The Cryptocurrency Market Cap is down by -2.73% in 24 hours and is currently at $122.24B. In the same time frame, the Kryptoin NAV is down significantly more by -6.74% to $25.87 as Bitcoin moves down by -4.74% to $3805.07 and other Altcoins continues to fall.
Bitcoin Likely to Close Below Key Price Support in First Since 2015
Bitcoin looks set to end the month below a key long-term support level for the first time in three years.
The 21-month exponential moving average (EMA), which served as a price floor for five months straight, was convincingly breached on Nov. 15. As of writing, the former support-turned-resistance is located at $5,896, while BTC is changing hands at $3,650 on Bitstamp.
The drop below the EMA support marks the resumption of the sell-off from the record high of $20,000 reached in December, meaning the path of least resistance is to the downside. So, while an oversold bounce could be seen in the short-term, a recovery all the way back to levels above the 21-month EMA is ruled out for now.
Therefore, a monthly close on Friday (UTC time) below the 21-month EMA looks like a done deal. Notably, this would be the first monthly close below the EMA support since October 2015.
Godbole, O. (2018). Bitcoin Likely to Close Below Key Price Support in First Since 2015 — CoinDesk. [online] [Accessed 27 Nov. 2018].
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