The status of Bitcoin in the last two weeks of November 2018In the last two weeks of November, the famous cryptocurrency of Bitcoin has fallen to almost half its value and shocked all the investors all over the world by its surprising and rapid decrease. The value of Bitcoin depreciated drastically in just the course of two weeks. Now at this current moment, it has been recorded as one of the most spectacular falls that have been observed this year, quoting up to 3 thousand 500 dollars. Some investors are saying that this rate is 40% less than what they had just about two weeks ago. Safe to say, everyone is shocked at the turnout of events.
Bitcoin (BTC) Price Today – BTC / USD
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Technical analysis of Bitcoin in the last week of NovemberAt this moment, uncertainty in the market is one of the main factors why the price of BTC has not managed to get out of this unappealing area which has reached record lows like never before during the 2018 session.
Let’s go over some of the Highlights of this situation:•Bitcoin is under a strong downward trend which is rapidly growing
•Mild recovery can bring a new fall
•Uncertainty in the market is the biggest problem
Analyzing the BTC / USD chart in a one-day period, we can see how the price of BTC experienced a slight recovery during the session on Sunday. However much of that force has been lost during Monday’s session. Be careful with this type of “recoveries” because it can create a false illusion causing many buyers to be trapped in a new fall as has happened in previous movements. You should not invest or buy any currency on the basis of these up and downs. If the flow is steady and smooth, then the case is different, and you may consider investing. We can see how the session is dominated, and The RSI remains lateralized at 20% while the purchase volume is not the best to think that the price can initiate a greater recovery. This is the worst price drop in the electronic currency since 2013. In December of 2017, it went from $ 15,000 to $ 20,000, then it went down to be worth half in January of this year, then stabilized a bit, and in recent weeks, the fall again became dramatic. However, Bitcoin was not the only one that went into a tailspin. Cryptocurrencies such as Ethereum ether fell 6%, and Ripple’s XRP went down the same path. The fall was due to Bitcoin Cash, a bifurcation of software developers who could not agree on how to update the original version of bitcoin. This caused a bit of a debate amongst them as everyone believed their idea to be more efficient. This, in turn, sparked a battle between the digital currencies of the world and as in the “real world” the conflict caused the downturn without so far being a respite.