Cryptocurrency market update: Bitcoin stays flat above $9,000
- Bitcoin extends sideways grind below the $10,000 mark.
- Ripple remains indecisive, trades a little below $0.3.
- $200 mark continues to act as a significant resistance for Ethereum.
Following the rally witnessed in the last week of October, major cryptocurrencies have gone into a consolidation phase as investors are waiting for the next significant driver for the cryptocurrency markets.
Top-3 coins price overview
Bitcoin (BTC/USD) failed to preserve its bullish momentum after spiking to $10,500 area on October 26th and has been moving in a tight channel above the $9,000 this week. As of writing, the BTC/USD pair was down 0.3% on a daily basis at $9,225.
On the daily chart, the Relative Strength Index (RSI) indicator for the pair continues to move sideways near the 60 mark, suggesting that the pair is likely to remain bullish/neutral in the near-term. On the upside, $10,000 (psychological level/Fibonacci 61.8% retracement of June rally/October 28th high) aligns as the first critical resistance ahead of $10,540 (October 26th high) and $10,750 (Fibonacci 50% retracement of June rally). On the other hand, $9,070 (200-day MA) is a significant support. A daily close below that level could open the door to further losses toward $8,500 (20-day MA) and $7,350 (October 24th low).
Ethereum's (ETH/USD) upsurge met resistance near $200 last week and forced it to return to $180 area. On the weekly chart, the pair remains on track to close flat. The pair could encounter the first resistance at $200 (October 26th high/psychological level) ahead of $210/$215 (200-day MA/20-week MA). On the flipside, $178 (20-day MA) is seen as the initial support followed by $160 (October 25th low) and $150 (September 26th, October 23rd low).
After closing the previous four months in the negative territory, Ripple (XRP/USD) gained nearly 15% in October but seems to be having a difficult time holding above the $0.3 mark in early November. As of writing, the pair was up 0.25% on the day at $0.2938. Above $0.3 (psychological level), the pair could target $0.3150 (October 26th high) and $0.3265 (200-day MA). On the downside, supports are located at $0.2930 (20-day MA), $0.2860 (November 1st low) and $0.2750 (Fibonacci 61.8% retracement of the fall September 18-24 drop).
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
