19 November BTC, ETH, XRP, LINK, LTC, BCH, DOT, BNB, ADA and BSV Price Analysis
Bitcoin price looks set to consolidate after reaching its 2020 high. Altcoins may try to recover from their sharp losses.In the past 24 hours, the Bitcoin (BTC) price has reached $ 18,466.14 intraday, which is approximately 8% lower than the magic figure of $ 20,000 followed by many traders.
However, investors in many countries such as Russia, Argentina, Brazil, and Mexico have seen Bitcoin assets reach an all-time high in local currencies. Even Bitcoin’s market cap has reached a new record high, surpassing the highest reached in December 2017.
With institutional investors finally reaching substantial amounts, it seems like a matter of time before Bitcoin will eventually surpass $ 20,000 and hit an all-time high.
In addition to the high-profile billionaire’s list of acquiring Bitcoin, Ricardo Salinas Pliego, the second richest man in Mexico, recently announced that he has invested in the digital asset. According to Pliego, 10% of their liquid assets are held in Bitcoin.
Even existing investors add to their assets. Galaxy Digital president and CEO Mike Novogratz recently said he bought more than $ 15,800 bitcoin as he expected a rise to $ 65,000. Novogratz stresses that as “tons of new buyers” arrive, limited supply will not be enough.
Fixed institutional entry caused the number of Bitcoins held by Grayscale Investments to rise to 500,000. An annual survey conducted by the company revealed that around 38% of those surveyed have purchased Bitcoins in the past four months. 63% of these investors said the corona virus outbreak was the main factor influencing their Bitcoin buying decisions.
In the wake of today’s spectacular rally, many investors are looking for clues as to whether Bitcoin will continue to rise or will sharply recover from current levels.
Let’s analyze the top 10 cryptocurrencies to see what the charts reflect.
Bitcoin Price Analysis
Bitcoin’s (BTC) momentum has been very strong over the past two days and although many investors believe that $ 17,200 will serve as a major resistance, the price has easily broken.
However, the cryptocurrency has been working hard since early October and could soon tire if it continues to advance at its current pace.
If there is a breakout to reunite and then continue the uptrend, this will be positive as the current rally will have the strength to stay longer. The price has now formed a Doji candlestick, which indicates indecision between bulls and bears.
If the price corrects to the 20-day exponential moving average ($ 15,528) i.e. placed just above the 38.2% Fibonacci retracement level, it can be considered a healthy sign.
Action in a range between $ 16,500 and $ 18,500 will be positive, even if the price is not correct.
Contrary to this assumption, if momentum moves the BTC / USD pair to new highs without any retracement, the record highs will be less likely to continue. Then, a correction could be bad as there is no big support up to $ 12,500.
The relative strength index (RSI) has been trading between 70 and 84 for about a month, indicating that the trend is strong but over-expanding. Therefore, at risk of missing part of the rally, traders should keep their ambitions in check and trade with proper stop-loss.
Ethereum Price Analysis
Ethereum (ETH) climbed above the overall resistance at $ 488,134 today, but the bulls could not continue the uptrend. This suggests that bears are aggressively defending overall resistance.
However, if the bulls do not allow the price to drop below the 20-day EMA ($ 442), it will suggest a retreat at lower levels. If the price consolidates near the overall resistance, it will increase the likelihood of a break above it.
If the ETH / USD pair stays above $ 488,134, the rally could extend to $ 520 and then to $ 550.
On the other hand, if the bears pull the price below the 20-day EMA, it will show that the momentum is weakening. A break below the 50-day simple moving average ($ 399) will turn the advantage in the bears’ favor.
XRP Price Analysis
XRP reached its initial target at $ 0.303746 on November 17th, and short-term traders seem to have profited at this level, as evidenced by today’s sharp correction. However, the bulls are trying to stop the decline at the 50% Fibonacci retracement level of $ 0.278123.
If they are successful, another attempt is likely to be made to push the price above the $ 0.308176 resistance. The next level where the bears can start a hard resistance again at $ 0.326113.
Rising moving averages and the RSI near the overbought zone show that the bulls have the upper hand.
Contrary to this assumption, if the XRP / USD rate drops below $ 0.278123, a drop to the 20-day EMA ($ 0.264) is likely.
