05 Nov 2020 · 2 min read

Bitcoin At New High, Altcoins Gain Momentum

Bitcoin price climbed above USD 14,200 and traded to almost a three-year high. Ethereum surged above USD 400, XRP is attempting an upside break above USD 0.240. HEDG extended its rally by over 50% and it broke the USD 1.00 resistance.

There was a steady rise in bitcoin price above the USD 13,800 and USD 14,000 resistance levels. BTC even broke the USD 14,200 resistance and traded to almost a three-year high. It is currently (06:00 UTC) consolidating gains and trading well above the USD 14,000 support level.

Also, there are positive signs emerging for most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD gained more than 5% and it settled above the USD 400 resistance. XRP/USD is also showing positive signs, but it must settle above USD 0.240 to start a strong increase.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

Amid 2020 US election results, bitcoin price followed a bullish trajectory and was able to clear the USD 13,800 and USD 14,000 resistance levels. BTC even cleared the USD 14,200 barrier and traded close to USD 14,400. The price is currently correcting lower, but downsides might be limited below USD 14,150 and USD 14,000. The main support is now forming near the USD 13,800 level.
On the upside, the USD 14,400 and USD 14,500 levels are immediate hurdles. A successful break above USD 14,500 could open the doors for a push towards the USD 14,850 and USD 15,000 levels.

Ethereum price

Ethereum price started a strong increase after it cleared the USD 388 and USD 395 resistance levels. ETH rallied over 5% and it even surged above USD 400. The price traded to a new weekly high above USD 405 and it is currently correcting lower.
An initial support on the downside is near the USD 400 handle. The next major support is near the USD 395 level (the recent breakout zone).

Bitcoin cash price managed to clear the USD 240 and USD 242 resistance levels. BCH is now attempting an upside break above USD 245. If the bulls succeed, there are chances of a strong upward move towards the USD 255 and USD 260 levels. If there is a fresh decline, the USD 240 level might act as a decent support.
Chainlink (LINK) traded to a new weekly low near USD 9.75 before it started a fresh increase. It is back above USD 10.20 and trading just above the USD 10.50 resistance. If the price settles above USD 10.50, there are high chances of a break above USD 10.80. The next key resistance on the upside is near USD 11.00.
XRP price is regaining strength and it is trading well above the USD 0.235 pivot level. The price is trading above USD 0.238, but it must gain strength above USD 0.240 to start a strong increase. The next key resistance is near USD 0.245. On the downside, the USD 0.235 level is a major support in the short-term.

Other altcoins market today

In the past few hours, a few altcoins gained over 5%, including HEDG, CEL, SNX, DCR, OKB, MANA, ALGO, RVN, BNB, and REP. Conversely, UNI, YFI, ZB, and XRM are down more than 5%.

Overall, bitcoin price is gaining momentum above USD 14,000 and USD 14,200. If BTC clears USD 14,400 and USD 14,500, it could gain 4%-5% in the next two sessions.

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