Cryptocurrency Market Analysis as of 17.11.2023


Throughout the week, the cryptocurrency market experienced a surge in its capitalization, climbing from $1.38 trillion to $1.44 trillion. Despite initial setbacks, Bitcoin rebounded, securing a gain of over 1.5%. Ethereum saw a notable rise of nearly 9%, while Ripple and Litecoin faced losses, with Ripple dropping by 7.0% and Litecoin by approximately 1%.

Technical Analysis


Bitcoin traded within a sideways range between 34,264 and 37,993, managing to reverse losses and hit its resistance. From a technical perspective, the future direction of Bitcoin hinges on surpassing the 37,993 level; success could propel prices toward $40,000 per coin, while failure might lead to a pullback to support at 34,264.



Ripple slipped below 0.6600, closing the gap within the range between 0.5513 and 0.6600. It now rests at its resistance, facing the possibility of a downturn to support or consolidation above 0.6600, potentially allowing XRP/USD to reach November 13th highs.



Ethereum, recovering from the week's losses, is nearing the resistance range between 1896.78 and 2139.04. Further movement toward 2139.04 could extend the growth of ETH/USD to 2282.59, while a fallback scenario involves a return to support at 1896.78.



Litecoin continues to put the strength of the resistance of the sideways range between 64.70 and 73.43 to the test. Successful consolidation above 73.43 may lead to continued growth towards the target of 82.90, while an alternative scenario may involve a return to support at 64.70.


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