A November To Forget For Cryptocurrencies - FX Leaders News
ICO

A November To Forget For Cryptocurrencies

Posted Friday, November 30, 2018 by
Shain Vernier • 1 min read

Crypto bulls are counting the hours until November officially rolls to December. The past month has been nothing short of a disaster, with values of the big four cryptocurrencies tanking. Hard forks, ominous commentary from regulators, and accusations over market manipulation have scared investors away from Bitcoin, Ethereum, Litecoin, and especially Bitcoin Cash. Is the pattern of negative news going to continue for the remainder of 2018?

A Brutal November For Cryptocurrencies

Mid-week trade of cryptos featured some fresh optimism. However, the buying proved to be short-lived and these markets are closing the month on a down note.

Here is quick look at November’s action facing the leading cryptos:

Coin                                        %Loss         Key Number

Bitcoin (BTC)                             37.25              $4000

Bitcoin Cash (BCH)                  59.18               $175

Ethereum (ETH)                       42.98              $100

Litecoin (LTC)                            37.38              $25

The monthly percentage loss for each of these cryptocurrencies is staggering. Going into 2019, one has to wonder if these assets will continue to give back 24-month gains.

Bitcoin Futures

The daily technical outlook for Bitcoin futures is that of a textbook downtrend. Price bounced off of a round number ($3500) and then reversed before reaching the sell-off’s 38% Fibonacci retracement. Simply put, the trend is down and $3500 is again in jeopardy.

November Bitcoin Futures (BTC), Daily Chart
November Bitcoin Futures (BTC), Daily Chart

Overview: The good news for November BTC futures is that the contract expires today. Prices of the December issue are lower, but at least a new contract may bring some much-needed luck to this market.

While everyone is awaiting news from the Trump/Xi meeting at the G20 this weekend, some crypto headlines may also be made. Last February marked the first time the G20 decided to formally address cryptocurrencies. This weekend’s summit may bring more discussion regarding regulation and the mainstream adoption of cryptos. Subsequent volatility is possible on cash markets, making the situation worth monitoring.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Shain Vernier is our US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
Related Articles
Comments

4
Leave a Reply

avatar
1 Comment threads
3 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
2 Comment authors
Shain VernierNathan Cogley Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Nathan Cogley
Guest
Nathan Cogley

Where is XRP? It’s #2 digital asset in whole market. Don’t be biased, only shows poor reporting skills.