Price analysis 11/16: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, UNI, LTC
The collapse of FTX cryptocurrency exchange has created a liquidity crisis in the crypto space, which could extend the crypto winter through the end of 2023, according to a research report by Coinbase.
According to analysts, the FTX implosion could keep the institutional investors at bay because they are even more likely to tread cautiously for some time.
The crisis has negatively impacted several crypto-focused companies who have assets stuck on FTX following the company's bankruptcy filing on Nov. 11. Investors also fear the contagion could spread, causing further damage to the cryptocurrency ecosystem.
Although several investors were rattled by the collapse of FTX, billionaire venture capitalist and serial blockchain investor Tim Draper remains bullish on Bitcoin (BTC). In a Nov.15 interview with Cointelegraph, Draper doubled down on his $250,000 target for Bitcoin in 2023.
However, investors should take the price projection with a pinch of salt because it is unlikely that Bitcoin will start a roaring bull market in the near future.
What are the key support and resistance levels to watch out for on Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin broke and closed below the June low of $17,622 on Nov. 9. This marked the resumption of the downtrend. Although bulls tried to stage a strong recovery on Nov. 10, their efforts met with heavy selling above $17,622. This suggests that the bears have flipped the level into resistance.
The 20-day exponential moving average ($18,271) has turned down and the relative strength index (RSI) is in the negative territory. This suggests that the bears have the upper hand.
If the price sustains below $17,622, it will increase the prospect of a
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