Bitcoin
BTC$29 191.52

-2.06%

Ethereum
ETH$1 954.39

-4.11%

Tether
USDT$0.998880

0%

USD Coin
USDC$0.999973

-0.01%

Binance Coin
BNB$295.49

-1.54%

XRP
XRP$0.409560

-4.29%

What are the next levels to watch for crypto


16 Nov 2021

#Bitcoin

Cryptocurrencies have experienced a sell-off, taking major cryptos below recent short-term support lines. A stronger dollar against major currencies and a desire to lock in profits triggered a strong but relatively even sell-off overnight. The cryptocurrency market capitalisation collapsed 7.5% over the past 24 hours to $2.66 trillion, breaking a long consolidation.

The cryptocurrency fear and greed index has so far failed to react to yesterday’s spill in the sector, ending up at 71, still in greed territory, which bears little resemblance to the sentiment in the markets as of this morning. Bitcoin lost 7.8% to $60.7K and is 11% below levels a week ago.

Bitcoin has rolled back to the previous local support line, and one should watch the price closely to see if we see a break or a short-term shakeout. The $57.50-60K area focuses on the 50-day moving average and the 61.8% retracement level from the rise since late September. If Bitcoin does not get solid buying support in this area, it could open the road down to $52K.

Ether is down 8.4% to $4300, bringing its 7-day loss to 10.5%. At this stage, we can see the current pullback as a rally correction from the September lows with the first support area at current levels. A deeper target for the correction is seen at $4000. Besides being a psychologically important round number, it is also the area of the September highs, 61.8% of the rally and the 50-day average passes through here.

A day-end lock below $57K for BTC and $4K for ETH would mean a more profound and longer correction, where it makes sense for short-term buyers to wait for a better buying point: lower in price or when passions subside. Investors will have to figure out whether the latest round of crypto sell-off was triggered by a wave of dollar strength in the coming days. If these events are related, cryptocurrencies risk being struck as markets increasingly price in tighter monetary policy, raising the dollar’s appeal.

Written by FxPro’s Senior Market Analyst Alex Kuptsikevich

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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60.8% 82 $29 191.52 -2.06% 2.70% $555 914 015 832 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 64% 82 $1 954.39 -4.11% -1.82% $236 158 317 873 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.998880 0% 0.42% $74 130 049 611 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $0.999973 -0.01% -0.03% $52 352 625 225 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 63.2% 83 $295.49 -1.54% 15.82% $48 246 384 325 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 68% 71 $0.409560 -4.29% 6.64% $19 799 416 736 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $1.001666 0.20% -0.19% $18 443 180 310 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 64% 77 $0.518507 -7.30% 14.16% $17 500 944 869 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 58.4% 84 $50.68 -8.06% 10.69% $17 098 227 484 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 61.2% 87 $0.084476 -4.75% 5.40% $11 207 554 336 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 62.8% 78 $9.71 -7.67% 16.86% $9 589 547 375 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 59.6% 82 $29 143.47 -2.27% 2.60% $8 158 800 980 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 58.8% 82 $29.81 -10.49% 2.50% $8 022 029 630 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 73.6% 55 $0.071895 0.68% -3.97% $7 014 123 058 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 95.2% 1 $1.000661 0.07% 0.23% $6 504 642 637 DAI 7 days price change

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