12 Nov 2020 · 2 min read

Bitcoin Struggles Near USD 16,000, Altcoins Confined In Range

Bitcoin price made another attempt to clear USD 16,000 and failed. Ethereum spiked above USD 475 before trimming gains, XRP is consolidating above USD 0.255. DCR is up 10% and DASH gained more than 8%.

Bitcoin price started a steady upward move after there was a close above the USD 15,600 resistance. BTC even spiked above the USD 15,850 resistance, before correcting lower again. The price is currently (05:00 UTC) trading below USD 15,800, with a strong support at USD 15,500.

Besides, most major altcoins are stuck in a broad range, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD spiked above the USD 475 resistance and traded to a new monthly high near USD 478, but it failed to extend gains by a noticeable margin. XRP/USD seems to be confined in a range between USD 0.252 and USD 0.260.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

There was a strong upward move in bitcoin price above USD 15,600 and USD 15,700. BTC even traded to a new weekly high, but it failed to surpass the main USD 16,000 resistance level. The price is back below USD 15,800, with a strong support at USD 15,500. Any further losses could lead the price towards USD 15,200.
On the upside, the USD 15,850 and USD 16,000 levels are important hurdles. A successful close above USD 16,000 may perhaps open the doors for a sharp rise to USD 16,650.

Ethereum price

Ethereum price followed bitcoin and it spiked above the USD 470 level. ETH even broke the USD 475 level, but it struggled to test the USD 480 resistance. There was a bearish reaction and the price declined below the USD 465 level.
It is trading below USD 460, but there are key supports waiting near USD 455 and USD 452. On the upside, an initial resistance is near USD 465, followed by USD 468.

Bitcoin cash price extended its decline below the USD 260 support. BCH even traded below USD 255, but it is still above the USD 250 support. If there are more downsides, the bears might test the main USD 235 support. On the upside, the first major resistance is near USD 260, above which it could face resistance near USD 265.
Chainlink (LINK) failed to clear the USD 13.35 resistance and it reacted to the downside. There was a break below the USD 13.00 and USD 12.80 support levels. The price even spiked below the USD 12.50 support and it is currently consolidating losses. On the upside, the USD 13.00 level may now act as a resistance.
XRP price made a couple of attempts to gain bullish momentum above USD 0.260, but it failed. The price seems to be trading in a range above the USD 0.252 support and below the USD 0.260 resistance. A successful close and a follow-through move above USD 0.260 might set the pace for a sharp increase.

Other altcoins market today

In the past few hours, many altcoins declined over 8%, including SOL, YFI, SUSHI, SNX, MANA, AAVE, LRC, GNT, TMTG, REN, and UMA.

Overall, bitcoin price is still poised for more upsides, but it must gain momentum above USD 15,800 and USD 16,000. On the downside, there are important supports forming near USD 15,500 and USD 15,200.

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