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Bitcoin & Altcoins Headwinds to Lower Levels Amid Thin Liquidity

By Research Team Friday, Nov 19, 2021

    • 10.30pm ISTD1
    • High57517
    • Low55634
    • Close56171

BTC/USD is trading at $56232.3 much lower than previous day close. The Bitcoin slid down since last few sessions after Indian Government showed mixed bias over crypto currency trading in the country. This led the traders & investors to square up their long positions in heavily traded Bitcoin; resulting into sell-off till $55K. Last week, the BTC/USD struggled to surpass key benchmark level of $70K after forming record-high levels amid growing uncertainty in equity & currency markets.  Also, the stronger safe haven Gold makes Bitcoin less attractive. As seen in the chart, the BTC/USD retraced down till Fibo level 50.0 & also, the RSI line is moving towards support level 30. Further selling may be recommended on daily basis.

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Intra Day
Near Day

Technical Levels

R3 67044
R2 62580
R1 59731
Turnaround 58116
S1 55267
S2 53652
S3 49188
By Research Team Friday, Nov 19, 2021

    • 10.55pm ISTD1
    • High1.0562
    • Low1.0179
    • Close1.0399

XRP/USD is trading at $1.0413, 0.27% down since previous day close. The flat to lower side trading can be seen in XRP/USD as compared to other Altcoins & Bitcoin. The multiple factors like suspicious regulatory framework in Indian crypto trading, rising Gold prices & record high U.S equity markets make the digital assets less attractive investing option. This reduces the trading volume in the XR/USD; making traders to square up their long positions. Also, the sharp rally seen in the cryptos last week makes the correction phase due; which can be witnessed now. As seen in the chart, although the XRP/USD is trading within the sideways channel yet it crossed down the MA (10) & MA (20) which indicates slight selling bias on the daily basis with a target of $0.9000.

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Intra Day
Near Day

Technical Levels

R3 1.3622
R2 1.2171
R1 1.1287
Turnaround 1.072
S1 0.9836
S2 0.9269
S3 0.7818

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