork.However, over the last seven days, Bitcoin SV has increased in value by 85% and outperformed the top 100 cryptocurrencies on the short term.
With Bitcoin continuing its downtrend and approaching its next support level, we are looking to be averaging into Bitcoin incrementally around the USD $3000 level.An alternative cryptocurrency we consider attractive is Nexo. The Nexo platform offers fully crypto-backed instant loans, all backed by Credissimo - a leading European fin-tech group for over ten years. The platform is currently live and offers a real-life use case which to this day is a rarity in the crypto market.The cryptocurrency experienced a strong bounce back and is one of the few top 100 cryptocurrencies that has been able to hold its value throughout the past week while the rest of the market has been in a downtrend.
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