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Crypto Market Update: Bitcoin, Ethereum, XRP & XLM Price Analysis 1st Nov

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Bitcoin price rallied significantly above the $8,700 and $9,200 resistance levels. BTC/USD even climbed above $10,400 before starting a downside correction. The price is currently consolidating above $9,000 and preparing for the next break.

Similarly, there were strong gains in most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX. The crypto market is currently correcting lower, but it remains well supported on the downside.

Crypto Market Update

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Key Takeaways:

  • Bitcoin price is trading above the key $8,700 support area, with a positive bias.
  • Ethereum price is likely to find a strong support near $178.00 and $168.00.
  • Ripple price is correcting lower and it could test the $0.2850 support area.
  • EOS price settled above $3.000 and it remains supported on dips.
  • Stellar price (XLM) is surging and it is trading above the $0.0688 resistance area.
  • Litecoin price is still facing a lot of hurdles near the $58.50 and $60.00 resistance levels.
  • CarVertical (CV) rallied more than 1500% and NOAH gained nearly 850% in the past 7 days.

Bitcoin Price Analysis

Bitcoin price started a fresh uptrend from the $7,350 support area. A swing low was formed near $7,335 before BTC/USD started a strong rise above the $8,000 and $8,700 resistance levels.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even settled above the $8,700 pivot level and the 21 simple moving average (4-hours). Moreover, the price surged above the main $10,000 resistance area.

  • A new monthly high was formed near $10,478 before the pair started a downside correction. Bitcoin declined below the $10,000 level, plus traded below the 23.6% Fib retracement level of the upward move from the $7,335 low to $10,478 high.
  • The price is now trading below the $9,300 support and the 21 simple moving average (4-hours). However, there are a few key supports such as $9,000, $8,900, and $8,700.
  • Besides, the 50% Fib retracement level of the upward move from the $7,335 low to $10,478 high is near the $8,900 level to provide support. More importantly, there is a contracting triangle forming with resistance near the $9,280 level.
  • If there is an upside break above the $9,280 resistance and the 21 simple moving average (4-hours), the price could start a fresh increase towards $9,800 and $10,000.

Conversely, there might be a downside break below the $8,900 support. However, the $8,700 level is a strong support and the price is likely to find heavy bids. Any further losses may perhaps push bitcoin towards $8,535 or the 61.8% Fib retracement level of the upward move from the $7,335 low to $10,478 high.

Ethereum Price Analysis

Ethereum price climbed nicely above the $168.00 and $174.00 resistance levels. ETH/USD even surged above the $192.00 resistance area before it ran into the next key resistance near the $200.00 area.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as high as $199.36 before starting a downside correction. The price traded below the $192.00 and $188.00 support levels.

  • Moreover, there was a close below the $188.00 level and the 21 simple moving average (4-hours). The last swing high was near $193.67 before the price declined towards the $178.27 level.
  • At the moment, Ethereum is correcting higher above the $181.00 level. It broke the 23.6% Fib retracement level of the recent decline from the $193.67 high to $178.27 low.
  • On the upside, an immediate resistance is near the $185.00 level and the 21 simple moving average (4-hours). Besides, the 50% Fib retracement level of the recent decline from the $193.67 high to $178.27 low is likely to act as a strong resistance.
  • Additionally, there is a key contracting triangle forming with resistance near the $190.00 level on the same chart. If there is an upside break above $185.00 and $190.00, the price could start anther increase in the near term.

On the other hand, the $178.00 area is a major support. If there is a downside break below the $178.00 support, Ethereum could correct lower towards the $174.50 support. The next main support is near the $168.00 level.

Ripple Price Analysis

Ripple price jumped more than $0.50 from the $0.2500 support area against the US Dollar. The XRP/USD pair broke many resistances near $0.2700 and $0.2800 to move into a positive zone.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even settled above the $0.2860 level and the 21 simple moving average (4-hours). Finally, there was a break above the $0.3000 level and the price traded to a new monthly high at $0.3151.

  • Later, there was a downside correction below the $0.3085 and $0.3045 support levels. The price even traded below the 23.6% Fib retracement level of the last major wave from the $0.2660 swing low to $0.3151 high.
  • However, the $0.2900 support area is acting as a strong buy zone. Besides, the 50% Fib retracement level of the last major wave from the $0.2660 swing low to $0.3151 high is providing support.
  • If there are more losses, the price could test the $0.2850 support area. It coincides with the 61.8% Fib retracement level of the last major wave from the $0.2660 swing low to $0.3151 high.
  • Any further losses might push the price towards the $0.2810 and $0.2770 support levels. On the upside, an immediate resistance is near the $0.2960 level and the 21 simple moving average (4-hours).
  • Moreover, there is a crucial bearish trend line forming with resistance near $0.3000 on the same chart. Therefore, an upside break above $0.2960 and $0.3000 might set the pace for a fresh upward move in the coming sessions.

In the mentioned bullish case, the next stop for ripple bulls may perhaps be near the $0.3120 and $0.3150 levels.

Stellar (XLM) Price Analysis

Setllar price formed a solid support base near the $0.0620 and $0.0630 levels against the US Dollar. XLM price started a fresh increase and climbed above the key $0.0655 and $0.0688 resistance levels.

Stellar (XLM) Price Analysis

Stellar Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even rallied above the $0.0700 resistance and the 21 simple moving average (4-hours). Finally, the price tested the $0.0740 area and a high was formed near $0.0733.

  • Recently, the price corrected lower and traded below the $0.0715 support area. Moreover, there was a break below the 23.6% Fib retracement level of the last wave from the $0.0623 low to $0.0733 high.
  • However, there are many key supports on the downside near the $0.0688 and $0.0675 levels. Besides, the 50% Fib retracement level of the last wave from the $0.0623 low to $0.0733 high is likely to provide support near $0.0758.
  • More importantly, there is a major bullish trend line forming with support near the $0.0665 on the same chart. Therefore, a downside break below $0.0665 might push the price back into a bearish zone.

If not, there are chances of a fresh increase above $0.0715. The main hurdles above $0.0715 for stellar price is near the $0.0735 and $0.0750 levels, above which it could trade towards the $0.0800 level.

Top Gainers

During the past 7 days, a few small cap altcoins gained more than 120%, including CV, NOAH, BAX, ADT, BOA, ACM, SPIKE, GET and IZI (trading volume more than $50K). Out of these, CV rallied around 1550% and NOAH gained nearly 850%.

Overall, bitcoin price is currently correcting lower after it surged above the $10,000 level. However, there are many supports for the bulls on the downside near the $8,900 and $8,700 levels. On the upside, a close above $9,250, followed a break above $9,350 is needed for a fresh increase. Similarly, there could be a fresh upward move in altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC in the coming days.

The market data is provided by TradingView, Bitfinex.

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