Konstantin Anissimov, Executive Director at CEX.IO
On Thursday, 12th November, the BTC/USD trading pair at 15,726 and dropped momentarily below 15,500 in the first hour of the day. Then the price would gradually climb up to the level of the open and go into the green between 5:00 and 6:00 UTC. Then there were two hours of increased volatility between 9:00 and 11:00 UTC. First, BTC/USD rose to a local summit of 16,171 between 10:00 and 10:15 UTC, then a rapid downward retracement followed, which took the pair to 16,674.
Starting from 11:00 UTC, the pair reversed upwards and continued rising steadily through to 16:00 UTC. Between 16:00 and 17:00 UTC a hanging man formed, signaling a coming downside price action. And in the next hour, a bearish candlestick took BTC/USD to 16,000.
The price dynamics in BTC/USD continue to be largely bullish, letting Bitcoin try to capitalise above $16,000. As for the rest of the week of 9th November, with the $16,000 handle being tested, we are likely to see BTC capitalise above $16,000 by the end of this week.
On Thursday, 12th November, Ethereum was contrastively much less bullish and substantially less volatile too than Bitcoin during the entire day. The ETH/USD pair opened the day at $463, edging down in the first hour of the day much like BTC/USD. The subsequent steady reversal pattern was also quite similar-looking to that of BTC/USD, with the cross rate rising to the day’s summit of $470.6 between 10:00 and 10:15 UTC. However, the following graphic intraday picture on the ETH/USD chart looked rather different from that of BTC/USD.
Closing at $457.85, ETH/USD was only able to climb to $465.1 between 14:00 and 15:00 UTC. In the next three-hour interval, the pair only dipped lower to close the hourly candlestick between 17:00 and 18:00 UTC at $455.
The positivity that we saw a day before has been slightly marred by Ether’s performance on Thursday. However, the token still keeps well above the 0.786 Fibonacci level and the 50-day and 20-day simple moving averages. Also, from the graphic viewpoint, the pair clearly continues its uptrend which stands unimpaired. Therefore, we are still eligible to look forward to Ether going to test its current high for 2020 at $488 before this week ends, the $480 level being a highly probable goal for Ether to achieve during the rest of this week.
Executive Director at CEX.IO