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BTC, ETH and XRP Price Analysis for November 6

When might the correction of Bitcoin (BTC) and other coins occur?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

If yesterday the cryptocurrency market was just in a slightly bullish mood, today, buyers have increased their power and brought the prices of the coins to new peaks. Mainly, this applies to altcoins as they have shown better performance than Bitcoin (BTC).

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The main statistics on Bitcoin (BTC), Ethereum (ETH) and XRP:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$287,125,993,761 $15,490.64 $74,029,809,302 5.41%

Ethereum

ETH

$50,115,234,061 $442.27 $19,934,121,449 9.83%

XRP

XRP

$11,679,619,298 $0.257916 $6,472,555,450 8.15%

BTC/USD

Yesterday bulls continued their race and easily broke through the upper border of the ascending channel. The strength of the bullish impulse was enough to get close to the $16,000 mark.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Tonight the annual maximum was set around $15,970 and, in the morning, the price rolled back to the upper border of the rising channel. It looks like the trend line will provide support and the growth will continue to the 78.6% fibo level ($16,125).

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Bitcoin is trading at $15,544 at press time.

ETH/USD

Ethereum's (ETH) price yesterday supported the bullish growth of the cryptocurrency flagship and broke through the October high, setting a monthly price record around $442.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

In the morning, the volume of purchases decreased and the pair rolled back to the area of $430. Growth may continue, however, to the blue trend line. In the area of $450-$470, the probability of a reversal is high. If the bulls manage to break through it, they may then open the way to a new annual high.

Ethereum is trading at $443.45 at press time.

XRP/USD

Yesterday the price of XRP showed moderate growth, and it tested the green uptrend line tonight. Buyers have not yet been able to break through it, but if prices continue to rise in the market today, the pair may exit the wide sideways corridor of $0.230-$0.260, where the coin has been for more than two months.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the other hand, if buyers fail to gain a foothold above the trend line, then movement in a wide sideways range will continue.

XRP is trading at $0.2597 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com