Bitcoin November forecast and market update

Stablecoin?

Lately, Bitcoin has been dormant, where we have seen more volatility in blue chip stocks like Apple and Amazon this last month. The price is well within the Apex, touching the upper area, and even peaking out a little, but sadly without any great moves. We take this as a bearish signal until more price data occurs. That being said, we are nearing a one full year bear run. BTC dominance is also rising with it staying around the 54% area. We are paying close attention to these movements.

Ethereum looks much worse compared to bitcoin with it dropping to as low as 167$ and a 88% correction from its ATH. A price that has not been seen since 16th of July, 2017.

Ethereum is in a bearish pattern, currently only seeing more and more downside until bearish strength is regained. Current support seems strong, but that being said, it has plowed through every other support up until this point, and we don’t see any strong reasons why this should turn now.

Altcoins to look out for

0x protocol has been one of the more stable cryptocurrency this year with it recently being the First ERC-20 Token On Coinbase. It has had a 120% rally in the span of 35 days after hitting a local bottom on 12th of September.

Polymath has also been one of the best gainers with it having the exact same date and period of time for its price action. The coin has acted very volatile with a total rally of 195% compared to 0xs 120% in 35 days.

Conclusions

The current space in crypto is quite dormant, with most of the volatility being in altcoins. One can take this both bullish and bearish. The one year cycle is nearing an end, with hopes of a bull market, but sadly no current indication to strengthen this outlook.

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Disclaimer

The content provided in this article belongs to Norway Confidential Group and all information in this article is not intended and does not constitute as legal or investment advice. Please do your own research.