Cryptocurrency Market Analysis [November 19 Issue]
Bitcoin has been gradually declining in price since last week.
Bitcoin is slowly moving downward in price.
Bitcoin daily chart
In chart terms, the red horizontal line (around 930,000 yen)
is the area that has been tested whether it breaks or not
as it has fallen to that point.
Next after 930,000 yen would be 900,000, then 850,000, and 830,000 (red horizontal line)
these are the targets and perspectives to watch.
The lower targets are areas where price might rebound as it continues to decline
and it can be said there are points where a rebound could occur.
Therefore, at the red horizontal line the rebound should be confirmed
before buying as a possible strategy.
It is possible to execute a strategy of entering buys when a rebound is confirmed at the red line.
.
Of course, at which level or price range you buy is up to one's own view.
Also, Bitcoin is currently in a short-term downtrend.
It surged up to 1,500,000 yen, then fell,
but since the beginning of the month the price has remained somewhat high.
【Notable Chinese-origin cryptocurrencies】
In a week’s move of cryptocurrencies,
many have fallen.
However, among Chinese-origin cryptocurrencies, VeChain
has risen by 35%, Neo by 6% rise
and recent attention has been on the rise of these Chinese-origin currencies.
This is because at the end of October the Chinese government
made statements promoting blockchain
and blockchain adoption.
If China continues to promote blockchain, then the price movements
may be related to the Chinese cryptocurrency ratings.
The latest Chinese ratings were at the end of October.
EOS is first, and second are Tron, with Ethereum in third
place.
The currencies I invest in that are within the top 20 in Chinese ratings include,
Tron, Ethereum,
STEEM
Risk, Ontology , WAVES
are listed.
Historically, Chinese cryptocurrency ratings have tended to rank higher
in China than in other rating periods.
However, as China's blockchain industry rises,
its ratings could gain increasing influence.
The latest Chinese rating can be found here
In cryptocurrency ratings,
well-known ratings outside China include
Weiss Ratings company is well known.
Currently,
B rank ... Bitcoin, Ethereum
C+ ... Ripple, EOS, Binance Coin,
Litecoin , Neo, Tezos, IOTA, Cosmos
are listed, and the high-ranking top market cap currencies are
rated highly, making the rankings seem reasonable.
I feel they are not necessarily the best choices when looking at the rankings.
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