Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 27th, 2020

Ethereum

Ethereum slid by 8.58% on Thursday. Following on from a 6.06% fall on Wednesday, Ethereum ended the day at $520.34.

A mixed start to the day saw Ethereum rise to an early morning intraday high $577.00 before hitting reverse.

Falling short of the first major resistance level at $598.85, Ethereum slumped to a late morning intraday low $480.08.

Ethereum fell through the first major support level at $546.36 and the second major support level at $523.94.

More significantly, Ethereum fell through the 23.6% FIB of $495.00.

Finding support at sub-$500 levels, however, Ethereum moved back through the 23.6% FIB to wrap up the day at $520 levels.

At the time of writing, Ethereum was down by 0.78% to $516.30. A mixed start to the day saw Ethereum rise to an early morning high $522.55 before falling to a low $515.68.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 271120 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $525.81 to support a run at the first major resistance level at $571.53.

Support from the broader market would be needed, however, for Ethereum to break out from $550 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $600 before any pullback. The second major resistance level sits at $622.73.

Failure to move through the $525.81 pivot would bring the 23.6% FIB of $495 and the first major support level at $474.61 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$450 levels. The second major support level sits at $428.89.

Looking at the Technical Indicators

First Major Support Level: $474.61

Pivot Level: $525.81

First Major Resistance Level: $571.53

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin tumbled by 12.96% on Thursday. Following on from an 8.51% slide on Wednesday, Litecoin ended the day at $71.11.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $83.26 before hitting reverse.

Falling short of the first major resistance level at $89.01, Litecoin slid to a late intraday low $64.30.

Litecoin fell through the first major support level at $76.22 and the second major support level at $70.69.

More significantly, the sell-off saw Litecoin fall through the 38.2% FIB of $71.00.

Late in the day, Litecoin recovered to $71 levels to reduce the losses from the day. The 38.2% FIB pinned Litecoin back late on.

At the time of writing, Litecoin was down by 1.27% to $70.21. A mixed start to the day saw Litecoin rise to an early morning high $71.50 before falling to a low $69.95.

Litecoin left the major support and resistance levels untested early on. Litecoin fell through the 38.2% FIB of $71, however.

LTCUSD 271120 Hourly Chart

For the day ahead

Litecoin would need to move through the 38.2% FIB and the $72.89 pivot to support a run at the first major resistance level at $81.48.

Support from the broader market would be needed, however, for Litecoin to break out from $75 levels.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin would likely test resistance at $85 before any pullback. The second major resistance level sits at $91.85.

Failure to move through the $72.89 pivot level would bring the first major support level at $62.52 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$60 levels. The second major support level sits at $53.93.

Looking at the Technical Indicators

First Major Support Level: $62.52

Pivot Level: $72.89

First Major Resistance Level: $81.48

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slumped by 14.78% on Thursday. Following on from a 9.08% slide on Wednesday, Ripple’s XRP ended the day at $0.5370.

It was another mixed start to the day. Ripple’s XRP rose to an early morning intraday high $0.6518 before hitting reverse.

Falling short of the first major resistance level at $0.7093, Ripple’s XRP tumbled to a late intraday low $0.45501.

Ripple’s XRP fell through first major support level at $0.5665 and the second major support level at $0.5025. More significantly, however, Ripple’s XRP also slid through the 23.6% FIB of $0.6274 and the 38.2% FIB of $0.5285.

Finding support through the late morning, however, Ripple’s XRP moved back through the 38.2% FIB to wrap up the day at $0.53 levels.

At the time of writing, Ripple’s XRP was down by 1.96% to $0.52645. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.5370 to a low $0.5220.

While steering clear of the major support and resistance levels, Ripple’s XRP fell back through the 38.2% FIB of $0.5285.

XRPUSD 271120 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the 38.2% FIB and the $0.5479 pivot level to support a run at the first major resistance level at $0.6409.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through the 23.6% FIB of $0.6274.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.70 before any pullback. The second major resistance level sits at $0.7447.

Failure to move through the $0.5479 pivot would bring the first major support level at $0.4441 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer well clear of sub-$0.40 levels and the 62% FIB of $0.3687. The second major support level sits at $0.3511.

Looking at the Technical Indicators

First Major Support Level: $0.4441

Pivot Level: $0.5479

First Major Resistance Level: $0.6409

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 26th, 2020

Ethereum

Ethereum slid by 6.06% on Wednesday. Following on from a 0.63% decline on Tuesday, Ethereum ended the day at $568.79.

A mixed start to the day saw Ethereum fall from an intraday high $606.49 to a mid-morning low $579.35 before finding support.

Ethereum fell through the first major support level at $588.83 before a move back through to $600 levels by late morning.

Falling short of the first major resistance level at $622.6, however, Ethereum slid to a late intraday low $554.00.

Ethereum fell through the first major support level at $588.83 and the second major support level at $572.22.

A late move back through to $560 levels reduced the deficit, however.

At the time of writing, Ethereum was up by 1.16% to $569.19. A mixed start to the day saw Ethereum fall to an early morning low $562.10 before rising to a high $577.00.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 261120 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $576.43 to support a run at the first major resistance level at $598.85.

Support from the broader market would be needed, however, for Ethereum to break back through to $590 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $610 before any pullback. The second major resistance level sits at $628.92.

Failure to move through the $576.43 pivot would bring the first major support level at $546.36 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$540 levels. The second major support level sits at $523.94.

Looking at the Technical Indicators

First Major Support Level: $546.36

Pivot Level: $576.43

First Major Resistance Level: $598.85

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin slid by 8.51% on Wednesday. Reversing a 0.24% gain from Tuesday, Litecoin ended the day at $81.75.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $90.74 before hitting reverse.

Falling short of the first major resistance level at $93.59, Litecoin fell to a mid-morning low $85.00.

Finding support at the first major support level at $85.54, Litecoin briefly revisited $90 levels before taking another hit.

Litecoin fell through the first major support level and the second major support level at $81.75 to a late intraday low $77.95

Finding support late in the day, however, Litecoin briefly broke back through to wrap up the day at $81 levels. The second major resistance level at $81.75 pinned Litecoin back late in the day.

At the time of writing, Litecoin was up by 1.31% to $82.82. A mixed start to the day saw Litecoin fall to an early morning low $80.56 before rising to a high $83.06.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 261120 Hourly Chart

For the day ahead

Litecoin would need to move through the $83.48 pivot to support a run at the first major resistance level at $89.01.

Support from the broader market would be needed, however, for Litecoin to break out from $85 levels.

Barring another extended crypto rally, the first major resistance level and Wednesday’s high $90.74 would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test the second major resistance level at $96.27.

Failure to move through the $83.48 pivot level would bring the first major support level at $76.22 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$75 levels. The second major support level sits at $70.69.

Looking at the Technical Indicators

First Major Support Level: $76.22

Pivot Level: $83.48

First Major Resistance Level: $89.01

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP tumbled by 9.08% on Wednesday. Reversing most of a 12.39% rally from Tuesday, Ripple’s XRP ended the day at $0.63053.

It was also a mixed start to the day. Ripple’s XRP rose to an early morning high $0.70972 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP fell to an early morning low $0.61570.

While steering clear of the major support levels, Ripple’s XRP fell through the 23.6% FIB of $0.6274.

Finding support through the late morning, however, Ripple’s XRP rose to a mid-afternoon intraday high $0.72399 before hitting reverse.

While breaking back through the 23.6% FIB, Ripple’s XRP fell well short of the first major resistance level at $0.7986.

The reversal saw Ripple’s XRP slide to a late intraday low $0.58126. Ripple’s XRP fell back through the 23.6% FIB briefly wrapping up the day at $0.63 levels.

