12 November BTC, ETH, XRP, LINK, BCH, BNB, DOT, LTC, ADA and BSV Price Analysis
Bitcoin and a few altcoins are showing signs of pushing above general resistance levels.
12 November BTC, ETH, XRP, LINK, BCH, BNB, DOT, LTC, ADA and BSV Price Analysis
Bitcoin and a few altcoins are showing signs of pushing above general resistance levels. This shows that the bulls remain in control.Billionaire investor Stanley Druckenmiller was the last celebrity to announce the Bitcoin position. While Druckenmiller did not specify the amount he bought, he said Bitcoin would outperform gold.
Paul Tudor Jones, Stanley Druckenmiller and Bill Miller are some of the most successful traders and investors on Wall Street. A stamp of approval from them can attract a few other investors who may want to diversify their portfolios and outperform the markets.
Controversial Australian politician Cory Bernardi named Bitcoin (BTC) “the gold version of the millennium” for further verification for the crypto space. Although Bernardi says the risks persist, he believes these are similar to other asset classes.
Alex Saunders, founder of crypto education site Nuggets News, sees the approval of cryptocurrencies with high-profile figures as a sign of changing times, and earlier this week, the analyst predicted that the Bitcoin price will reach $ 1 million by 2030.
These key points are positive for cryptocurrency prices in the long run. However, let’s examine the charts of the top 10 cryptocurrencies to find the path of least resistance in the short term.
BTC / USD
Bitcoin (BTC) created an intraday candlestick pattern that was indecisive between bulls and bears on November 10. Uncertainty was resolved on the upside today as bulls try to push the price above the $ 16,000 resistance.
If the bulls succeed, the BTC / USD pair could start the journey towards the next target at $ 17,200. This level could be the last stop before the pair retests its all-time high.
Rising moving averages and the relative strength index in the overbought zone show that the bulls are in command.
Contrary to this assumption, if the price doesn’t stay above $ 16,000, the pair could stay in the $ 14,000 to $ 16,000 range for a few more days. A break below the 20-day exponential moving average ($ 14,242) will be the first sign of weakness.
ETH / USD
Ethereum (ETH) has formed candlestick patterns for three consecutive days from November 8 to November 10. This uncertainty is on the rise today, indicating that the bulls are absorbing the sale and establishing their superiority.
If the bulls can keep the price above the wedge’s resistance line, it will override the bearish setup. This will open the doors for retesting critical overall resistance at $ 488,134. A break above this level and a closing may continue upward movement.
The first target on the upside is $ 520 and if the ETH / USD rate can rise to this level, it is possible to switch to $ 550. The upward moving averages and the RSI in the positive zone show that the bulls are in command.
Contrary to this assumption, if the price drops from current levels and drops below the 20-day EMA ($ 418), it will signal that the bears are aggressively defending the wedge. They will then try to move the price from $ 382 to the 50-day simple moving average.
XRP / USD
The bulls pushed XRP above the $ 0.26 overall resistance on November 10. However, it could not continue to break. This indicates selling at higher levels, but the positive thing is that the bulls did not allow the price to drop below the downward moving averages.
Repeated jumps above a resistance level tend to weaken it. Bulls are currently trying to push the XRP / USD pair above $ 0.26. If they manage to keep the price above this level, there may be a new uptrend.
The first target on the upside is $ 0.30. The RSI in the positive zone and the gradually rising 20-day EMA ($ 0.248) show that the bulls have the upper hand.
If the price falls from current levels and goes below the moving averages, this positive view will become invalid. Such a move could drive the pair towards the $ 0.2295 support.
LINK / USD
Chainlink (LINK) has been trading near the overall resistance at $ 13.28 for the past few days. A tight consolidation near a resistance usually ends with a breakout in favor of the bulls.
If the price closes above $ 13.28, it will complete an inverted head and shoulders pattern that could signal the start of a new upward move. The target of this setup is $ 19.2731.
The rising moving averages and the RSI in the positive zone show the bulls are in control.
If the price falls sharply from the current levels, this bullish outlook will become invalid. Such a move could lead to profit taking by short term traders. A break below $ 9.7665 will signal a possible deeper correction to $ 7.30.
BCH / USD
Bitcoin Cash (BCH) is struggling to recover the 20-day EMA ($ 257). This shows the lack of urgency among the bulls to buy at these levels because they may not be sure that the altcoin will move above $ 280.
The bearish trend in the RSI indicates that momentum may be weakening. If the 20-day EMA support is broken, the BCH / USD rate could drop to the 50-day SMA ($ 245) and then to $ 231.
If the pair returns from the current levels and breaks above the $ 272-280 resistance zone, this negative view will become invalid. The fixed 20-day EMA and the near-midpoint RSI indicate action based on the price range in the short term.
BNB / USD
The intraday range on Binance Coin (BNB) is narrowing, indicating instability between bulls and bears. The flat moving averages and the RSI just below the midpoint also show a balance between the bulls and the bears.
If the range expands upward and the bulls push the price above the moving averages and the overall resistance rises to $ 30, the BNB / USD rate could rise to the $ 32- $ 33.3888 zone.
Conversely, if the range expansion is downside, the bears will try to push the rate below the $ 25.6652 support.
The next trend move could begin after the bulls push the price above $ 33.3888 or the bears lower the price below $ 25.6652.
DOT / USD
Polkadot (DOT) currently holds close to the midpoint of the $ 3.80 to $ 4.95 range. However, as long as the price stays above the moving averages, the bulls will try to push the price towards the resistance of the range.
The slowly rising 20-day EMA ($ 4.29) and RSI in the positive zone offer the bulls a marginal advantage. A break above $ 4.95 could push the price to $ 5.5899 to the next resistance.
Conversely, if the price falls again from $ 4.95, the DOT / USD rate may remain tied to the price range for a few more days. A break below the moving averages will be the first sign that the bulls are giving the advantage to the bears.
LTC / USD
Litecoin (LTC) bounced off the 20-day EMA ($ 56.75) indicating that the sentiment remained positive and the bulls were buying on dips. The bulls will now try to push the price against the $ 64 overall resistance.
Traders can keep an eye on the RSI as it forms a symmetrical triangle. Breaking the triangle increases the likelihood of moving above $ 64, while a break below the triangle could pull the price below the 20-day EMA.
Currently, the bullish moving averages and the RSI in the positive zone show that the bulls have the upper hand. This advantage could change in favor of the bears if the $ 56.50 support drops. Such a move could drive the LTC / USD pair to $ 51.
ADA / USD
Cardano (ADA) has been hovering above the moving averages for the past few days. The bulls are now likely to try to push the price above the general resistance to $ 0.1142241.
If they are successful, the ADA / USD pair will complete a double bottom model with a target of $ 0.1391. The upward moving averages and the RSI in the positive zone give the bulls an advantage.
Contrary to this assumption, if the price drops from $ 0.1142241, the pair may stay tied in the price range for a few more days.
If the price reverses direction and falls below the moving averages, the advantage will be in favor of the bears. In such a case, the pair could drop to the critical support at $ 0.0893.
BSV / USD
Bitcoin SV (BSV) continues to stick to the price range, but the bulls’ failure to push the price above the moving averages indicates a lack of demand at higher levels. The bears will now try to lower the price to the critical $ 146 support.
Both moving averages are fixed and the RSI is just below the midpoint. This shows that there is a balance between supply and demand. Even if the BSV / USD rate drops to $ 146, the bulls are likely to defend this level. A strong jump from price range support can extend the duration of stay within the price range. Contrary to this assumption, if the BSV / USD rate rises from current levels and moves above the downtrend line, it could rise up to $ 181.