Consolidation week in cryptos, but closing an ugly November

Consolidation week in cryptos, but closing an ugly November

Bitcoin, the crypto king, finished last week with modest gains for the first time since the last week of October; however, it was more on a consolidation game than a recovery play as the BTC/USD closed its worst November in seven years.

In the last four weeks, BTC/USD lost more than 35% from November’s opening price at $6,304.18, to close at 3,976.00. It was a massive decline that drove Bitcoin prices to its lowest level since September 2017.

November was the fourth negative month in a row for BTC/USD. Since August, the pair has lost almost half of its price. Just in four months.

More concerning is the Bitcoin charting picture as the BTC/USD broke below the key $6,000 area on November 14 and it never looked back. Technical conditions in the monthly, weekly and daily charts are adverse and pointing for more losses.

What’s going to happen in December?

Historically, December was a good month for the first cryptocurrency in the world by market capitalisation. In 2017, BTC/USD rose a 40%, its third December with gains in a row. In 2011, BTC/USD performed a stunning 59% gain, but in 2013, the last month of the year showed a 33% decline in the BTC valuation.

This time, however, technical conditions are depressed and pointing for more declines. Daily moving averages are leading to the south while studies are below their midlines.

Ethereum remains in free-fall; what now?

Ethereum closed its seventh negative month in a row in November as the pair lost $85 of valuation between November 1 and 30 to close at 111.65.

The third largest cryptocurrency by market value according to CoinMarketCap closed November with a 43% decline after opening the month at $196.95, and following a brief rally to $222.78, it fell all the way down to finish the month at 111.65.

Throughout the month, ETH/USD consolidated levels below the $200.00 area, and it broke the $165.00 critical level. In the last seven months, ETH/USD lost 83% of value, from May’s opening at $669.82 to November prices.

Technical conditions remain negative for Ethereum. Daily moving averages are pointing to the downside while studies below its midlines, thought some recovery could be seen.

Ripple down, but it remains on the range

Ripple finished November with a 19.54% decline from its opening price of $0.4543 at November 1, to close the month at $0.3655 on November 30. XRP/USD performed its second negative month in a row.

The last week was the third negative in a row, as the unit has lost 30% of value since the November 19 week.

However, the picture is not as ugly as it is in the Ethereum and Bitcoin charts. Ripple remains in a channel between $0.3320 and $0.6000 performed since June, except for the September spike to $0.7913.

Technical indicators are moderate negative, but some hope for bulls can be expected as studies are improving conditions and pointing for some recovery at least in the short term.

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