Topic in Discussion
BTC fell yesterday after repeated failure to break $4,200 and came out of a bottom divergence at the 4-hour level. However, we also mentioned that this is still the divergence below 0 of DIF and DEA double lines, and the current market remains weak, which may not be stable at $4,000. The BTC rebounded after hitting a low of $3,695.
Although the BTC market is still weak, the bears and bulls will not give up, and their hard fight between $3,700 to $3,900 lets people see a glimmer of hope. In today's digital money markets, however, no one but gambler is likely to squander only based on a ray of hope. The trend on 15th and 21st were bloody examples.
And now BTC downward trend has not slowed down in fact, even if it does slow down, that not means bears are out of steam, and if people want to consider whether it is slowing down, they need to see how the market closed today.
After falling below $4000, the support has turned to resistance, while the support at $3,700 below has only been tested for three days, and its strength remains to be discussed. However, from a technical point of view, it is more favorable that, as of press release, BTC has continued the bottom divergence of daily level, even though the DIF and DEA double lines of daily level still show a downward trend.
In the short term, the trend of BTC has a high probability of going down. Everything still needs to see the support strength of $3,700. It is expected that there will be multiple back step tests in the short term, and the fluctuation pattern is difficult to change temporarily.
As of 6 p.m. on November 27, according to CoinMarketCap, the total market value of digital money market is $120.89 billion, which is $7.69 billion less than the total market value of yesterday and 5.98% less than the previous month. Total market turnover was $18.26 billion, down $1.52 billion from yesterday and down 7.70% month-on-month.
Today, the major stable currency changes as follows, USDT current price of $0.989,684, up 0.73%; The USDC fell sharply, from $1.03 to $1.01. TUSD and PAX rose 0.48% on average to $1.02. TUSD, USDC and GUSD all increased the circulation of money, while PAX reduced the circulation by 3.7 million.
Mars Finance (WeChat: hxcj24h) monitors 9 of the top 100 digital currencies by market value, and 60 digital currencies saw declines ranging from -10% to -5%. The 100 digital currencies fell an average of 6.10%. Gold Bits gained 33.79%, followed by Chainlink with 11.46%. Factom was the worst performer, down 28.05%, followed by Mithril, down 16.04%.
In the 4-hour market, BTC repeatedly stepped back to test the support of $3,700, and bulls defended at this position, but did not make greater investments. The BTC prices will follow the market downward trend in a short term, or will continue to dip. If there is a strong rebound in this position breaching $4000, a horizontal price movement will follow. The MACD of daily level has seen a bottom divergence, but DIF and DEA double lines show a downward trend under 0, and there is no strong rebound momentum in the short term. For capital, BTC maintains relatively large outflow.
XRP came under pressure from the broader market, falling back to $0.357 from $0.38. From today's trend, XRP has returned to the downward channel again. The price of XRP still cannot get rid of the strong downward trend of the market in the short term, and the upper part is strongly suppressed by the 5-day line. After that, there is a high possibility of a decline, and a rebound will occur at around $0.34.
ETH continues to weaken, hitting a new low of $102.2. Although overall trend is slower than BTC recently, but is far away from flat. The previous support above $106 has been breached, the 4-hour MACD index levels off, but continues to be bearish with the market in a short term.
As of 6p.m., 2 out of 27 blockchain industry sectors of 5 categories went up, according to TokenInsight. Among them, "other technologies or protocols" sector saw the best performance with an average increase of 6.00%, followed by "anchors and reserves" sector with an average increase of 0.10%. The "information and technology service platforms" sector saw the worst average decline of 15.58%, followed by the "medical applications" sector with an average decline of 11.84%.