Price Analysis 11/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

The wait for a Bitcoin (BTC) exchange-traded fund got a bit longer as the United States Securities and Exchange Commission (SEC) shot down the proposal by Bitwise Asset Management and NYSE Arca. 

The regulators felt that the application did not satisfy the requirement that it will “prevent fraudulent and manipulative acts and practices.” However, there was no noticeable reaction to this news, which shows that the market participants did not have high expectations of an approval.

Meanwhile, as Bakkt’s volumes continue to unimpress, the Chicago Mercantile Exchange (CME) Group is upbeat on its forthcoming Bitcoin options product. Tim McCourt, CME Group’s global head of equity index and alternative investment products, believes that the new product will see high demand in Asia. He anticipates the miners to use this product to hedge their production accurately.

In a recent interview, Charles Hoskinson said that if Bitcoin fails, the rest of the crypto industry might also follow suit, echoing the general sentiment that Bitcoin is the main driver of the crypto market. 

Let’s see what the charts of the major cryptocurrencies project? Do they offer a buying opportunity or are they likely to fall further?

BTC/USD

The bulls pushed Bitcoin price above the 20-day EMA but have not been able to sustain at higher levels. This is a negative sign as it indicates that bears are still active close to stiff resistance levels. 

The 20-day exponential moving average (EMA), which had started to flatten out has turned down once again and the relative strength index (RSI) is also in the negative territory. This suggests that bears have the advantage in the short-term. 

If the BTC/USD pair re-enters the descending flag, it will be a negative sign. A drop below the $7,702.87–$7,337.78 support zone will start a downtrend. Aggressive traders can continue to hold long positions with stops at $7,700.

Conversely, if the pair rebounds off $8,100 or $7,770, the bulls will again try to push the price above the 20-day EMA. If successful, the next resistance to watch would be the 50-day simple moving average (SMA). A breakout of this level could carry the price to the downtrend line. The trend will turn positive on a breakout and close (UTC time) above the downtrend line. 

ETH/USD

Ether (ETH) has turned down from just below $200. This shows that higher levels are attracting selling. It is currently at a strong support. If Ether price slips below the moving averages, it can plummet to the next support at $163.755. A break below the $163.755-$151.829 support zone will be a huge negative as the next strong support is way lower at $122.

On the other hand, if the ETH/USD pair rebounds off the moving averages, the bulls will try to propel it above $200 once again. If successful, a rally to $235.70 is possible. For now, aggressive traders can keep the stops on the long position at $160. But if the price sustains below the moving averages, one might consider closing the positions without waiting for the stops to be hit. 

XRP/USD

XRP is facing resistance at $0.29227. It has dipped back to the moving averages, which are likely to provide support. If the cryptocurrency rebounds off the moving averages, the bulls will again try to breakout of the overhead resistance. If successful, the next level to watch on the upside is $0.34229. Traders can continue to hold the long positions with the stop loss at $0.215.

Conversely, if the bears sink the XRP/USD pair below the moving averages, it can drop to the critical support of $0.22. If this support cracks, the downtrend will resume. However, both moving averages have flattened out and the RSI is just above the midpoint, which suggests that the selling has subsided and a few days of range-bound action is possible. 

BCH/USD

Bitcoin Cash (BCH) could not rise above the 20-day EMA, hence, our buy recommendation given in an earlier analysis did not trigger. The price has again dipped back into the $236.07-$203.36 range. A break below $203.36 will resume the downtrend and the next target is $166.98.

However, if the bulls defend the support at $203.36, the BCH/USD pair might consolidate for a few more days. The first sign of a recovery will be if the bulls can push the price above $241.85. We will watch the price action for the next few days and then recommend a trade in it. Our earlier trade suggestion stands canceled.

LTC/USD

The failure of the bulls to push Litecoin (LTC) above the 20-day EMA has dragged the price back into the $50-$58.2512 range. If the bears sink the price below $50, the downtrend will resume and the next stop is likely to be $42.

Conversely, if the LTC/USD pair rebounds off $50, the bulls will attempt to push it above the downtrend line once again. A breakout of the downtrend line will be the first indication that the trend has changed. Above the downtrend line, the next level to watch out for is $80.2731. We will wait for the pair to sustain above the downtrend line before proposing a trade.

EOS/USD

EOS again failed to overcome the downtrend line. This is a negative sign. The bears will now attempt to retest the recent lows of $2.4001. If this support cracks, the decline can extend to the yearly low of $1.55. 

On the other hand, if the bulls can stall the decline close to $2.80 and propel the EOS/USD pair back above the downtrend line, it will signal an end of the downtrend. Above the 50-day SMA, a rally to $4.8719 is likely. Therefore, we retain the buy recommendation given in the previous analysis.

BNB/USD

Binance Coin (BNB) turned down from just under $18.30. The bears will try to resume the down move while the bulls will try to form a higher low. If the cryptocurrency turns around from $16.4882 and breaks above $18.30, it will signal a possible change in trend. A breakout of the 50-day SMA and the resistance line of the descending channel will confirm the start of a new uptrend. 

As the previous pullbacks have failed to rise above the 50-day SMA, we will wait for the BNB/USD pair to scale above it before suggesting a long position. Nonetheless, if the bears sink the pair below the recent lows of $14.2555, the downtrend will resume and the next stop might be the support line of the channel.

BSV/USD

Bitcoin SV (BSV) turned down from the 20-day EMA on Oct. 10, which is a negative sign. The failure of the bulls to push the price above this level shows that investor sentiment about the altcoin remains negative. The bears will now try to sink the cryptocurrency below the immediate support of $78.506. If this support gives way, a retest of the recent lows of $66.666 will be on the cards. 

Our negative view will be invalidated if the BSV/USD pair bounces sharply off $78.506 and rallies above $96.770. In such a case, a move to $107 is possible. We expect stiff resistance at $107. As the sentiment is negative, we suggest traders remain on the sidelines. We will recommend a trade in it after we find a new buy setup.

XLM/USD

Though Stellar (XLM) rose above the 50-day SMA on Oct. 9, the bulls could not build up on the gains. It quickly reversed direction on Oct. 10, which shows that the sentiment is to sell the rallies close to resistance levels. 

If the bears break the immediate support of $0.055901, a retest of the yearly lows at $0.051014 will be on the cards. Traders can protect the long position with stops at $0.051.

Both moving averages are flat and the RSI is just below 50, which points to a balance between buyers and sellers. The advantage will tilt in favor of the bulls if the XLM/USD pair sustains above $0.065. Above this, a move to $0.088708 is possible. The bears might offer some resistance at the downtrend line but we expect it to be crossed. 

TRX/USD

Tron (TRX) once again turned down from the overhead resistance of $0.018660. It has formed a right-angled descending broadening formation, which usually breaks out to the upside. If the cryptocurrency finds support at the moving averages, the bulls will try to push it above the overhead resistance. 

If successful, it can move up to its pattern target of $0.0256938 and above it to $0.030. Therefore, we retain the buy recommendation given in previous analysis.

Contrary to our assumption, if the TRX/USD pair plummets below the moving averages, the bears will try to sink it to $0.0116262. If the $0.0116262-$0.0112400 support zone also fails to hold, a new downtrend is likely.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.