Bitcoin and Altcoins Trim Gains, Key Supports Intact

  • 02 November 2020, Monday, 10:06

Bitcoin price failed to continue higher above the USD 13,800 resistance. As a result, BTC started a downside correction and traded below the USD 13,500 support. The price is currently (13:00 UTC) down over 2% and it is now approaching the USD 13,200 and USD 13,000 support levels.

Similarly, there was a fresh decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD struggled to settle above the USD 400 resistance and declined below the USD 392 support zone. XRP/USD also failed to clear the USD 0.242 resistance and declined sharply below USD 0.235.

Total market capitalization

Bitcoin price

After a failed attempt above USD 13,750, bitcoin price corrected lower. BTC broke the USD 13,650 and USD 13,500 support levels to move into a bearish zone. The price even broke the USD 13,350 support and it might find bids near USD 13,200. The next major uptrend support is near the USD 13,000 level. If there is a fresh upward move, the USD 13,500 level might act as a resistance. The next key resistance is near USD 13,650, above which the price could test USD 13,800.

Ethereum price

Ethereum price failed to gain traction above the USD 400 resistance and started a fresh decline below USD 395. ETH even broke the USD 392 support and tested the USD 382 level. The next major support is near USD 378, below which the price could revisit the USD 372 support. If there is a fresh increase, the USD 388 and USD 392 levels might prevent upsides. The main hurdle is still near the USD 400 level.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price declined below the USD 262 and USD 260 levels. BCH is down around 1% and it is holding the USD 255 support. The next key support is near the USD 250 level. On the upside, the USD 260 level is a short-term resistance, followed by the USD 265 pivot level. Chainlink (LINK) failed to clear the USD 11.80 resistance and reacted to the downside. There was a sharp decline below the USD 11.50 and USD 11.20 support levels. The price is now trading below USD 11.00 and it seems like the bears are aiming for a retest of the USD 10.20 support level. On the upside, the USD 11.20 level is a key breakout zone. XRP price topped near the USD 0.245 and it failed to settle above the USD 0.242 support. As a result, the price declined below USD 0.240 and even broke the USD 0.235 level. However, the bulls are now protecting the USD 0.233 and USD 0.232 levels.

Other altcoins market today

In the past few hours, a few altcoins declined over 5%, including HT, ABBC, DASH, EWT, SNX, XMR, OXT, ZEC, OKB, FTT, and FIL. Conversely, AMPL remained well bid and it gained nearly 8% to surpass USD 1.00.

To sum up, bitcoin price is correcting gains after a strong rejection near USD 14,000 and USD 13,800. Having said that, the USD 13,000 level is a strong support, below which the bears might aim for a larger downside correction. __

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