The cryptocurrency market is showing mixed signals as major assets continue to test crucial support and resistance levels. Bitcoin remains in consolidation mode with $200 price swings, while technical indicators point to increasing bearish pressure.
The RSI is nearing oversold territory at 30%, and the 50-day moving average is closing in on the 200-day EMA, suggesting potential for further downward movement. BTC is currently testing the 0.23 Fibonacci level and would need to break above $8,300 to exit the current downtrend.
For a more in-depth technical analysis of the current market conditions, including detailed chart patterns and historical comparisons, check out our comprehensive Crypto Market Analysis for November 21.
Ethereum is displaying bearish signals as well, struggling to maintain the $172 support level. A breakdown below this point could see ETH fall toward $160. Meanwhile, XRP has already breached the $0.25 support and may decline further, with the $0.24-$0.25 range now acting as a critical zone for the asset.
Litecoin is following Bitcoin's weakness, forming three consecutive bearish candles that suggest additional downside potential. With trading activity remaining low across the board, the overall market is expected to continue its sideways movement in the near term.