Home Crypto Crypto Market Analysis Daily Crypto Review, Nov 5 – Bitcoin Finally Above $14,000 as the...

Daily Crypto Review, Nov 5 – Bitcoin Finally Above $14,000 as the Bull Run Continues; Ethereum 2.0 Contract Release Live

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The cryptocurrency sector has explosively pushed towards the upside as Bitcoin broke the $14,316 and entered the territory explored only during the 2017/2018 bull run and last seen in July 2018. The largest cryptocurrency by market cap is currently trading for $14,316, representing an increase of 5.54% on the day. Meanwhile, Ethereum gained 4.78% on the day, while XRP gained 0.67%.

 Daily Crypto Sector Heat Map

HedgeTrade gained 38.24% in the past 24 hours, making it the most prominent daily gainer out of the top100 cryptos ranked by market capitalization. It is closely followed by Celsius’ gain of 9.37% and CyberVain’s 7.78% gain. On the other hand, Uniswap lost 16.95%, making it the most prominent daily loser. It is followed by yearn.finance’s loss of 16.73% and ABBC Coin’s loss of 9.35%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance level has increased slightly since we last reported, with its value is currently staying at 64.9%. This value represents a 0.6% difference to the upside when compared to the value it had yesterday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has increased over the course of the day. Its current value is $412.17 billion, representing a $7.35 billion increase when compared to our previous report.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization had finally broken the $13,900 resistance with confidence and confirmed its position above it. Not only that, but it has entered the price level last seen in July 2018. This means that there will be a lot of uncertainty and unset support and resistance levels, and also a lot of random volatility due to various entities taking profit and new investors FOMOing in.

However, a couple of potential resistance levels have formed, one of them being at $14,640. Traders should pay close attention to this level as well as use Fib retracements to create possible targets when trading.

BTC/USD 1-hour Chart

Bitcoin’s technicals on showing a strong buy at all time-frames. No neutrality is being shown as Bitcoin is currently in an extremely favorable place price-wise.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is above both its 50-period EMA and its 21-period EMA
  • Price is slightly below its top Bollinger band
  • RSI is coming out of the overbought zone (69.10)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $14,640                                 1: $14,100

2: $16,665                                 2: $13,900

3: $17,260                                  3: $13,570

Ethereum

Bitcoin’s push towards the upside has fueled Ethereum, and the hype surrounding its version 2.0 launch, managed to surge above the ascending channel bottom line and re-enter the channel once again. The second-largest cryptocurrency by market cap reached as high as $409 before pulling back. It is now consolidating at slightly below $400.

If we don’t see any explosive moves from BTC and ETH in the short term, we can expect Ethereum to pull back slightly more and test the ascending channel’s bottom line as support. Traders can wait for the results of the “test” and trade off of that.

ETH/USD 4-hour Chart

Ethereum’s technicals on all time-frames are tilted towards the buy-side. However, its shorter time-frames (4-hour and daily) are showing hints of neutrality, while its longer time-frames are completely bullish.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is above both its 50-period and its 21-period EMA
  • Price is between its middle and top Bollinger band
  • RSI is neutral (57.63)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $400                                     1: $378

2: $415                                     2: $371

3: $420                                      3: $361

Ripple

The fourth-largest cryptocurrency by market cap hardly even moved in the past 24 hours despite the rest of the crypto market booming. As we mentioned in our previous article, if Bitcoin’s next explosive move doesn’t fuel XRP, it will move within a range bound by $0.235 and $0.2454, exactly what happened.

XRP seems to be creating a triangle formation on its 4-hour chart. If that is the case, it is bound to move above or below it extremely soon. However, the move will most likely be stopped at its immediate support or resistance level.

XRP/USD 4-hour Chart

XRP’s technicals have improved slightly, as they were extremely bearish the last time we reported. While its daily overview is still heavily tilted towards the sell-side, its weekly and monthly overviews are almost neutral (though still slightly tilted towards the bear side), and its 4-hour time-frame is even showing some bullishness.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is below its 50-period EMA and at its 21-period EMA
  • Price at its middle Bollinger band
  • RSI is neutral (48.73)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $0.2454                                 1: $0.235

2: $0.26                                     2: $0.227

3: $0.266                                  3: $0.221

 

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