At the time of writing, Ripple’s XRP was up by 2.19% to $0.64435. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.61782 before rising to a high $0.6500.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 261120 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.6453 pivot level to support a run at the first major resistance level at $0.7093.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.70 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.7880.

Failure to move back through the $0.6453 pivot would bring the first major support level at $0.5665 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer well clear of sub-$0.50 levels. The second major support level at $0.5025 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.5665

Pivot Level: $0.6453

First Major Resistance Level: $0.7093

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – The Movers and Shakers – November 25th, 2020

Bitcoin, BTC to USD, rallied by 4.18% on Tuesday. Reversing a 0.10% decline from Monday, Bitcoin ended the day at $19,131.0.

A mixed start to the day saw Bitcoin fall to a mid-morning intraday low $18,130.0 before making a move.

Steering clear of the first major support level at $18,009, Bitcoin rallied to an early afternoon intraday high and a new swing hi $19,400.0.

Bitcoin broke through the first major resistance level at $18,730 and the second major resistance level at $19,087.

A bearish end to the day saw Bitcoin fall back to end the day at sub-$19,200 levels.

The near-term bullish trend remained intact, supported by the latest move through to $19,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,883 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Ripple’s XRP and Crypto.com Coin rallied by 12.39% and by 14.37% respectively to lead the way.

Binance Coin (+9.38%), Bitcoin Cash SV (+6.30%), and Cardano’s ADA (+8.20%) also found strong support.

Chainlink (+2.57%) and Litecoin (+0.24%) trailed the front runners, while Ethereum (-0.63%) and Polkadot (-6.82%) bucked the trend on the day.

In the current week, the crypto total market cap fell to a Monday low $515.94bn before rising to a Tuesday high $593.32bn. At the time of writing, the total market cap stood at $566.69bn.

Bitcoin’s dominance rose to a Monday high 64.75% before sliding to a Tuesday low of 60.80%. At the time of writing, Bitcoin’s dominance stood at 62.49%.

This Morning

At the time of writing, Bitcoin was down by 0.28% to $19,078.0. A mixed start to the day saw Bitcoin rise to an early morning high $19,198 before falling to a low $19,046.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Ethereum (-0.38%) and Ripple’s XRP (-4.93%) joined Bitcoin in the red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Binance Coin and Crypto.com Coin were up by 1.43% and by 1.48% respectively to lead the pack.

BTCUSD 251120 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $18,887 to bring the first major resistance level at $19,644 into play.

Support from the broader market would be needed for Bitcoin to break out from Tuesday’s high $19,400.0

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $20,000 before any pullback. The second major resistance level sits at $20,157.

Failure to avoid a fall through the $18,887 pivot would bring the first major support level at $18,374 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$18,000 levels. The second major support level sits at $17,617.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 25th, 2020

Ethereum

Ethereum fell by 0.63% on Tuesday. Following Monday’s 8.65% rally, Ethereum ended the day at $605.45.

A mixed start to the day saw Ethereum fall to a mid-morning intraday low $589.41 before making a move.

Steering clear of the first major support level at $569.03, Ethereum rose a late morning intraday high and a new swing hi $623.22.

Falling short of the first major resistance level at $630.46, however, Ethereum fell back to sub-$600 levels.

Finding support in the afternoon, Ethereum briefly revisited $614 levels before easing back into the red.

At the time of writing, Ethereum was down by 0.32% to $603.50. A mixed start to the day saw Ethereum rise to an early morning high $606.49 before falling to a low $601.57.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 251120 Hourly Chart

For the day ahead

Ethereum would need to move back through the pivot level at $606.03 to support a run at the first major resistance level at $622.64.

Support from the broader market would be needed, however, for Ethereum to break back through to $620 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $630 before any pullback. The second major resistance level sits at $639.84.

Failure to move back through the $606.03 pivot would bring the first major support level at $588.83 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$580 levels. The second major support level sits at $572.22.

Looking at the Technical Indicators

First Major Support Level: $588.83

Pivot Level: $606.03

First Major Resistance Level: $622.64

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin rose by 0.24% on Tuesday. Following a 7.51% rally from Monday, Litecoin ended the day at $89.34.

It was a mixed start to the day. Litecoin fell to a mid-morning intraday low $86.00 before making a move.

Steering clear of the first major support level at $82.99, Litecoin struck a late morning intraday high $94.05.

Litecoin broke through the first major resistance level at $93.17 before falling back to $86 levels.

Finding support late in the day, however, Litecoin briefly revisited $91 levels before easing back to sub-$90.

At the time of writing, Litecoin was up by 0.29% to $89.60. A mixed start to the day saw Litecoin rise to an early morning high $90.72 before falling to a low $89.22.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 251120 Hourly Chart

For the day ahead

Litecoin would need to move back through the $89.80 pivot to support a run at the first major resistance level at $93.59.

Support from the broader market would be needed, however, for Litecoin to break back through to $93 levels.

Barring another extended crypto rally, the first major resistance level and Tuesday’s high $94.05 would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test the second major resistance level at $97.85. The 62% FIB of $100 would likely cap any upside, however.

Failure to move back through the $89.80 pivot level would bring the first major support level at $85.54 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$80 levels. The second major support level at $81.75 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $85.54

Pivot Level: $89.80

First Major Resistance Level: $93.59

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 12.39% on Tuesday. Following Monday’s 38.3% surge, Ripple’s XRP ended the day at $0.69401.

It was a bullish start to the day. Ripple’s XRP rallied to an early morning intraday high $0.78716 before hitting reverse.

The rally saw Ripple’s XRP break through the first major resistance level at $0.6804 and the second major resistance level at $0.7438.

More significantly, however, Ripple’s XRP also broke through the 62% FIB of $0.6426 to form a near-term bullish trend.

A late morning pullback saw Ripple’s XRP fall to sub-$0.60 levels before a 2nd half rebound to $0.7490 levels.

Ripple’s XRP broke back through the first and second major resistance levels and the 62% FIB.

A bearish end to the day, however, saw Ripple’s XRP fall back through the second major resistance level.

At the time of writing, Ripple’s XRP was flat at $0.6399. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.70972 before falling to a low $0.68267.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 251120 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.6825 pivot level to support a run at the first major resistance level at $0.7986.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.78716.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.85 before any pullback. The second major resistance level sits at $0.9033.

Failure to avoid a fall through the $0.6825 pivot would bring the 23.6% FIB of $0.6274 and the first major support level at $0.5779 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer well clear of sub-$0.50 levels. The second major support level sits at $0.4616.

Looking at the Technical Indicators

First Major Support Level: $0.5779

Pivot Level: $0.6825

First Major Resistance Level: $0.7986

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 24th, 2020

Ethereum

Ethereum rallied by 8.65% on Monday. Following a 1.40% gain from Sunday, Ethereum ended the day at $609.26.

A mixed start to the day saw Ethereum fall to an early morning intraday low $550.00 before making a move.

Steering clear of the first major support level at $520.72, Ethereum rallied to a late intraday high and a new swing hi $611.43.

Ethereum broke through the first major resistance level at $591.36 to test resistance at $610 before easing back.

Late in the day, Ethereum slipped back to sub-$605 before wrapping up the day at $609 levels.

At the time of writing, Ethereum was down by 0.49% to $606.27. A mixed start to the day saw Ethereum rise to an early morning high $610.00 before falling to a low $604.23.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 241120 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $590.23 to support a run at the first major resistance level at $630.46.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $611.43.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $650 before any pullback. The second major resistance level sits at $651.66.

Failure to avoid a fall through the $590.23 pivot would bring the first major support level at $569.03 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$550 levels. The second major support level sits at $528.80.

