Bitcoin Price Analysis [BTC]
Looks like BTC/USD settled under $6,300 for now as bears have had an upper hand across the overwhelming majority of cryptocurrencies. The largest digital coin attempted a recovery at the beginning of the week, but $6,400 resistance proved to be too strong to be taken out easily.
Meanwhile, the sluggish price movements are accompanied by a notable growth of daily transactions. On November 12, the daily number of confirmed transactions within Bitcoin mainnet surpassed 300,000 for the first time since the end of January. It is worth noting that Bitcoin touched the all-time high in December 2017, when the daily transactions exceeded 490,000. The decrease lasted until April 2018 and bottomed out at 135,129.
Meanwhile, the hash rate has been growing steadily since December and spend the recent two months in a range 45 TH/s – 60 TH/s. The price is moving in a range limited by $6,300 and $6,500, while, research only one out of four Bitcoins has ever moved between addresses and was kept over six months.
Ethereum Price Analysis [ETH]
The ETH/USD pair recently recovered above $208 and $209, but it faced a major hurdle near the $210 level. As a result, there was a fresh decline below $209 and the 100 hourly simple moving average. The price spiked below the $206 support once again and formed a low at $205. Later, it climbed back above $206 and it is currently consolidating near $207.
An initial resistance is near $208 and the 50% Fib retracement level of the recent drop from the $211 swing high to $205 swing low. Above $208, the price could retest the $210 resistance. Moreover, yesterday’s highlighted major bearish trend line is intact with resistance at $209 on the hourly chart of ETH/USD. The trend line coincides with the 76.4% Fib retracement level of the recent drop from the $211 swing high to $205 swing low. Therefore, a proper close above the trend line and $210 may start a decent recovery.
If there is no upside break above $210, the price could decline sharply below $206 and $205.
ETH price is clearly struggling to recover above $210. If it continues to struggle, sellers might eventually take control for a downside extension below $206. Hourly MACD – The MACD is placed heavily in the bearish zone. Hourly RSI – The RSI is currently well above the 40 level.
Major Support Level – $206
Major Resistance Level – $210
Ripple Price Analysis [XRP]
Ripple price gained momentum this month and settled above $0.4750 against the US Dollar. XRP/USD remains in an uptrend and it could accelerate above $0.5400 and $0.5600.
Important Points: Ripple price traded as high as $0.5660 recently and later corrected lower. XRP/USD is currently placed well above a significant bullish trend line with support at $0.4850 on the 4-hours chart. XRP price could continue to move higher towards $0.5600 as long as it is above $0.4750.
This month, there was a nice upward move in ripple price from the $0.4400 swing low.
XRP/USD traded above a couple of important resistances near $0.4600 and $0.4750 to move further into a bullish zone.
The daily chart of XRP/USD indicates that the price broke the $0.5000 resistance and settled above the 50 simple moving average (4-hours). It traded as high as $0.5660 and later started a downside correction below $0.5400.
Litecoin Price Analysis [LTC]
Litecoin price extended declines below the $50.00 support against the US Dollar. LTC/USD is under a lot of pressure below the $50.00 and $51.00 levels.
Key Talking Points Litecoin price extended declines and traded below the $50.00 support (Data feed of Kraken) against the US Dollar. This week’s followed important bearish trend line is still in place with resistance at $49.80 on the hourly chart of the LTC/USD pair. LTC price may correct higher, but upsides are likely to be capped near the $50.00 level.
Litecoin Price Forecast Yesterday, we discussed that litecoin price could continue to move down below the $50.00 support against the US dollar. The LTC/USD pair extended declines and it even broke the $49.50 swing low.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]