BeInCrypto takes a look at the price movement for seven cryptocurrencies, including Bitcoin (BTC), which despite the sharp drop on Nov 10, is holding on above horizontal support.
Bitcoin (BTC) decreased considerably on Nov 10 and created a bearish engulfing candlestick. This is a type of bearish candlestick that negates the entire previous increase and more.
BTC bounced once it reached the $63,500 support area (green icon). The $63,500 level also coincides with an ascending support line, this it is likely to be a very strong support level.
Ethereum (ETH) has been increasing inside an ascending wedge since Oct 28. The wedge is considered a bearish pattern, meaning that a breakdown would be expected in the majority of cases.
Furthermore, 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 reach a local top soon.
XRP (XRP) has been increasing alongside an ascending support line since Oct 27. On Nov 7, it broke out above the $1.21 horizontal resistance area and proceeded to reach a high of $1.349 on Nov 10.
While the token decreased the same day, the drop served to validate both the ascending support line and $1.21 area as support (green icon). As long as they are in place, the bullish structure remains intact.
Axie Infinity (AXS) has been increasing since breaking out from a descending resistance line and validating it as support on Nov 1. The breakout and re-test also served to validate the $140 horizontal area as support. The same area previously acted as the all-time high resistance.
This led to a new all-time high price on Nov 6.
The drop on Nov 10 only served to validate the $140 area as support once more.
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 Sept 20. So far, it has been thrice rejected by its resistance line. Resistances get weaker each time they are touched, so a breakout seems likely.
Currently, the token is also in the process of breaking out above the $0.42 horizontal resistance area. Doing so would also mean a breakout from the channel, and would allow HBAR to increase towards a new all-time high price.
Verge (XVG) has been trading below the $0.035 horizontal resistance area for 173 days. However, the token has been moving upwards since Sept 28.
It is currently very close to the aforementioned resistance area.
Since XVG has been consolidating below it for a very long period of time, an eventual breakout would likely be the catalyst for a very significant upward movement.
On Nov 8, EOS (EOS) broke out from a descending resistance line that had been in place since Sept 16. In addition to this, it broke out above the $4.95 horizontal area. This confirmed that the downward movement had come to an end.
The Nov 10 drop only served to validate this line as support (green icon). Furthermore, it validated the $4.95 area as support.
As long as EOS is trading above this level, it is likely to move upwards.
For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.
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