Looking at the Technical Indicators

First Major Support Level: $569.03

Pivot Level: $590.23

First Major Resistance Level: $630.46

23.6% FIB Retracement Level: $486

38.2% FIB Retracement Level: $409

62% FIB Retracement Level: $283

Litecoin

Litecoin rallied by 7.51% on Monday. Reversing a 4.90% slide from Sunday, Litecoin ended the day at $89.18.

It was a mixed start to the day. Litecoin fell to an early morning intraday low $80.80 before making a move.

Steering clear of the first major support level at $77.97, Litecoin rallied to an early afternoon intraday high $90.98.

Litecoin broke through the first major resistance level at $87.97 before falling back to $85 levels.

Finding support late in the day, however, Litecoin moved back through to $89 levels to reverse Sunday’s losses with interest.

At the time of writing, Litecoin was down by 0.83% to $88.44. A mixed start to the day saw Litecoin rise to an early morning high $89.50 before falling to a low $88.13.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 241120 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $86.99 pivot to support a run at the first major resistance level at $93.17.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $90.98.

Barring another extended crypto rally, the first major resistance level and Monday’s high would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test the second major resistance level at $97.17. The 62% FIB of $100 would likely cap any upside, however.

Failure to avoid a fall through the $86.99 pivot level would bring the first major support level at $82.99 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$80 levels. The second major support level sits at $76.81

Looking at the Technical Indicators

First Major Support Level: $82.99

Pivot Level: $86.99

First Major Resistance Level: $93.17

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP surged by 38.3% on Monday. Reversing a 3.56% fall from Sunday, Ripple’s XRP ended the day at $0.61686.

It was a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.43266 before making a move.

While steering clear of the first major support level at $0.4011, Ripple’s XRP fell through the 38.2% FIB of $0.4392.

Finding support in the late morning, Ripple’s XRP surged to a late intraday high $0.6200.

Ripple’s XRP broke the first major resistance level at $0.4951 and the second major resistance level at $0.5436. More significantly, Ripple’s XRP also broke back through the 38.2% FIB.

In spite of a late pullback, Ripple’s XRP avoided sub-$0.61 and the second major resistance level.

At the time of writing, Ripple’s XRP was down by 1.24% to $0.60920. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.62387 before falling to a low $0.60500.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 241120 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.5565 pivot level to support a run at the first major resistance level at $0.6804.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.6200.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.75 before any pullback. The second major resistance level sits at $0.7438.

Failure to avoid a fall through the $0.5565 pivot would bring the first major support level at $0.4930 and the 38.2% FIB into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer well clear of sub-$0.40 levels. The second major support level sits at $0.3692.

Looking at the Technical Indicators

First Major Support Level: $0.4930

Pivot Level: $0.5565

First Major Resistance Level: $0.6804

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum First Break Above $500 After 2.5 Years

Ethereum (ETH/USD) is finally making a bullish breakout. The previous bullish swing was 3 years ago when price action went above $1,300.

The pullback and correction was strong and lengthy. Can the ETH/USD bulls really wrestle back full control from the bears?

Price Charts and Technical Analysis

Ethereum weekly chart

The ETH/USD continued higher over the weekend crossing the round $500 mark. The new high is also breaking above the -61.8% Fibonacci target. This is a typical target for a wave C so a break indicates that a wave 3 is becoming more likely.

The next confirmation of a wave 3 occurs if price action is able to break above the -100% Fibonacci target. A bull flag could develop as well (orange arrows) but eventually a breakout is expected (green arrows).

On the 4 hour chart, the bullish momentum remains strong. Price action seems to be in a wave 3 (grey). Once this wave 3 is completed, we are expecting a wave 4 correction. Usually wave 4s are long and choppy (orange arrows) like a bull flag continuation chart pattern.

A break below the top of wave 1 (green box) invalidates (red circle) the 5 wave pattern (grey). But it does not invalidate the entire uptrend due to the expected support at the long-term moving averages.

Ethereum 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

The Crypto Daily – Movers and Shakers – November 23rd, 2020

Bitcoin, BTC to USD, fell by 1.44% on Sunday. After ending the day flat on Saturday, Bitcoin ended the week up by 15.2% to $18,392.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $18,732.0 before hitting reverse.

Falling short of the first major resistance level at $18,962, Bitcoin fell to a late morning intraday low $17,645.0.

Bitcoin fell through the first major support level at $18,340 and the second major support level at $18,021.

Steering clear of sub-$17,500 levels, Bitcoin found support in the 2nd half to wrap up the day at $18,600 levels. The late support saw Bitcoin break back through the major support levels.

The near-term bullish trend remained intact, supported by the latest move through to $18,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,709 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Cardano’s ADA jumped by 9.36% to lead the way.

Ethereum also found support, rising by 1.40% to close out the week on a high.

It was a bearish day for the rest of the majors, however.

Bitcoin Cash SV and Chainlink led the way down, with losses of 8.47% and 6.31% respectively.

Binance Coin (-1.56%), Crypto.com Coin (-4.09%), Litecoin (-4.90%), Polkadot (-3.16%), and Ripple’s XRP (-3.56%) also struggled.

For the week, it was a bullish one for the majors.

Ripple’s XRP surged by 60.9% to lead the way.

Bitcoin Cash SV (+14.78%), Cardano’s ADA (+45.3%), Chainlink (+19.6%), Ethereum (+25.0%), and Litecoin (+33.1%) also found strong support.

Binance Coin (+8.47%), Crypto.com Coin (+6.83%), and Polkadot (+9.46%) trailed the front runners, however.

In the week, the crypto total market cap rose from a Monday low $445.47bn to a Sunday high $545.25bn. At the time of writing, the total market cap stood at $522.02bn.

Bitcoin’s dominance rose to a Wednesday high 67.46% before sliding to a Sunday low of 63.86%. At the time of writing, Bitcoin’s dominance stood at 64.52%.

This Morning

At the time of writing, Bitcoin was down by 1.02% to $18,205.0. A mixed start to the day saw Bitcoin rise to an early morning high $18,498.0 before falling to a low $18,003.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Polkadot (+0.99%), Cardano’s ADA (+0.58%), and Binance Coin (+1.27%) bucked the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was down by 1.26% to lead the way down.

BTCUSD 231120 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $18,256 to bring the first major resistance level at $18,868 into play.

Support from the broader market would be needed for Bitcoin to break out from $18,500 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $19,500 before any pullback. The second major resistance level sits at $19,343.

Failure to move back through the $18,256 pivot would bring the first major support level at $17,781 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$17,500 levels. The second major support level sits at $17,169.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 23rd, 2020

Ethereum

Ethereum rose by 1.40% on Sunday. Following an 8.32% rally from Saturday, Ethereum ended the week up by 25.02% to $560.82.

It was another mixed start to the day. Ethereum rose to an early morning high $562.61 before hitting reverse.

Falling short of the first major resistance level at $570.63, Ethereum slid to a late morning intraday low $511.16.

Ethereum fell through the first major support level at $519.17 before finding support. Through the 2nd half of the day, Ethereum rallied to a late intraday high and a new swing hi $581.80.

The afternoon rally saw Ethereum break through the first major resistance level at $570.63. A late pullback, however, saw Ethereum fall back through the first major resistance level to end the day at sub-$570.

At the time of writing, Ethereum was up by 0.79% to $565.25. A bullish start to the day saw Ethereum rise from an early morning low $560.70 to a high $565.72

Ethereum left the major support and resistance levels untested early on.

ETHUSD 231120 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $551.26 to support a run at the first major resistance level at $591.36.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $581.80.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $610 before any pullback. The second major resistance level sits at $621.90.

Failure to avoid a fall through the $551.26 pivot would bring the first major support level at $520.72 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$500 levels. The second major support level sits at $480.62.

