Crypto Market Update: Bitcoin, Ethereum, XRP & XLM Price Analysis 8th Nov
Bitcoin price remained confined in a broad range above the $9,000 support area. BTC/USD seems to be facing a lot of hurdles on the upside above $9,500. The next crucial move depends whether the bulls succeed in surpassing the $9,500 and $9,680 resistances.
In the past few days, there were decent gains in a few major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), ADA, EOS, and TRX. The best performer so far is stellar (XLM), rallying more than 20% (as discussed in the last weekly update). Overall, the crypto market is currently ranging and setting up for the next crucial break.
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Key Takeaways:
- Bitcoin price is holding the key $9,000 support area and preparing for the next move.
- Ethereum price is correcting lower, but it might climb back towards $200.00.
- Ripple price saw a few wild moves towards the $0.3140 resistance area.
- EOS price is trading nicely above the $3.320 and $3.400 support levels.
- Stellar price (XLM) is extended gains and it recently surged towards the $0.0880 level.
- Litecoin price is currently consolidating above the $60.00 and $60.50 support levels.
- MINDOL (MIN) rallied more than 220% and UNTP gained nearly 180% in the past 7 days.
Bitcoin Price Analysis
Bitcoin price made a couple of attempts to gain strength above the $9,500 and $9,600 resistance levels. However, BTC/USD struggled to gain strength and declined below the $9,450 support area.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even declined below the $9,340 support area and the 21 simple moving average (4-hours). However, the $9,000 area seems to be acting as a strong support and preventing any additional losses.
- The last swing low was near $8,891 before the price started an upside correction. It recovered above the 23.6% Fib retracement level of the downward move from the $10,473 high to $8,891 low.
- However, bitcoin price struggled to clear the $9,600 and $9,680 resistance levels. Moreover, the 50% Fib retracement level of the downward move from the $10,473 high to $8,891 low acted as a resistance.
- At the moment, the price is trading below the $9,340 level and the 21 simple moving average (4-hours). It seems like there is a declining channel forming with resistance near the $9,600 area.
- A clear break above the $9,600 resistance area is needed for a decent upward move. The next key resistance could be $9,860. It represents the 61.8% Fib retracement level of the downward move from the $10,473 high to $8,891 low.
- A successful break above the $9,860 level is likely to set the pace for a fresh increase towards $10,500 and $10,750 in the coming days.
Conversely, bitcoin price might struggle to rise above $9,600 and it could decline below the $9,000 support area. In the mentioned bearish case, the price may perhaps revisit the $8,200 support area.
Ethereum Price Analysis
Ethereum price climbed steadily above the $180.00 and $188.00 resistance levels. ETH/USD even traded above the $192.50 resistance area, but it faced a strong selling interest near the $194.50 and $195.00 levels.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price failed to test the $200.00 resistance area and traded as high as $195.03. Recently, there was a downside correction below the $192.50 support area.
- Moreover, there was a close below the $190.00 level and the 21 simple moving average (4-hours). The price broke the 50% Fib retracement level of the recent wave from the $179.79 low to $195.03 high.
- However, Ethereum is now finding bids near the $185.20 level. It seems like the 61.8% Fib retracement level of the recent wave from the $179.79 low to $195.03 high is acting as a support zone.
- More importantly, there is a major bullish trend line forming with support near the $183.80 level on the same chart. If there is a downside break below the $183.80 support, the price could revisit the $176.50 support area.
- Any further losses may perhaps start a significant decline towards the $168.80 and $165.50 support levels. On the upside, an immediate resistance is near the $190.00 level and the 21 simple moving average (4-hours).
The main resistance for Ethereum is near the $195.00 area, above which the price is likely to climb above the $200.00 and $205.00 resistance levels.
Ripple Price Analysis
Ripple price remained well bid above the $0.2800 support area against the US Dollar. The XRP/USD pair rallied this week and broke many resistances near the $0.3000 area, but upsides remained capped.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price struggled to surpass the $0.3140 resistance area and started a fresh decline. It broke many supports near the $0.3020 and $0.2950 levels to move into a bearish zone.
- Moreover, ripple price settled below the $0.2970 level and the 21 simple moving average (4-hours). During the decline, the price broke two key connecting bullish trend lines on the same chart.
- Finally, there was a break below the $0.2800 support and a low was formed near $0.2745. The price recovered above $0.2800, plus the 23.6% Fib retracement level of the recent decline from the $0.3148 high to $0.2745 low.
- However, there are many hurdles on the upside near the $0.2940 and $0.2950 levels. Besides, the 50% Fib retracement level of the recent decline from the $0.3148 high to $0.2745 low is near the $0.2947 level.
- The main resistance is near the $0.2985 level and the 21 simple moving average (4-hours). A successful close above $0.2985 is needed for a decent upward move in the coming sessions.
Conversely, the price could decline further below the $0.2800 support area. A successful close below the $0.2800 support might put a lot of bearish pressure on ripple. The next key support is near the $0.2650 level.
Stellar (XLM) Price Analysis
Setllar price rallied in the past few days after it settled above the $0.0680 resistance area against the US Dollar. XLM price gained nicely (as discussed in the last weekly update) and extended gains above the $0.0700 and $0.0750 resistance levels.
Stellar Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even rallied above the $0.0800 resistance and the 21 simple moving average (4-hours). Finally, the price tested the $0.0880 area and a high was formed near $0.0879.
- Recently, the price corrected lower and traded below the $0.0800 support area. Moreover, there was a break the $0.0780 support and the 21 simple moving average (4-hours).
- However, the previous resistance near the $0.0725 is currently acting as a support. The price is currently climbing higher and trading near the 23.6% Fib retracement level of the recent decline from the $0.0879 high to $0.0725 low.
- On the upside, an immediate resistance is near the $0.0780 level and the 21 simple moving average (4-hours). A clear break above $0.0780 could push the price towards the $0.0800 level.
- The 50% Fib retracement level of the recent decline from the $0.0879 high to $0.0725 low is also near the $0.0800 level to prevent upsides. If there is a successful break above $0.0800, the price could continue to rise towards $0.0850.
If not, there are chances of a downside extension for stellar price towards the $0.0700 support area in the near term.
Top Gainers
During the past 7 days, a few small cap altcoins gained more than 100%, including MIN, UNTP, HQT, AKRO, KICKS, DX and WFX (trading volume more than $50K). Out of these, MIN rallied around 220% and UNTP gained nearly 180%.
Overall, bitcoin price is currently trading in a broad range above the key $9,000 support area. If BTC/USD fails to stay above $9,000, it could decline heavily in the coming days.
Conversely, a successful close above $9,600 might spark another rally. It could even start another rise in altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC.
The market data is provided by TradingView, Bitfinex.
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