Bitcoin and Altcoins Approaching Next Significant Break

  • 12 November 2020, Thursday, 10:06

Bitcoin price is rising slowly and steadily above USD 15,600 and USD 15,750. The first major resistance is near USD 15,950, but the main hurdle is at USD 16,000. The price is currently (13:00 UTC) gaining momentum and it seems like the bulls are aiming for another break above USD 16,000. If they fail, there is a risk of a decline below USD 15,500.

Most major altcoins are consolidating in a range, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is trading above USD 460 and it could rise further to retest the USD 470 resistance. XRP/USD could also make another attempt to clear the USD 0.260 resistance.

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Bitcoin price

After a short-term downside correction, bitcoin price started a fresh increase above USD 15,600 and USD 15,700. BTC even broke the USD 16,000 level before correcting lower again. If the bulls succeed in clearing the USD 16,000 resistance again, the price could extend its rally in the next few hours. Conversely, another failure to surpass the USD 16,000 resistance might trigger a bearish reaction. The main supports on the downside are near USD 15,600 and USD 15,500.

Ethereum price

Ethereum price is showing positive signs above the USD 455 and USD 460 levels. An initial resistance for the bulls is near the USD 465 level. The first key barrier is near the USD 470 level, above which ethereum might test USD 480. If there is a fresh decline, the USD 455 level might provide support. The next major support on the downside is near the USD 450 level.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price is holding the USD 255 support level and it is slowly recovering. BCH is facing a key hurdle near USD 260. A successful break and close above USD 260 might increase the chances of a fresh run towards the USD 270 and USD 275 levels. Chainlink (LINK) seems to be losing bullish pace and it is now trading well below the USD 13.00 level. There was a break below USD 12.80 and the price is now struggling to stay above the USD 12.50 support. If there is a clear break below USD 12.50, the price may perhaps slide towards the USD 12.00 support in the near term. XRP price is still consolidating above the USD 0.255 level, with a short-term resistance near the USD 0.258 level. The first major hurdle is near the USD 0.260 level, above which the bulls might gain strength. A successful break above USD 0.262 might lead the price towards the USD 0.270 level.

Other altcoins market today

In the past few hours, a few altcoins gained over 5%, including STX, ICX, OMG, KSM, DCR, DASH, NANO, and QNT. Conversely, LRC, UMA, SNX, ABBC, OCEAN, SOL, REN, and HBAR are down over 5%.

To sum up, bitcoin price is seemingly likely to make another attempt to surpass USD 16,000. If it succeeds, there could be a sharp upward move towards USD 16,500 and USD 16,600. If not, there might be a harsh bearish reaction. __

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