Looking at the Technical Indicators

First Major Support Level: $520.72

Pivot Level: $551.26

First Major Resistance Level: $591.36

23.6% FIB Retracement Level: $

38.2% FIB Retracement Level: $

62% FIB Retracement Level: $

Litecoin

Litecoin slid by 4.90% on Sunday. Partially reversing a 5.43% gain from Saturday, Litecoin ended the week up by 33.10% to $82.96.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $88.00 before hitting reverse.

Falling short of the first major resistance level at $90.28, Litecoin slid to a late morning intraday low $78.00.

Litecoin fell through the first major support level at $82.26 before recovering to $85 levels.

A bearish end to the day, however, saw Litecoin slide back to end the day at sub-$83 levels.

At the time of writing, Litecoin was up by 0.83% to $83.65. A mixed start to the day saw Litecoin fall to an early morning low $82.74 before rising to a high $83.65.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 231120 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $82.99 pivot to support a run at the first major resistance level at $87.97.

Support from the broader market would be needed, however, for Litecoin to break out from $85 levels.

Barring another extended crypto rally, the first major resistance level and Sunday’s high $88.00 would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test the second major resistance level at $92.99.

Failure to avoid a fall back through the $82.99 pivot level would bring the first major support level at $77.97 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $72.99.

Looking at the Technical Indicators

First Major Support Level: $77.97

Pivot Level: $82.99

First Major Resistance Level: $87.97

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP fell by 3.56% on Sunday. Following Saturday’s 40.04% surge, Ripple’s XRP ended the week up by 65.9% to $0.44669.

It was a mixed start to the day. Ripple’s XRP rallied to an early morning intraday high $0.4980 before hitting reverse.

Falling short of the first major resistance level at $0.5122, Ripple’s XRP slid to an early morning intraday low $0.40401.

While steering clear of the first major support level at $0.3713, Ripple’s XRP fell through the 38.2% FIB of $0.4392. In the late morning, Ripple’s XRP revisited $0.475 levels before a late morning pullback.

The pullback saw Ripple’s XRP fall back through the 38.2% FIB to $0.4080 levels before finding support. Through the 2nd half of the day, Ripple’s XRP broke back through the 38.2% FIB to revisit $0.48 levels.

A bearish final hour, however, saw Ripple’s XRP fall back to sub-$0.45 and end the day in the deep red.

At the time of writing, Ripple’s XRP was up by 0.80% to $0.45027. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.44603 to a high $0.45320.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 231120 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.4496 pivot level to support a run at the first major resistance level at $0.4951.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.49 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.4980 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.55 before any pullback. The second major resistance level sits at $0.5436.

Failure to avoid a fall back through the $0.4496 pivot would bring the 38.2% FIB and the first major support level at $0.4011 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer well clear of sub-$0.40 levels. The second major support level sits at $0.3556.

Looking at the Technical Indicators

First Major Support Level: $0.4011

Pivot Level: $0.4496

First Major Resistance Level: $0.4951

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – November 22nd, 2020

Bitcoin, BTC to USD, ended the day flat at $18,660.0 on Saturday. On Friday, Bitcoin had rallied by 4.73%.

It was a bullish start to the day. Bitcoin rallied to an early morning intraday high and new swing hi $18,945.0 before hitting reverse.

Falling short of the first major resistance level at $19,062, Bitcoin fell to a mid-day intraday low $18,323.0.

Steering clear of the first major support level at $18005, Bitcoin briefly revisited $18,800 levels before easing back.

The near-term bullish trend remained intact, supported by the latest move through to $18,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,709 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Saturday.

Ripple’s XRP surged by a whopping 39.95% to lead the way.

Bitcoin Cash SV (+16.00%), Cardano’s ADA (+12.69%), Chainlink (+9.81%), Ethereum (+8.35%), Polkadot (+10.33%), and Ripple’s XRP (+8.74%) also made strong gains.

Binance Coin (+5.23%), Crypto.com Coin (+0.55%), Litecoin (+5.43%), trailed the front runners, however.

In the current week, the crypto total market cap rose from a Monday low $445.47bn to a Saturday high $544.20bn. At the time of writing, the total market cap stood at $529.35bn.

Bitcoin’s dominance rose to a Wednesday high 67.46% before sliding to an early Sunday low of 64.32%. At the time of writing, Bitcoin’s dominance stood at 64.95%.

This Morning

At the time of writing, Bitcoin was down by 0.95% to $18,482.0. A mixed start to the day saw Bitcoin rise to an early morning high $18,732.0 before falling to an early morning low $18,415.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Ripple’s XRP was down by 5.45% to lead the way down.

BTCUSD 221120 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $18,643 to bring the first major resistance level at $18,962 into play.

Support from the broader market would be needed for Bitcoin to break back through to $18,900 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $19,500 before any pullback. The second major resistance level sits at $19,265.

Failure to move back through the $18,643 pivot would bring the first major support level at $18,340 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$18,000 levels. The second major support level at $18,021 should limit any downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 21st, 2020

Ethereum

Ethereum rallied by 8.16% on Friday. Reversing a 1.48% loss from Thursday, Ethereum ended the day at $510.43.

It was another mixed start to the day. Ethereum fell to an early morning intraday low $471.07 before making a move.

Steering clear of the first major support level at $464.40, Ethereum rallied to a late afternoon intraday high $514.73.

Ethereum broke through the major resistance levels before a brief fall back to sub-$505 levels.

The pullback saw Ethereum fall through the third major resistance level at $504.32 before wrapping up the day at $510 levels.

At the time of writing, Ethereum was up by 1.39% to $517.53. A bullish start to the day saw Ethereum rise from an early morning low $510.26 to a high $518.92.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 211120 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $498.74 to support a run at the first major resistance level at $526.42.

Support from the broader market would be needed, however, for Ethereum to break through to $520 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $530 would likely cap any upside.

In the event of another breakout, Ethereum could test the second major resistance level at $542.4 and the 62% FIB of $543.0.

Failure to avoid a fall through the $498.74 pivot would bring the first major support level at $482.76 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$480 levels. The second major support level sits at $455.08.

Looking at the Technical Indicators

First Major Support Level: $482.76

Pivot Level: $498.74

First Major Resistance Level: $526.42

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 1.25% on Friday. Following on from an 11.09% surge on Thursday, Litecoin ended the day at $82.6.

It was a mixed start to the day. Litecoin fell to a late morning intraday low $80.17 before making a move

Steering clear of the first major support level at $74.28, Litecoin rallied to a late afternoon intraday high $85.92.

Falling short of the first major resistance level at $86.25, Litecoin eased back to end the day at $82 levels.

At the time of writing, Litecoin was up by 1.26% to $83.70. A bullish start to the day saw Litecoin rise from an early morning low $82.60 to a high $85.39.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 211120 Hourly Chart

For the day ahead

Litecoin would need to move through the $82.92 pivot to support a run at the first major resistance level at $85.66.

Support from the broader market would be needed, however, for Litecoin to break back through to $85 levels.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test the second major resistance level at $88.67.

Failure to move through the $82.92 pivot level would bring the first major support level at $79.91 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $77.17.

Looking at the Technical Indicators

First Major Support Level: $79.91

Pivot Level: $82.92

First Major Resistance Level: $85.66

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 8.71% on Friday. Following on from a 3.42% rally on Thursday, Ripple’s XRP ended the day at $0.33041.

It was a mixed start to the day. Ripple’s XRP fell to a late morning intraday low $0.29727 before making a move.

Steering clear of the first major support level at $0.2898, however, Ripple’s XRP rallied to a final hour intraday high $0.33113.

Ripple’s XRP broke through the first major resistance level at $0.3125 and the second major resistance level at $0.3210.

At the time of writing, Ripple’s XRP was up by 3.43% to $0.34175. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.32997 to a high $0.34410

Ripple’s XRP broke through the first major resistance level at $0.3419 early on.

