Price Analysis 11/11: BTC, ETH, BNB, XRP.

BTC and other cryptocurrencies experienced a blood bath over the last five days. These assets suffered massive retracements over the last five days that many would love to forget. As a result, the global cryptocurrency market cap lost a huge fraction of its worth.

The sector was worth more than $1 trillion at the start of the week. The value at the time of writing is $850 billion. However, it retraced a little lower as it saw a low of $792 billion. At its current value, the crypto market is down by more than 15%.

The reason for the massive decrease is no longer news as many dread the parties. FTX was on the front pages as several events pointed at the exchange being insolvent. Binance dumped a huge chunk of their $500 million bag of FTT.

This had a ripple effect on the exchange and the entire market. As of the time of writing, the entire crypto market is grappling with the consequences of what the second-largest crypto firm does to its customers.

Many expected deeper lows across the market. These predictions were right as almost every coin retraced to a low they have not attained in more than a year. For example, TRX dipped to a low of $12 as it lost more than 19%.

One of the biggest losers over the last five days is FTT as it lost more than 95% of its value. It started with a more than 75% drop at the peak of the bearish dominance. Although the massive decrease was one of the biggest in a long while, it slowed down due to other fundamentals.

Over the last three months, one story that caused panic across the market is CPI. This time, it was positive. Let’s see how some assets in the top 10 performed.

BTC/USD

It is safe to conclude that the apex coin had its most bearish period of the year. It started a little slow as it failed to register any notable price increases or decreases. It picked up momentum the next day.

It had a sharp drop to a low of $17,114 which was the new low for this year. However, it recovered and closed the session a little higher. Nonetheless, it lost more than 9%. A repeat of the same event happened on Wednesday as it broke another key support.

The $16k barrier failed to hold out against the massive selling pressure and BTC dipped to a low of $15,632. This time, the bulls were unable to rally the market, and the asset closed with losses exceeding 14%.

The release of the Consumer Price Index was the only positive fundamental during the period under consideration. In response to indications that inflation is slowing down, the crypto market was bullish.

Many speculated that if the downtrend never happened, the apex coin would test other key resistance. Nonetheless, it peaked at $18,150 but closed a little lower. It ended the session with gains of more than 10%.

The current intraday session is not looking any better for the asset as it retraced to a low of $16,394 but rebounded and may end the session with losses of almost 4%. Due to market action on Wednesday, bitcoin has become oversold.

The Relative Strength Index returned to the safe zone the next day as a result of the increases. The Moving Average Convergence Divergence holds little or no information as its been on a downtrend since its bearish divergence on Monday.

Additionally, it lost the 50-day Moving Average on Tuesday. Over the last five days, the apex coin lost more than 20%.

ETH/USD

Ethereum had the same experience as BTC. It kicked off a bit slow as Monday was marked with little trading volume and a doji as it failed to register any notable price changes in the end. This changed the next day as we observed one of the longest candles on the daily chart.

It lost almost all the key levels it regained last week as it dipped to a low of $1,220. It saw a slight recovery, but closed the session with losses of more than 14%. The next day was worse as it broke another vital barrier.

It dipped below $1,200 and experienced a rebound at $1,071. However, this had very little impact on prices as ETH ended the day with losses exceeding 17%. The bulls reclaimed some marks the next day as market sentiment changed.

One such is $1,300 It briefly gained stability above the mark as it peaked at $1,350. Ether faced rejection and closed below the highlighted level. Nonetheless, it registered its first notable positive change of the week.

It had a more than 17% increase. At the time of writing, the largest alt is recovering from a dip below $1,200. A rally is underway as we notice a gradual reduction of the red candle. The massive moves over the last five days had a tremendous impact on indicators.

For example, RSI was on a downtrend since Tuesday and fell below 30 the next day. It is above 40 which may mean the end of the downtrend. Ethereum also had bearish divergence during the second intraday session and both EMAs are below dipping.

Like BTC, ETH lost more than 20% over the last five days. It also dipped below its 50-day MA.

BNB/USD

Binance coin was not excluded from the downtrend across the crypto market. However, it showed a little resistance in the initial stages as it saw a flood of investors after another positive fundamental.

For the first time since May, it was on its way to retesting the $400 resistance. It had a level of success as it peaked at $397 but experienced massive retracements. It dipped to a low of $298 but closed higher and registered losses of less than 3%.

The session was the most bearish for the asset as it retested its 30-day support at $260. Like BTC, it recovered but failed to make any notable changes to the candle. It ended the session with losses exceeding 18%.

It made an attempt at reclaiming the lost levels the next day as it ended Thursday at $303 after opening at $266. It ended the session with gains of more than 13%. It is currently recovering from a dip to $278.

However, there are indications it may end the current trading period with notable losses. Since the week started, the asset under consideration is down by more than 14%. Before the current intraweek session started, BNB was overbought.

It corrected and is back in the safe zone. However, it dipped to a low of 35 due to the massive downtrend on Wednesday. It is still within the zone and will continue to stay within it if there are no massive moves.

The decreases had little or no impact on the 50-day Moving Average as it continued its uptrend and intercepted the 200-day MA. BNB had a golden cross on Wednesday. The exchange token also had bearish divergence during this period.

XRP/USD

The top 100s are seeing a tremendous reshuffling. We observed that this change also affected the assets in the top 10. For example, ripple moved down one spot as its market cap dwindled. Trading action over the last five days led to this outcome.

It started the week a little slow as it experienced small increases but dipped and failed to record any notable gains. Traders feared the worst on Tuesday as the altcoin lost momentum and sharply decreased to a low of $0.33.

However, the asset recovered and attempted to erase its losses. It failed as XRP closed with losses exceeding 14%. The massive downtrend continued as the altcoin broke Tuesday’s low. It dipped as low as $0.31 and ended the session with losses of more than 18%.

Ripple saw its biggest loss of the week the next day as the bulls rallied the coin in response to a fundamental. It successfully erased the previous day’s losses as it reclaimed the level it lost during the peak of the bearish dominance.

The current intraday session is a sign that the downtrend is not over. XRP is down by a few percent and dipped to a low of $0.35. A look at the indicators tells a broader story of what transpired over the last five days.

The Moving Average Convergence Divergence pointed out that the asset had a bearish divergence at the start of the week. The metric continued its downtrend in response to the drop in prices.

A look at the Relative Strength Index showed that the asset was oversold on Tuesday. However, it recovered and is currently in the safe zone. More worries for the altcoin as both the 50-day Moving Average and 200-day MA are on the downtrend.

Recall that the asset had a golden cross two weeks ago. The current situation is more concerning as we may expect a reversal if the downtrend continues.

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  • bitcoinBitcoin (BTC) $ 16,409.03 1.51%
  • ethereumEthereum (ETH) $ 1,210.80 3.82%
  • bnbBNB (BNB) $ 298.93 1.67%
  • xrpXRP (XRP) $ 0.391853 2.58%
  • solanaSolana (SOL) $ 13.40 0.74%
  • terra-luna-2Terra (LUNA) $ 1.58 2.93%