Bitcoin and Altcoins Fluctuate Amid US Election Results

  • 04 November 2020, Wednesday, 10:06

After a spike above the USD 14,000 level, bitcoin price started a short-term downside correction. BTC traded below USD 13,800 level, but the price remained steady above USD 13,650 and USD 13,500. The price is currently (13:00 UTC) consolidating and it seems to be preparing for the next move amid US election results.

Similarly, there were range moves in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is facing a strong resistance near USD 385, but the bulls are protecting USD 380 and USD 378. XRP/USD retreated lower below USD 0.238 and it is now testing the USD 0.235 support zone.

Total market capitalization

Bitcoin price

In the past two sessions, bitcoin price mostly traded in a bullish zone above the USD 13,650 and USD 13,500 support levels. It seems like BTC might be preparing for the next major move, with an immediate resistance at USD 13,880. The first major resistance is near USD 14,000, above which the bulls might aim for a 5%-6% rise. If there is no upside break above USD 13,880 and USD 14,000, the price could retreat lower. An initial support is near the USD 13,650 level, below which the bulls must defend USD 13,500.

Ethereum price

Ethereum price is facing a strong selling interest near the USD 385 and USD 386 levels. The next major resistance is near the USD 392 level, above which the bulls could aim a clear break above the USD 400 and USD 402 resistance levels. Conversely, there could be a sharp bearish reaction below the USD 378 and USD 375 levels. The first key support is near the USD 372 level. Any further losses could lead the price towards USD 365.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price struggled to clear the USD 245 resistance and started a fresh decline. BCH broke the USD 240 support and it is down over 2%. The price is approaching the USD 235 support, but the main support is near the USD 230 level. A break below USD 230 might increase selling pressure in the near term. Chainlink (LINK) is struggling to gain pace above the USD 10.30 level. The price is now trading below USD 10.20 and it remains at a risk of a downside break below the USD 10.00 level. If the bears succeed, the price could dive towards the USD 9.50 and USD 9.20 support levels. XRP price started a fresh decline and traded below the USD 0.238 support. The price even broke USD 0.236 and it is testing the USD 0.235 support. Any further losses may perhaps lead the price back towards the USD 0.230 support level. On the upside, the USD 0.238 and USD 0.240 levels are important hurdles.

Other altcoins market today

In the past few hours, many altcoins retained gains over 5%, including HEDG, TMTG, ABBC, AMPL, EWT, LSK, REN, RVN, STX, CEL, BAND, COMP, DCR, and ADA. Conversely, YFI is down over 10% and it is trading below USD 8,800.

To sum up, bitcoin price is consolidating in a range below USD 14,000 and waiting for the final outcome of US elections 2020. BTC could either rally above USD 14,000 or it might start a fresh decline towards USD 13,000. __

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