XRPUSD 211120 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.3196 pivot level to support another run at the first major resistance level at $0.3419.

Support from the broader market would be needed, however, for Ripple’s XRP to hold onto $0.34 levels.

Barring an extended crypto rally, the first major resistance level and morning high $0.34410 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.35 before any pullback. The second major resistance level sits at $0.3535.

Failure to avoid a fall through the $0.3196 pivot would bring the first major support level at $0.3081 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.30 levels. The second major support level sits at $0.2857.

Looking at the Technical Indicators

First Major Support Level: $0.3081

Pivot Level: $0.3196

First Major Resistance Level: $0.3419

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – November 21st, 2020

Bitcoin, BTC to USD, rallied by 4.73% on Friday. Following on from a 0.25% gain on Thursday, Bitcoin ended the day at $18,660.0.

It was a mixed start to the day. Bitcoin slipped to an early morning intraday low $17,753 before making a move.

Steering clear of the first major support level at $17,386, Bitcoin rallied to a late afternoon intraday high $18,810.0.

Bitcoin broke through the first major resistance level at $18,208 and the second major resistance level at $18,598.

A late pullback saw Bitcoin briefly fall back through the second major resistance level before wrapping up the day at $18,600 levels.

The near-term bullish trend remained intact, supported by the latest move through to $18,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,657 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday.

Cardano’s ADA surged by 11.71% to lead the way.

Crypto.com Coin (+9.45%), Ethereum (+8.16%), and Ripple’s XRP (+8.74%) also rallied on the day.

Binance Coin (+3.04%), Bitcoin Cash SV (+5.05%), Chainlink (+3.49%), Litecoin (+1.25%), and Polkadot (+4.94%) trailed the front runners.

In the current week, the crypto total market cap rose from a Monday low $445.47bn to a Saturday morning high $526.31bn. At the time of writing, the total market cap stood at $522.55bn.

Bitcoin’s dominance fell to a Monday low 65.43% before rising to a Wednesday high 67.46%. At the time of writing, Bitcoin’s dominance stood at 66.94%.

This Morning

At the time of writing, Bitcoin was up by 0.94% to $18,836.0. A mixed start to the day saw Bitcoin fall to an early morning low $18,629.4 before rising to a high $18,899.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin was down by 0.15% to buck the trend early on.

It was a bullish start to the day for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 6.71% to lead the way.

BTCUSD 211120 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $18,408 to bring the first major resistance level at $19,062 into play.

Support from the broader market would be needed for Bitcoin to break through to $19,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $19,500 before any pullback. The second major resistance level sits at $19,465.

Failure to avoid a fall through the $18,408 pivot would bring the first major support level at $18,005 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$18,000 levels. The second major support level sits at $17,351.

The Crypto Daily – Movers and Shakers – November 20th, 2020

Bitcoin, BTC to USD, rose by 0.25% on Thursday. Following on from a 0.56% gain on Wednesday, Bitcoin ended the day at $17,818.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $18,044.0 before hitting reverse.

Falling short of the major resistance levels, Bitcoin fell to a late morning intraday low $17,344.0.

Steering clear of the first major support level at $17,112, Bitcoin climbed to a mid-afternoon intraday high $18,166.0.

Falling short of the first major resistance level at $18,443, however, Bitcoin slipped back to end the day at sub-$18,000.

The near-term bullish trend remained intact, supported by the latest move through to $18,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,520 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Bitcoin Cash SV (-0.14%), Cardano’s ADA (-0.45%), Ethereum (-1.48%), and saw red on the day.

It was a bullish day for the rest of the majors, however.

Litecoin surged by 11.09% to lead the way.

Binance Coin (+0.17%), Chainlink (+0.40%), Crypto.com Coin (+3.89%), Polkadot (+1.52%), and Ripple’s XRP (+3.42%) also joined Bitcoin in the green.

In the current week, the crypto total market cap rose from a Monday low $445.47bn to a Wednesday high $514.87bn. At the time of writing, the total market cap stood at $493.44bn.

Bitcoin’s dominance fell to a Monday low 65.43% before rising to a Wednesday high 67.46%. At the time of writing, Bitcoin’s dominance stood at 67.12%.

This Morning

At the time of writing, Bitcoin was up by 0.08% to $17,833,0. A mixed start to the day saw Bitcoin fall to an early morning low $17,797.0 before rising to a high $17,934.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Chainlink (-0.15%), Crypto.com Coin (-0.45%), and Ripple’s XRP (-0.54%) struggled early on.

It was a bullish start to the day for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV (+1.07%) and Litecoin (+1.52%) led the way.

BTCUSD 201120 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $17,776 to bring the first major resistance level at $18,208 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $18,166.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $18,500 before any pullback. The second major resistance level sits at $18,598.

Failure to avoid a fall through the $17,776 pivot would bring the first major support level at $17,386 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$17,000 levels. The second major support level sits at $16,954.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 20th, 2020

Ethereum

Ethereum fell by 1.48% on Thursday. Following on from a 0.79% decline on Wednesday, Ethereum ended the day at $471.92.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $480.99 before hitting reverse.

Falling short of the first major resistance level at $497.59, Ethereum fell to a late morning intraday low $465.18.

Steering clear of the first major support level at $458.41, Ethereum briefly revisited $478 levels before falling back into the red.

At the time of writing, Ethereum was up by 0.15% to $472.65. A mixed start to the day saw Ethereum fall to an early morning low $471.76 before rising to a high $473.00.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 201120 Hourly Chart

For the day ahead

Ethereum would need to move back through the pivot level at $472.70 to support a run at the first major resistance level at $480.21.

Support from the broader market would be needed, however, for Ethereum to break back through to $480 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $480.99 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $490 before any pullback. The second major resistance level sits at $488.51.

Failure to move back through the $472.70 pivot would bring the first major support level at $464.40 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$460 levels. The second major support level sits at $456.89.

Looking at the Technical Indicators

First Major Support Level: $464.40

Pivot Level: $472.70

First Major Resistance Level: $480.21

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin surged by 11.09% on Thursday. Reversing a 3.78% slide from Wednesday, Litecoin ended the day at $81.64.

It was a bearish start to the day. Litecoin fell from an early morning high $75.32 to a late morning intraday low $71.53.

Steering clear of the 38.2% FIB of $71.00 and the first major support level at $68.82, Litecoin rallied to a late intraday high $83.50.

Litecoin broke through the first major resistance level at $77.66 and the second major resistance level at $81.84.

More significantly, Litecoin also broke through the 38.2% FIB to hit $80 levels for the first time since February-2020.

A late pullback, saw Litecoin fall back through the second major resistance level at $81.84, however.

At the time of writing, Litecoin was up by 0.48% to $82.03. A mixed start to the day saw Litecoin fall to an early morning low $81.29 before rising to a high $82.06.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 201120 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $78.89 pivot to support a run at the first major resistance level at $86.25.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $83.50.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test resistance at $90 before any pullback. The second major resistance level sits at $90.86.

Failure to avoid a fall through the $78.89 pivot level would bring the first major support level at $74.28 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$70. The 38.2% FIB of $71 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $74.28

Pivot Level: $78.89

First Major Resistance Level: $86.25

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 3.42% on Thursday. Reversing a 3.01% slide from Wednesday, Ripple’s XRP ended the day at $0.30386.

It was a mixed start to the day. Ripple’s XRP rose to an early morning high $0.2963 before hitting reverse.

Falling short of the first major resistance level at $0.3077, Ripple’s XRP slid to a late morning intraday low $0.28424.

Steering clear of the first major support level at $0.2800, however, Ripple’s XRP rallied to a late intraday high $0.30694.

