Crypto Outlook: 11/29/21 - 12/3/21
Is it possible to profit from the crypto bloodbath?
This week has again seen a decline in all crypto currencies, having suffered drops of over 10% in their values.
There were still plenty of trading opportunities, such as this magnificent fall on Dogecoin which we will analyze for educational purposes right now.
Dogecoin (DOGE/USD): Reversal analysis
Before breaking its long-term bullish structure, the price made two breakout attempts that resulted in fakeouts. The candles made significant bearish wicks, but the price always ended up closing above the trend line. On the real breakout, the price closed below this line, and that was the starting point of the reversal. Since then, the supports have all broken and the bearish impulses have multiplied, until the previous bullish structure was completely corrected.
This week, many analyses hit their target. In our free Telegram and Discord groups as well as on Twitter, we had published several bearish analyses. Among them, we find the fall of SHIB/USD, XRP/USD, or LTC/USD.
Shiba (SHIB/USD): The price has retested the target support area of the analysis note after breaking through its short-term uptrend line. Great simple trend continuation scenario.
LTC has followed our bearish analysis perfectly. The price made a huge bearish impulse and then retraced. The correction was broken from below and then the price went to test its technical support.
XRP again followed our bearish continuation analysis. After the strong bearish impulse, the price had created a short-term bullish channel. Its breakout has resulted in a further fall to technical support.
Now let’s look at the potential movements for next week. Will the markets continue to fall, or will they rebound? No one knows… but here are our educational analyses.
Bitcoin (BTC/USD): Bearish continuation?
BTC could continue to fall from its medium term downtrend to touch its long term uptrend. The price could then continue to fall to the $48,000 – $50,000 area.
Ethereum (ETH/USD): Fall to come?
ETH could continue to fall after breaking out of its short-term bullish structure. At present, the price may go to retest its long-term uptrend line acting as strong support.
Litecoin (LTC/USD): Deep price breathing?
After an extensive bullish move, the price has retraced and could continue to fall to the support area in confluence with the long-term uptrend line.
We hope that this article will help you prepare for another week of trading, and that we have helped you to better understand what happened the week before. We put education first and do everything we can to help you progress.
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Have a great trading week everyone, and thank you for your loyalty.
Please note that these analyses are based on price action elements only and are in no way trading or investment advice.