Bitcoin Stuck In Range While Altcoins Rally

  • 23 November 2020, Monday, 10:06

Bitcoin price seems to be trading in a broad range above the USD 18,200 support level. BTC is facing a strong resistance near USD 18,700 and USD 18,800. The price is currently (05:00 UTC) approaching the stated resistance and the bulls might aim for a break above USD 19,000.

Conversely, there was a strong increase in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is up over 10% and it traded close to the USD 600 level. XRP/USD rallied over 15% and it seems like the bulls are aiming for an upside break above the USD 0.520 level.

Total market capitalization

Bitcoin price

Recently, bitcoin price started a fresh upward move from the USD 18,350 support zone. BTC is trading above the USD 18,500 level, with an initial hurdle near USD 18,700. The main hurdle is near USD 18,800, above which there are chances of a strong surge towards the USD 19,200 and USD 19,500 levels. If there is another failure to clear the USD 18,800 resistance, there might be a downside correction. The first support is near USD 18,500, followed by USD 18,350. The main support is now forming near the USD 18,200 level.

Ethereum price

Ethereum price extended its rise above the USD 570 and USD 580 levels. ETH is trading above the USD 590 level and it traded close to USD 600. The current price action suggests that the price might surpass the USD 600 level in the nearest term. On the downside, the USD 585 level is an initial support. The first major support is forming near the USD 572 level, below which the price might test USD 560.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price broke the USD 295 and USD 300 resistance levels. BCH is up 6% and it might continue higher towards the USD 308 and USD 312 levels. The next key resistance sits at USD 325, above which the price might rally towards the USD 350 level. Litecoin (LTC) is rising steadily and it is approaching the USD 88.50 and USD 90.00 resistance levels. The price could accelerate higher above the USD 90.00 if the bulls remain in action. In the stated case, the USD 100.00 level could be an easy target for the bulls in the coming sessions. XRP price again outperformed Ethereum and bitcoin in the past 3-4 hours, as it rallied over 15%. The price broke the USD 0.500 resistance and traded to a new multi-month high. The next key resistance is near the USD 0.520 and USD 0.525 levels. On the downside, dips could be limited below USD 0.500 and USD 0.485.

Other altcoins market today

In the past few hours, many altcoins surged over 10%, including ZEN, NMR, WAVES, NANO, VET, MIOTA, ADA, NEAR, MKR, YFI, REN, NEXO, SNX, ALGO, and CEL. Out of these, ZEN, NMR, and WAVES gained over 25%.

To sum up, bitcoin price is again rising towards the USD 18,800 resistance. If there is an upside break, BTC could rally 5%-6% in the short-term. On the other hand, it may possibly drop towards the USD 18,000 level. __

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