Coming within range of the first major resistance level at $0.3077, Ripple’s XRP fell back to sub-$0.30 before finding support.

A late recovery saw Ripple’s XRP return to $0.30 levels to deliver the upside for the day.

At the time of writing, Ripple’s XRP was down by 0.10% to $0.30356. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.30193 before rising to a high $0.30413.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 201120 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2983 pivot level to support a run at the first major resistance level at $0.3125.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.30694.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.32 before any pullback. The second major resistance level sits at $0.3210.

Failure to avoid a fall through the $0.2983 pivot would bring the first major support level at $0.2898 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.28 levels. The second major support level sits at $0.2756.

Looking at the Technical Indicators

First Major Support Level: $0.2898

Pivot Level: $0.2983

First Major Resistance Level: $0.3125

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 19th, 2020

Ethereum

Ethereum fell by 0.79% on Wednesday. Partially reversing a 4.73% rally from Tuesday, Ethereum ended the day at $478.96.

It was a bullish start to the day. Ethereum rallied to an early morning intraday high $495.68 before hitting reverse.

Ethereum broke through the first major resistance level at $491.77 before sliding to a mid-morning intraday low $456.5.

The sell-off saw Ethereum fall through the first major support level at $466.82 to sub-$460 before finding support.

Ethereum briefly revisited $482 levels before sliding back into the red. Late support limited the downside on the day, however.

At the time of writing, Ethereum was down by 0.51% to $476.53. A mixed start to the day saw Ethereum rise to an early morning high $480.88 before falling to a low $474.27.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 191120 Hourly Chart

For the day ahead

Ethereum would need to move back through the pivot level at $477.05 to support a run at the first major resistance level at $497.59.

Support from the broader market would be needed, however, for Ethereum to break back through to $490 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $495.68 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $510 before any pullback. The second major resistance level sits at $516.23.

Failure to move back through the $477.05 pivot would bring the first major support level at $458.41 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$450 levels. The second major support level sits at $437.87.

Looking at the Technical Indicators

First Major Support Level: $458.41

Pivot Level: $477.05

First Major Resistance Level: $497.59

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slid by 3.78% on Wednesday. Reversing a 3.51% rally from Tuesday, Litecoin ended the day at $73.48.

It was a bearish start to the day. Litecoin slid from an early morning intraday high $77.17 to a mid-morning intraday low $68.34.

The sell-off saw Litecoin fall through the first major support level at $72.91 and the second major support level at $69.42. More significantly, Litecoin also fell through the 38.2% FIB of $71.00.

Finding late support, however, Litecoin briefly revisited $74 levels before wrapping up the day at $73 levels.

The late recovery saw Litecoin break back through the support levels and the 38.2% FIB.

At the time of writing, Litecoin was up by 0.38% to $73.76. A mixed start to the day saw Litecoin fall to an early morning low $72.87 before rising to a high $73.99.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 191120 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $73.00 pivot to support a run at the first major resistance level at $77.66.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $77.18.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test resistance at $80 before any pullback. The second major resistance level sits at $81.84.

Failure to avoid a fall through the $73.00 pivot level would bring the 38.2% FIB of $71and the first major support level at $68.82 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$68. The second major support level sits at $64.16.

Looking at the Technical Indicators

First Major Support Level: $68.82

Pivot Level: $73.00

First Major Resistance Level: $77.66

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slid by 3.01% on Wednesday. Partially reversing a 5.08% gain from Tuesday, Ripple’s XRP ended the day at $0.29366.

It was a mixed start to the day. Ripple’s XRP rose to an early morning intraday high $0.30820 before hitting reverse.

Falling short of the first major resistance level at $0.3096, Ripple’s XRP slid to a mid-morning intraday low $0.28049.

Ripple’s XRP fell through the first major support level at $0.2918 before a late recovery to $0.29 levels.

Off the back of the late support, Ripple’s XRP broke back through the first major support level at $0.2918.

At the time of writing, Ripple’s XRP was down by 0.61% to $0.29186. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.29431 before falling to a low $0.29007.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 191120 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.2941 pivot level to support a run at the first major resistance level at $0.3077.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 levels.

Barring an extended crypto rally, the first major resistance level Wednesday’s high $0.30820 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.31 before any pullback. The second major resistance level sits at $0.3218.

Failure to move back through the $0.2941 pivot would bring the first major support level at $0.2800 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level sits at $0.2664.

Looking at the Technical Indicators

First Major Support Level: $0.2800

Pivot Level: $0.2941

First Major Resistance Level: $0.3077

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – November 18th, 2020

Bitcoin, BTC to USD, rallied by 5.72% on Tuesday. Following on from a 4.72% rise on Monday, Bitcoin ended the day at $16,674.9.

It was a mixed start to the day. Bitcoin slipped to an early morning intraday low $16,535.0 before making a move.

Steering clear of the first major support level at $16,105, Bitcoin rallied to a late afternoon intraday high and a new swing hi $17,815.0.

Bitcoin broke through the first major resistance level at $17,103 and the second major resistance level at $17,486.

Coming up short of $18,000 levels, Bitcoin briefly fell back through the second major resistance level.

Finding late support, however, Bitcoin broke back through the second major resistance level to wrap up the day at $17,670 levels.

The near-term bullish trend remained intact, supported by the latest move through to $17,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $8,768 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Tuesday.

Bitcoin Cash SV (+5.74%), Chainlink (+5.88%), Cardano’s ADA (+5.38%), Ethereum (+4.73%), and Ripple’s XRP (+5.08%) led the way.

Binance Coin (+2.20%), Crypto.com Coin (+1.24%), Litecoin (+3.51%), and Polkadot (+1.95%) saw relatively modest gains on the day.

At the start of the week, the crypto total market cap rose from a Monday low $445.47bn to a Tuesday high $504.31bn. At the time of writing, the total market cap stood at $493.74bn.

Bitcoin’s dominance fell to a Monday low 65.43% before rising to a Tuesday high 66.63%. At the time of writing, Bitcoin’s dominance stood at 66.51%.

This Morning

At the time of writing, Bitcoin was up by 0.07% to $17,687.0. A mixed start to the day saw Bitcoin fall to an early morning low $17,650.0 before rising to a high $17,693.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (-0.77%), Litecoin (-1.48%), and Polkadot (-0.30%) bucked the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Chainlink was up by 3.82% to lead the way.

BTCUSD 181120 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $17,342 to bring the first major resistance level at $18,148 into play.

Support from the broader market would be needed for Bitcoin to break through to $18,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $18,500 before any pullback. The second major resistance level sits at $18,622.

Failure to avoid a fall through the $17,342 pivot would bring the first major support level at $16,868 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$16,500 levels. The second major support level sits at $16,062.

 

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 18th, 2020

Ethereum

Ethereum rallied by 4.73% on Tuesday. Following on from a 2.73% gain on Monday, Ethereum ended the day at $482.68.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $460.05 before making a move.

Steering clear of the first major support level at $449.10, Ethereum rallied to a late intraday high $485.00.

Ethereum broke through the first major resistance level at $469.40 and the second major resistance level at $477.96.

In spite of a late pullback, Ethereum avoided a fall back through to sub-$480 levels, wrapping up the day at $482 levels.

At the time of writing, Ethereum was up by 0.35% to $484.39. A mixed start to the day saw Ethereum fall to an early morning low $482.40 before rising to a high $484.61.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 181120 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $475.91 to support a run at the first major resistance level at $491.77.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $485.00.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $500 before any pullback. The second major resistance level sits at $500.86.

Failure to avoid a fall through the $475.91 pivot would bring the first major support level at $466.82 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$460 levels. The second major support level sits at $450.96.

