Daily Bitcoin Analysis, brought to you
by www.wolfpackbot.com. For more in-depth analysis, visit t.me/wolfpackbot_discussion.
Both on the way up and on the way down, Bitcoin has been the leader, whose price action is followed by the altcoins. However, some analysts believe that this might change in the future and the next bull market might be led by one of the top altcoins. Let’s see what the charts forecast...
BTC has turned down from $6,600 levels and easily broke below both the moving averages. This is a sign of weakness. The next stop is a fall to $6,250–$6,200.
A break below $6,200 will threaten the critical support zone at $6,075.04–$5,900, which has not been breached in 2018. Any break of this support can result in a sharp liquidation of long positions, dragging the BTC/USD pair to $5,450 and $5,000 within a short span of time. Therefore, traders can keep the stops at $5,900.
If the bulls support $6,200 levels, BTC can extend its stay in the range for a few more days.
Absence of follow up buying has pushed Ethereum to the 20-day EMA. If this support breaks, it can slide to the lower support of $200 and $188.35. The downtrend will resume if the bears sink prices below the Sept. 12 lows of $167.32.
If the bulls defend the 20-day EMA, the ETH/USD pair might attempt to rise above $225.12 once again. We will turn positive on a breakout and close above $249.93. The flat moving averages and the RSI close to 50 suggests that consolidation might continue for a few more days.
XRP is not finding buying support at higher levels. After breaking out of the tight range, it has corrected back to the moving averages that are sloping up. We anticipate the bulls to offer strong support at current levels.
If the XRP/USD pair bounces off the moving averages or from the breakout levels of the tight range, it will attempt to breakout of $0.565 once again. If successful, XRP can reach $0.625 and $0.7644.
BCH has turned down from the critical overhead resistance of $660.0753.
The current pullback can extend to the moving averages, which have completed a bullish crossover; hence, we anticipate a strong support at the 20-day EMA. The RSI has also corrected its overbought levels, therefore, the BCH/USD pair might try to breakout of $660.0753 once again.
https://cointelegraph.com/news/bitcoin-ethereum-ripple-bitcoin-cash-eos-stellar-litecoin-cardano-monero-tron-price-analysis-nov-9?fbclid=IwAR2MZiTTC9aKHtA075V1bA-gpR9-tWt-kI9siJotNCGYq-DRdoijWL3woR8