Your Crypto Focus: 20th November – 26th November
Major crypto markets were mainly lower this week, breaking last week’s rallies and record runs. Sentiment shifted back to sellers as factors came back into the market from China. The crackdown continues from China to crypto, and this could be seen as a factor guiding traders to cash in after recent records. Looking at, for example, the two largest coins by cap, we saw Bitcoin and Ethereum not only retreat from records but clock up decent moves lower. ETHUSD traded as much as 15% lower, and BTCUSD lost over 13% to the current weekly low.
While, yes, we did see plenty of declines, there was a star riser this week. Avalanche is this week’s focus as buyers not only pulled back from heavy losses, they edged up to new records with a 13% rally. Price hitting a new all-time high of 110.52.
Looking at the current 4H chart, we will continue to look at the current trend and the new fast trend that has started to develop. Today buyers have continued to pull back yesterday’s decline, but the worry remains around 108.85 as this level has set up a level of resistance. Above this point, further resistance can be seen at 110.20 and just above at the record high. We will continue to look at further buyer momentum while price remains above the current fast trend, but we would like to see buyers break resistance to show they remain in control.