Looking at the Technical Indicators

First Major Support Level: $466.82

Pivot Level: $475.91

First Major Resistance Level: $491.77

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 3.51% on Tuesday. Following on from an 18.45% surge on Monday, Litecoin ended the day at $76.41.

It was a bullish start to the day. Litecoin rallied to an early morning high $75.87 before hitting reverse.

Falling short of the first major resistance level at $78.27, Litecoin fell to a late morning intraday low $71.48.

In spite of the pullback, Litecoin steered clear of the 38.2% FIB of $71 and the first major support level at $65.78.

Finding support in the early afternoon, Litecoin rallied to a late intraday high $77.04 before easing back.

Litecoin failed to test the major resistance levels on the day.

At the time of writing, Litecoin was up by 0.18% to $76.55. A bullish start to the day saw Litecoin rise from an early morning low $76.35 to a high $76.91.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to avoid a fall through the $74.98 pivot to support a run at the first major resistance level at $78.47.

Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $77.04.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test resistance at $80 before any pullback. The second major resistance level sits at $80.54.

Failure to avoid a fall through the $74.98 pivot level would bring the first major support level at $72.91 and the 38.2% FIB of 71 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$70. The second major support level sits at $69.42.

Looking at the Technical Indicators

First Major Support Level: $72.91

Pivot Level: $74.98

First Major Resistance Level: $78.47

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 5.08% on Tuesday. Following on from a 7.03% breakout on Monday, Ripple’s XRP ended the day at $0.30278.

It was a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.28771 before making a move.

Steering clear of the first major support level at $0.2739, Ripple’s XRP rallied to a mid-day intraday high $0.30550.

Ripple’s XRP broke through the first major resistance level at $0.2962 and the second major resistance level at $0.3041.

Bearish going into the afternoon, however, Ripple’s XRP fell back to sub-$0.30 levels before wrapping up the day at $0.0302 levels.

The second major resistance level pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 0.90% to $0.30550. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.30277 to a high $0.30550.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 181120 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2987 pivot level to support a run at the first major resistance level at $0.3096.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.3080 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $0.31 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.3165.

Failure to avoid a fall through the $0.2987 pivot would bring the first major support level at $0.2918 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.29 levels. The second major support level sits at $0.2809.

Looking at the Technical Indicators

First Major Support Level: $0.2918

Pivot Level: $0.2987

First Major Resistance Level: $0.3096

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 17th, 2020

Ethereum

Ethereum rose by 2.73% on Monday. Reversing a 2.74% fall from Sunday, Ethereum ended the day at $460.85.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $445.91 before making a move.

Steering clear of the first major support level at $437.82, Ethereum rallied to a late intraday high $466.21.

Ethereum broke through the first major resistance level at $461.29 before a fall back to sub-$460 levels.

A bullish end to the day, however, saw Ethereum break back through the first major resistance level to end the day at $460 levels.

At the time of writing, Ethereum was up by 0.46% to $462.96. A mixed start to the day saw Ethereum fall to an early morning low $460.05 before striking a high $463.13.

Ethereum left the major support and resistance levels untested early on.

ETH/USD Hourly Chart 171120

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $457.66 to support a run at the first major resistance level at $469.40.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $466.21.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $480 before any pullback. The second major resistance level sits at $477.96.

Failure to avoid a fall through the $457.66 pivot would bring the first major support level at $449.10 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$440 levels. The second major support level sits at $437.36.

Looking at the Technical Indicators

First Major Support Level: $449.10

Pivot Level: $457.66

First Major Resistance Level: $469.40

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin surged by 18.45% on Monday. Reversing a 2.38% loss from Sunday, Litecoin ended the day at $73.83.

It was a particularly bullish day. Litecoin rallied from an early morning intraday low $62.16 to a final hour intraday high $74.65.

The day-long rally saw Litecoin broke through the day’s major resistance levels at the 38.2% FIB of $71.00.

At the time of writing, Litecoin was up by 1.42% to $74.88. A mixed start to the day saw Litecoin fall to an early morning low $73.35 before rising to a high $74.88.

Litecoin left the major support and resistance levels untested early on.

LTC/USD Hourly Chart 171120

For the day ahead

Litecoin would need to avoid a fall through the 38.2% FIB and the $70.21 pivot to support a run at the first major resistance level at $78.27.

Support from the broader market would be needed, however, for Litecoin to break out from $75 levels.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test resistance at $85 before any pullback. The second major resistance level sits at $82.70.

Failure to avoid a fall through the 38.2% FIB and the $70.21 pivot level would bring the first major support level at $65.78 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$60. The second major support level sits at $57.72.

Looking at the Technical Indicators

First Major Support Level: $65.78

Pivot Level: $70.21

First Major Resistance Level: $78.27

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 7.03% on Monday. Following on from a 0.38% gain on Sunday, Ripple’s XRP ended the day at $0.28817.

It was a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.26767 before making a move.

Steering clear of the first major support level at $0.2636, Ripple’s XRP rallied to a final hour intraday high $0.28989.

Ripple’s XRP broke through the first major resistance level at $0.2764 and the second major resistance level at $0.2831.

Resistance at $0.29 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 1.65% to $0.29292. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28771 before rising to a high $0.29347.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD Hourly Chart 171120

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2819 pivot level to support a run at the first major resistance level at $0.2962.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.2950 levels.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.3041.

Failure to avoid a fall through the $0.2819 pivot would bring the first major support level at $0.2739 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level sits at $0.2597.

Looking at the Technical Indicators

First Major Support Level: $0.2739

Pivot Level: $0.2819

First Major Resistance Level: $0.2962

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

Bitcoin Reaches New Yearly Highs While Investors Grasp 5.72% in Weekly Returns

As demand surpasses the number of tokens that holders are willing to sell, the supply shortage appears to be triggering a new parabolic advance as it did in all previous halving.

Such market behavior was visible during the week of November 9th. Bitcoin kicked off the weekly trading session at $15,483, and within eight hours, it had jumped more than 2.4% to hit a high of $15,857. A spike in miners’ deposits to exchanges followed the upward price action, which resulted in a 6.56% correction.

By 16:00 UTC, BTC had dropped to $14,817, marking the week’s lowest price point. As buy orders began to pile up, the pioneer cryptocurrency was able to recover all losses incurred. The buying pressure saw it rise for two consecutive days to reach a high of $16,000 on Wednesday, November 11th, at 16:00 UTC.

This price point was met with a lot of excitement from the cryptocurrency community because it was the first time since January 2018 that Bitcoin was trading at such levels. Bears were able to capitalize on the hype and triggered a 3.46% pushing BTC down to $15,447. Regardless, demand continued rising alongside prices.

By Friday, November 13th, the bellwether cryptocurrency had surged another 6.8%, reaching a new yearly high of $16,492. But as the week was coming to an end, some investors seemingly decided to realize profits pushing prices down to close at $16,340. Bitcoin holders were able to generate a weekly return of 5.72% due to the impressive price action.

Ethereum Goes Through Unannounced Hard Fork But Manages to Weather the Storm

Like Bitcoin, Ethereum also opened the week of November 9th going through high levels of volatility. The smart contracts giant dropped 2.23% during the first few hours of Monday’s trading session, then rebounded by 3.5% to a high of $460, and ultimately plunged 5.7% to hit a low of $433.83. Despite the erratic price action, Ether was in a steady uptrend throughout the rest of the week.

Indeed, the second-largest cryptocurrency by market capitalization was able to bounce off from support to hit a high of $476.8 on Wednesday, November 11th, representing a nearly 10% upswing. Although it appears that ETH had more gas in the tank, the Ethereum Foundation pushed the network into an unannounced hard fork that put a pause to the uptrend. Market participants reacted negatively to the news as it showed the levels of decentralization on the protocol.

