Weekly Token Analysis: BTC, ETH, BNB, ADA: 11/24-12/1

Weekly Token Analysis: BTC, ETH, BNB, ADA: 11/24-12/1

By Randal | Trading With Randal | 24 Nov 2021

Bitcoin BTC:

tl;dr: Bearish into next week. Continue to wait for the dip.


The BTC drop looks like it may continue for another few days before rallying. It is too hard to say how long the rally will be, but the indicators are pointing to a continued decline. While the Ichimoku Cloud is indicating a growing uptrend, the TenkanSen (blue line) is gaining some distance below the KijunSen (red line). These lines crossed around the 15th, indicating a sell signal. They don't look like they'll cross again within the next few days. The MACD is continuing to decline with no indication of a cross coming soon. The Stochastic RSI is showing that BTC is underbought, but the trend is still indicating downward movement. It doesn't look like BTC will start to trend back up until next week. Keep your eyes on the MACD and Stochastic RSI to buy the end of the dip. This fall is likely temporary. BTC is still getting a lot of good publicity in the news. It was recently announced that Odell Beckham Jr. would take his full salary in BTC. News like this can only serve to improve and legitimize BTC.

Ethereum ETH:


tl;dr: If you're tracking by the hour then buy the dip and sell when ETH ping-pongs. Otherwise continue waiting for the dip to finish.

The TenkanSen looks like it is getting ready to cross the KijunSen. This would normally indicate a buy signal; however, there are more indicators pointing to a downtrend. The prices are between the Senkou A and Senkou B (in the cloud) and the Chiku Span has crossed below the prices. Furthermore, the Senkou A is below the Senkou B, an indication of a strengthening downtrend. It looks like the TenkanSen will cross the KijunSen around Thanksgiving. Buying here would be risky. If the Stochastic RSI is trending upward at that time, and the MACD looks like it may cross ,then the risk may be worth it. Right now it looks like the Stochastic RSI is trending down and the MACD is nearing a cross toward a downtrend. For now it appears ETH has a small chance of ping-ponging up and then dropping back down even further. ETH continues to receive negative attention in the news about the high gas prices. A big bull trend for ETH is likely to follow a successful full launch of 2.0.

Binance BNB:


tl;dr: Wait for the dip.

Similar to last week, BNB's indicators look very similar to ETH's. My advice would be the same. BNB might have a quick rebound, but the overall trend appears to be downward. Unlike ETH, BNB may have a strengthening upward trend approaching as we near Dec. 1st. This tells me that a price reversal may begin sometime next week. I would keep my eye on BNB and look for the bottom of the dip. You could risk a buy now. Like in ETH, the TenkanSen has crossed above the KijunSen. I would recommend caution here because it is still a risky play. The price is just barely between the Senkou A and Senkou B, and the Chiku Span is crossing below the price movements. You might make some more pips buying now - but it looks like a downtrend is likely to continue at the moment. Buy signals are likely to come through in the next few days. I would try to get in before the 30th as sentiment is growing around BNB. The introduction of a real time burning mechanism will likely have a positive impact on the price.

Cardano ADA:


tl;dr: The dip continues. If you're HODLing - it's only a loss when you sell.

Short of some surprisingly strong news and a market shift - Cardano is likely to continue falling through the end of next week. All indicators are pointing to a continuance of this downtrend for next week. It might be one of the most googled tokens in the US, but it's also lumped in with meme coins in these articles. That may not help ADA's image in the long run. Furthermore, ADA was just delisted from eToro for the US. The delisting seems to have overshadowed the good news for Cardano, which was that Bitstamp just listed it. Overall, Hoskinson continues to be unconcerned with the decline in price for Cardano. Hoskinson is more concerned with creating a quality product than with the day to day price movement of the token. Overall, ADA has seen tremendous growth over the course of 2021. Those looking for short term gains with ADA will be disappointed this week. Those who believe in the project are likely to HODL anyway. I'll be continuing to watch the decline in price with the hope that I can buy the dip. 

While it doesn't look like ADA will see gains in the next week (or the week after), sentiment is still high for the project. A reversal may occur as the new year approaches.

*Disclaimer: This is not financial advice. I am a normal person sharing my thoughts. DYOR

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Just a savage man learning about the refined world of crypto.

Trading With Randal
Trading With Randal

I'm learning to swing trade crypto currencies. This blog will track my journey from paper trading zero to a diamond handed World Champion. Each week I'll post my thoughts on the price movements of tokens I'm tracking. I'm currently tracking the top 4 -- BTC, ETH, BNB, and ADA.

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