BeInCrypto examines the price development of seven cryptocurrencies, including Bitcoin (BTC), which despite the sharp drop on November 10, remains above horizontal support.
Bitcoin (BTC) fell significantly on November 10 and created a bearish engulfing candlestick. This is a type of bearish candlestick that cancels out all of the previous rise and more.
BTC rebounded once it hit the $ 63,500 support area (green icon). The $ 63,500 level also coincides with an ascending support line, this is probably a very strong support level.
Ethereum (ETH) has risen inside an ascending wedge since October 28. The wedge is considered to be on a downtrend which means that a breakdown would be expected in the majority of cases.
Also, it is approaching a resistance level at $ 4,850, created by the 1.61 external Fib retracement resistance level.
Therefore, it is possible that ETH will soon reach a local high.
XRP (XRP) has risen along an ascending support line since October 27. On November 7, it broke the horizontal resistance zone of $ 1.21 and hit a high of $ 1.349 on November 10.
As the token declined on the same day, the decline served to validate both the ascending support line and the $ 1.21 area as support (green icon). As long as they are in place, the bullish structure remains intact.
Axie Infinity (AXS) has risen since breaking out of a descending resistance line and posting as support on November 1. The breakout and retest also served to validate the horizontal $ 140 area as support. The same area previously served as the all-time high resistance.
This led to a new record price on November 6.
The November 10 decline only served to re-validate the $ 140 area as support.
Therefore, as long as AXS is trading above this area, the bullish structure remains intact.
Hedera Hashgraph (HBAR) has been increasing inside an ascending parallel channel since September 20. So far, he has been thrown out of his resistance line three times. Resistances weaken each time they are hit, so a breakout seems likely.
Currently, the token is also breaking above the horizontal resistance zone of $ 0.42. It would also mean a break in the channel and allow HBAR to rise towards a new record price.
Verge (XVG) has been trading below the $ 0.035 horizontal resistance zone for 173 days. However, the token has increased since September 28.
It is currently very close to the aforementioned resistance zone.
Since XVG has been consolidating below it for a very long time, a possible breakout would likely be the catalyst for a very large bullish move.
On November 8, EOS (EOS) erupted from a descending resistance line that had been in place since September 16. On top of that, he broke above the horizontal area of $ 4.95. This confirmed that the downward movement had ended.
The drop of November 10 was only used to validate this line as support (green icon). Additionally, he validated the $ 4.95 area as a support.
As long as EOS is trading above this level, it is likely to move up.
For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.
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