What followed was a 5.2% correction that saw Ether retrace to a low of $452. Although the crypto community appeared concerned about the two-year-old dormant bug that caused the network upgrade, the news was not significant enough to ignite further selling. Consequently, the smart contracts token resumed its uptrend, pushing for higher highs.

By Friday, November 13th, Ethereum was up more than 5.8%, trading at a high of $478.31. Prices tumbled a little as the weekly trading session was coming to an end, and ETH closed at $477.15. Investors were able to grasp a weekly return of 5.15%.

Higher Highs on the Horizon

Crypto enthusiasts are growing overwhelmingly bullish about the price action that Bitcoin and Ethereum experienced throughout the week of November 9th. Since the crowd’s wisdom is usually wrong, the overall market sentiment is something to be concerned about. It is imperative to employ a solid risk management strategy to avoid potential losses in a sudden correction.

Nonetheless, it seems like both BTC and ETH are poised for higher highs from a technical perspective. The Tom Demark (TD) Sequential indicator suggests that these cryptocurrencies may continue to rise for another two to three weeks before a sell signal emerges. If this is the case, Bitcoin could rise to $19,000, while Ethereum breaches the $500 mark.

Konstantin Anissimov, Executive Director at CEX.IO

The Crypto Daily – The Movers and Shakers – November 16th, 2020

Bitcoin, BTC to USD, fell by 0.58% on Sunday. Following on from a 1.54% slide on Saturday, Bitcoin ended the week up by 3.00% to $15,965.0.

It was a mixed start to the day. Recovering from an early morning low $15,870.1, Bitcoin rose to a late morning intraday high $16,151.0.

Falling well short of the first major resistance level at $16,343, Bitcoin slid to a late intraday low $15,794.0.

Steering clear of the first major support level at $15,743, Bitcoin moved back through to $15,900 levels to limit the loss on the day.

Resistance at $16,000 pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the latest move through to $16,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $8,768 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Ripple’s XRP rose by 0.38% to buck the trend for a 2nd consecutive day.

It was a bearish day for the rest of the majors, however, which joined Bitcoin in the red once more.

Chainlink (-3.62%) and Cardano’s ADA (-3.45%) led the way down.

Litecoin (-2.38%), Ethereum (-2.74%), and Crypto.com Coin (-2.37%) also struggled on the day.

Binance Coin (-0.89%), Bitcoin Cash SV (-1.48%), and Polkadot (-1.45%) saw relatively modest losses.

For the week, it was also a mixed bag.

Litecoin (+2.26%) and Ripple’s XRP (+6.29%) bucked the trend for the week to join Bitcoin in the green.

It was a bearish week for the rest of the majors, however.

Crypto.com Coin slid by -10.10% to lead the way down, with Bitcoin Cash SV (-7.90%), Cardano’s ADA (-5.70%), and Chainlink (-4.64%) also struggling.

Binance Coin (-2.59%), Ethereum (-1.33%), and Polkadot (-3.02%) saw relatively modest losses for the week.

For the week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Friday high $471.11bn. At the time of writing, the total market cap stood at $451.28bn.

Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to a Friday high 66.00%. At the time of writing, Bitcoin’s dominance stood at 65.54%.

The Crypto News

Overnight, a Bitcoin Cash ABC hard fork took place. The hard fork occurred as a result of disagreement over its Infrastructure Funding Plan (“IFP”).

Early reports indicate that Bitcoin Cash Node (“BCHN”) will become the dominant network, according to Coin.Dance.

At the time of writing, Bitcoin Cash Node was 43 blocks ahead.

This Morning

At the time of writing, Bitcoin was down by 0.05% to $15,957.0. A Bearish start to the day saw Bitcoin fall from an early morning high $15,966.0 to a low $15,874.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day early on.

Cardano’s ADA (+0.01%), Ethereum (+0.32%), Litecoin (+1.49%), Polkadot (+0.41%), and Ripple’s XRP (+0.28%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was down by 3.49% to lead the way down.

BTC/USD 16/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $15,970 to bring the first major resistance level at $16,146 into play.

Support from the broader market would be needed for Bitcoin to break back through to $16,100 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $16,151.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $16,327. Resistance at $16,500 would likely cap any upside to a breakout, however.

Failure to move back through the $15,970 pivot would bring the first major support level at $15,789 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$15,500 levels. The second major support level at $15,613 should limit any downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 16th, 2020

Ethereum

Ethereum fell by 2.74% on Sunday. Following on from a 3.35% slide on Saturday, Ethereum ended the week down by 1.33% to $448.58.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $463.24 before hitting reverse.

Falling short of the first major resistance level at $475.38, Ethereum fell to a late intraday low $439.77.

The sell-off saw Ethereum fall through the first major support level at $449.55. Finding late support, Ethereum partially recovered to end the day at $448 levels.

At the time of writing, Ethereum was down by 0.27% to $447.36. A bearish start to the day saw Ethereum fall from an early morning high $448.80 to a low $447.13.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 16/11/20 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $450.53 to support a run at the first major resistance level at $461.29.

Support from the broader market would be needed, however, for Ethereum to break back through to $460 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $470 before any pullback. The second major resistance level sits at $474.00.

Failure to move through the $450.53 pivot would bring the first major support level at $437.82 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$430 levels. The second major support level sits at $427.06.

Looking at the Technical Indicators

First Major Support Level: $437.82

Pivot Level: $450.53

First Major Resistance Level: $461.29

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 2.38% on Sunday. Following on from a 3.27% slide on Saturday, Litecoin ended the week up by 2.26% to $62.37.

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $64.50 before hitting reverse.

Falling short of the first major resistance level at $66.21, Litecoin fell to a late intraday low $61.08.

Litecoin fell through the first major support level at $61.61 before a move back through to $62 levels.

At the time of writing, Litecoin was down by 0.21% to $62.24. A bearish start to the day saw Litecoin fall from an early morning high $62.37 to a low $62.16.

Litecoin left the major support and resistance levels untested early on.

LTC/USD 16/11/20 Hourly Chart

For the day ahead

Litecoin would need to move through the $62.65 pivot to support a run at the first major resistance level at $64.22.

Support from the broader market would be needed, however, for Litecoin to break back through to $64 levels.

Barring another extended crypto rally, the first major resistance level and Sunday’s high $64.5 would likely cap any upside.

In the event of an extended breakout, Litecoin would likely test resistance at $66 before any pullback. The second major resistance level sits at $66.07.

Failure to move through the $62.65 pivot level would bring the first major support level at $60.80 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$60. The second major support level sits at $59.23.

Looking at the Technical Indicators

First Major Support Level: $60.80

Pivot Level: $62.65

First Major Resistance Level: $64.22

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rose by 0.38% on Sunday. Following on from a 0.98% gain on Saturday, Ripple’s XRP  ended the week up by 6.29% to $0.26964.

It was a bullish start to the day. Ripple’s XRP rallied to an early morning intraday high $0.27705 before easing back.

Coming up against the first major resistance level at $0.2770, Ripple’s XRP fell back to $0.2710 levels going into the afternoon.

Through the 2nd half of the day, Ripple’s XRP briefly revisited $0.273 levels before sliding to a late intraday low $0.26429.

Steering clear of the first major support level at $0.2606, Ripple’s XRP recovered to $0.269 levels to end the day in the green.

At the time of writing, Ripple’s XRP was down by 0.35% to $0.26869. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.26926 to a low $0.26863.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 16/11/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2703 pivot level to support a run at the first major resistance level at $0.2764.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2750 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.27705 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.2831.

Failure to move through the $0.2703 pivot would bring the first major support level at $0.2636 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.26 levels. The second major support level sits at $0.2576.

Looking at the Technical Indicators

First Major Support Level: $0.2636

Pivot Level: $0.2703

First Major Resistance Level: $0.2764

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob