Bitcoin And Altcoins Struggle To Move Up, XRP Gains Momentum

  • 10 November 2020, Tuesday, 10:06

There were mostly range moves in bitcoin price below the USD 15,500 and USD 15,600 resistance levels. BTC is losing momentum and there is a risk of a bearish reaction below USD 15,200 and USD 15,000. The price is currently (13:00 UTC) trading below USD 15,350 and it seems like the bears are aiming for a test of USD 15,000.

Similarly, most major altcoins are moving lower, including ethereum, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is trading below USD 450 and it might continue to move towards USD 442 or USD 440. Conversely, XRP/USD outperformed and it broke the key USD 0.255 resistance level.

Total market capitalization

Bitcoin price

After struggling to settle above USD 15,500, bitcoin price started a slow decline. BTC broke the USD 15,400 and USD 15,350 levels. The price could extend its decline below USD 15,200 and it could even revisit the USD 15,000 support level. Any further losses may perhaps open the doors for a test of USD 14,800. On the upside, the previous support near USD 15,350 might act as a short-term resistance. The main hurdle for the bulls is still near the USD 15,500 and USD 15,600 levels.

Ethereum price

Ethereum price failed to stay above the USD 450 level and it started a fresh decline. ETH seems to be approaching the USD 445 level and it seems like the price might even test USD 442. The main support for the bulls is still near the USD 440 level. On the upside, the USD 450 level is a short-term resistance. The first major resistance is near USD 455, above which the bears might put a strong fight near USD 460.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price is down 4% and the price is now trading below the USD 260 level. BCH is sliding towards the USD 255 support, but the main breakdown support is near the USD 250 level. Any further losses could open the doors for a larger decline. Chainlink (LINK) seems to be consolidating gains below the USD 13.00 resistance level. If the bulls take over the USD 13.00 resistance, there could be another 5%-6% rise in the short-term. Conversely, there might be a downside correction below the USD 12.80 level. The first major support is near USD 12.50, below which the price could revisit USD 12.00. XRP price outperformed and it climbed higher slowly and steadily above the key USD 0.255 resistance zone. The price is struggling to continue higher, but if other altcoins recover, there could be a strong rise in XRP towards USD 0.260 and USD 0.262. On the downside, the key breakdown support is near USD 0.250.

Other altcoins market today

In the past few hours, a few altcoins climbed over 8%, including CVC, GNT, MANA, YFI, SNT, AAVE, RUNE, DX, WAVES, and OCEAN. Conversely, HEDG, EWT, and ABBC are down over 5%.

To sum up, bitcoin price is struggling to climb above important hurdles near USD 15,500. BTC is slowly moving lower, but there are many crucial supports waiting to protect losses near USD 15,000. __

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