LINK Price Analysis
Chainlink (LINK) climbed above the overall resistance of $ 13.28 on Nov. 17, but the bulls are struggling to keep the breakout. This indicates that the bears are trying to lower the price below the breakout level.
If the LINK / USD rate breaks and stays below the 20-day EMA ($ 12.26), the bullish reversal invalidates the head and shoulders pattern.
Conversely, if the bulls manage to keep the price above the breakout level of $ 13.28, the pair could begin its journey towards its main target of $ 19.2731. Upward-sloping moving averages and RSI above 59 suggest the bulls are in command.
Litecoin Price Analysis
Litecoin (LTC) is currently in a downtrend, but the long tail on the candlestick is showing a strong buy at the breakout level of $ 68,9008. This indicates that the bulls managed to flip $ 68,9008 as support. This level can now act as a base for future falls.
The rising moving averages and the RSI in the positive zone show the bulls are in control. They will now try to push the price above the $ 77.20 resistance and continue the uptrend. If they are successful, the LTC / USD rate could rise to $ 100.
Conversely, if the bears pull the price below the immediate support of $ 68,9008, it will indicate that the momentum is weakening. A break below the 20-day EMA ($ 62.92) could signal a strong comeback for the bears.
Bitcoin Cash Price Analysis
Bitcoin Cash (BCH) continues to face stiff resistance at the 20-day EMA ($ 255). This is a negative sign as it indicates that the bulls cannot absorb the sale of the bears and raise the price higher.
The price has dropped below the moving averages and the bears will now try to push the BCH / USD pair below the $ 242 instant support. If successful, the pair could drop to the $ 231 support.
A break below $ 231 will increase the probability of a fall to $ 200, but if the pair returns at $ 231, the action depending on the price range could continue for a few more days. The flat moving averages and RSI in the negative zone offer the bears a small advantage.
Polkadot Price Analysis
Polkadot (DOT) jumped from the 20-day EMA ($ 4.41) on November 16 and reached overall resistance at $ 4.95 on November 17. The bears are currently trying to defend resistance.
However, the gradually rising 20-day EMA and the RSI in the positive zone show that the bulls have the upper hand.
If the price bounces back from the 20-day EMA, buyers can once again try to break the $ 4.95 barrier. If they can do that, the DOT / USD rate could rise to $ 5.5899.
Contrary to this assumption, if the pair falls below the moving averages, its action may continue for a few more days, depending on the price range of $ 3.80 to $ 4.95.
Binance Coin Price Analysis
The bulls were unable to push the Binance Coin (BNB) above the $ 27.30 to $ 28.97 range as the price fell from the general resistance. This indicates that the purchase dries at higher levels.
However, this narrow range trade is unlikely to continue for long. Soon, the BNB / USD rate will break above or below the range. The direction of the breakout is difficult to predict as the indicators show that there is a balance between supply and demand.
Therefore, it is better to wait for the price to move out of the range before placing big bets. If the bulls push the price above the range, it is possible to rise to $ 32. Conversely, if the bears pull the price below $ 27.30, the pair could retest the critical support at $ 25.6652.
Cardano Price Analysis
The bulls pushed Cardano (ADA) above the downtrend line on November 17th, but they failed to cross the barrier at $ 0.1142241. This shows that the bears are defending this general resistance.
However, if the ADA / USD rate does not drop below the downtrend line, the bulls will once again try to push the price above the overall resistance. If they manage to do so, the pair will complete a double bottom model with a target of $ 0.1391.
If the RSI breaks and stays above 60, it could give a possible bullish signal that could cause a break in momentum above $ 0.1142241. If the pair breaks below the $ 0.098822 support, this bullish view will be invalidated.
Bitcoin SV Price Analysis
Bitcoin SV (BSV) rose above the bearish trend line on November 17, but the bulls could not sustain the momentum. This shows that traders are closing their positions even in minor rallies.
The bears are currently trying to push the BSV / USD pair below the bearish trend line, while the bulls are trying to close above it. Flat moving averages near the midpoint and the RSI do not give a clear advantage to either the bulls or the bears.
A close above the downtrend line could raise the probability of a rally to $ 181, while a close below the line could lower the price to $ 146. The next trend move could begin after the pair breaks above or below the $ 181 to $ 146 range.