Bitcoin Price Analysis, Ethereum, Ripple on 06.11.2020

Tonight, the bulls updated the yearly high around 16000.00 USD.From what resistance levelwill the decline begin?

BTC / USD

Yesterday, the bulls continued their run and easily broke through the upper border of the ascending blue corridor.The bullish momentum was enough to come close to the level of 16000.00 USD. 

Tonight, the yearly high was set at 15970.00 USD, and in the morning the price rolled back to the upper border of the ascending channel.It seems that the blue trend line will provide support and continue growing towards the 78.6% Fib level (16125.65 USD). 

Large sellers are still biding their time and do not come out with sales, observing at what level the bulls will run outWe believe that the first deep pullbacks may begin after a retest of the 78.6% Fibonacci level. 

ETH / USD

Yesterday, the price of Ethereum supported the bullish growth of the cryptocurrency flagship and broke through the level of the October high, setting a monthly price record around 442.00 USD. 

In the morning, the volume of purchases decreased and the pair rolled back to the area of 430.00 USD, but the growthIn the area of $450 – $470, there is a high probability of a reversal.If the bulls manage to break through it, they will open the way to a new annual high. 

XRP / USD

Yesterday, the price of Ripple showed moderate growth and tonight it tested the green upward trend line.Buyers can't break through it yet, but if today the growthIf the price in the market continues, the pair may leave a wide sideways corridor of $0.230 – $0.260, in which the price has been for more than two months. 

On the other hand, if buyers are unable to get above the green trend line, the movement in the wide side range will continue.

* All price values ​​are based on data from the BitStamp exchange

Subscribe to ForkNews on Telegram