The Daily Cryptomenon
12th November 2020
Your daily Cryptocurrency Market Analysis News brought to you by the CryptoAltum Cryptomenon Team.
This analysis was written at 9:00 am GMT +3, on 12.11.2020
After the brief consolidation that we saw happen in the Cryptocurrency market, things have begun to change as we saw Cryptocurrencies begin another trek higher, especificaly Bitcoin and Ethereum as both seemed to have enough bullish momentum to continue higher. Ripple also joined in the fun as it tried to move higher above its resistance level but failed.
With that said, let’s find how the Cryptocurrencies are doing on November 12th, 2020.
Our Cryptocurrency trio - Bitcoin, Ethereum, and Ripple - seem to have continued to move higher as both Bitcoin and Ethereum have attempted to break above current resistance levels. However, Ripple just couldn’t gain the needed momentum to break above it’s $0.2600 resistance level.
Bitcoin has attempted to rise back higher after the consolidation it experienced reaching towards the $16,000 resistance level. However, the presence of sellers at that level forced the Cryptocurrency to fall back towards the $15,450 where a bounce happened. BTC is now trading below the $15,350 level.
Ethereum was able to break above the $460 level yesterday and traded marginally above it. However, the bullish momentum wasn’t over as the Cryptocurrency rose back higher towards the $470, breaking above that level and setting a high around $477. From there, ETH corrected lower back towards the $460 where it currently trades.
Ripple has attempted to break higher again after it’s failed attempt to close above $0.2600. After Ripple recorded a high at the $0.2650, it fell back below the $0.2600 and reached the $0.2535. The Bulls weren’t done, though, as the Cryptocurrency rose back higher towards the $0.2600, but got rejected once again as it currently trades around the $0.2570.
Bitcoin’s (check out the chart below; you’ll find that Bitcoin is the purple line) performance is printing at 38.21% on a month-to-month basis*. Ethereum’s (red line) performance is printing at 23.31% on a month-to-month basis. Ripple’s (turquoise line) performance is printing at 0.51% on a month-to-month basis.
*Please note that we mention month/on/month we mean the same day, one month ago. For example, 1st October till the 1st November.
What’s the strategy you’re going to use when it
comes to these cryptos? Will the bullish momentum continue to play the major role in the Cryptocurrency market? Or will the Bears try and wrestle the control away from the Bulls?
Whatever you choose to believe, you can react to it all on CryptoAltum.
Bitcoin Faces Against the $16,000
Yesterday, we discussed the importance of the $15,200 for Bitcoin, as the Cryptocurrency was able to stay above that level and remained well bid as it climbed above the $15,500 and $15,600 resistance levels. The upward move gained pace above the $15,700 level and the price even spiked above the $15,850 resistance. It traded close to the $16,000 resistance and formed a new weekly high at $15,995. However, the presence of sellers around that level forced Bitcoin to correct lower. This made BTC currently trade below $15,850.
The move lower did manage to break below an important support, however, the bullish momentum remains intact. The first key support is near the $15,600 level, followed closely by the $15,550 level. On the upside, an immediate resistance is near $15,800, above which the price will attempt a break above the $16,000 resistance. If there’s a clear break above $16,000, the price could rally towards the $16,200 and $16,500 levels.
Should BTC fail to clear the $15,800 resistance, there could be a short-term downside correction. The first key support is near the trend line and $15,550. The next major support is near the $15,400. If there’s a clear break below that level, the price could start a fresh decline towards the $15,000 support.
Ethereum Bulls Keep Pushing Higher
Bulls kept the pressure on as there was a steady rise in Ethereum above the $455 and $460 resistance levels. The momentum even allowed Ether to break above the $465 resistance level. It even traded to a new monthly high near $477, however, the presence of sellers at those levels forced ETH to correct lower as it reached below the $465 level. It’s currently testing the $460 support level.
On the upside, the $467 level is a short-term resistance for Bulls. The first major hurdle is near the $475 level, above which the price could surge above $477 and $480. The next major resistance is near the $488 level, above which Ether’s price might visit the $500 handle.
If Ethereum was to break below the $460 and there are more losses below the $458 level, the Cryptocurrency might find a strong buying interest near the $454 and $452 support levels. The 100 hourly simple moving average is also positioned just above the $450 support level. Therefore, a break below the $450 support zone could spark a sharp bearish move. The next major support below the $450 zone could be near the $432 level.
Ripple Fails to Break Above Resistance
Bulls couldn’t really keep the pressure going on Ripple as they did on Ethereum, as XRP failed to break above the $0.2600 resistance level, increasing the possibility of a correction lower. However, with the lack of momentum comes strong support, as Ripple seems to have a capable support around the $0.2540, which recently has been able to keep things in check, preventing any major correction lower.
On the upside, the $0.2600 level is a short-term resistance for Bulls. The first major hurdle is near the $0.2650 level, above which the price could surge above $0.2680 and the 0.2700. The next major resistance is near the $0.3000 level, above which Ether’s price might visit the $0.3300 handle.
If Ripple were to break below the $0.2540 and it does stop before breaking below the $0.2500, the Cryptocurrency might find a strong support near the $0.2450, as Bulls will enter the market to prevent any kind of move lower. A break below the $0.2450 support zone could spark a sharp bearish move. The next major support below the $0.2450 zone could be near the $0.2320 level.
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