Timebit news: Summary of Crypto market news on 13/11/2020

Here are useful information not to be missed that TimeBit summarizes to readers about the Crypto market on 9/11/2020:

Overview market

The cryptocurrency market was relatively slow-moving over the weekend for most of the digital assets. However, some selected altcoins like Aave sustained the uptrend, as reported earlier by FXStreet. Bitcoin also made a comeback from the support confirmed at $14,500.

On the other hand, Ethereum held over the support at $450, while Ripple was stuck above to $0.25. The rest of the market has remained fairly stable even as the new week trading commences. Consolidation will likely dominate as long as volatility remains reasonably unchanging.

Bitcoin

Following an impressive week, where BTC achieved a new yearly high, activity has slowed down in the past couple of days. The flagship cryptocurrency is dancing at $15,409 after recovery hit a wall at $15,500.

A reversal seems imminent, as shown by the Relative Strength Index (RSI). However, the low trading volume suggests that price movement will be limited in the near term. In case bears gain momentum and push Bitcoin lower, support is anticipated at the 50 Simple Moving Average in the 4-hour timeframe. Extended losses under $14,000 will seek anchorage at the 100 SMA, while 200 SMA will prevent the break down to $12,000.

BTC/USD price chart of Crypto market on 9/11/2020

Ethereum

Ethereum almost touched $450 as it continued with last week’s breakout in the early hours of Saturday 7. However, bears swung into action and forced Ethereum to support at $420. The tug of war continued with bulls lifting the smart contract token to $460 before settling above $450.

At the time of writing, Ether is dancing at $451 amid a subtly developing bearish momentum. Despite the bearish outlook, consolidation will likely take precedence. The sideways price action has also been highlighted by the Moving Average Convergence Divergence (MACD) as it levels slightly above the midline.

ETH/USD price chart of Crypto market on 9/11/2020

Ripple

Crypto market on 9/11/2020 recorded Ripple is holding firmly to the support at $0.25 after encountering acute resistance at $0.26. The selling pressure emanated from the 100 SMA in conjunction with the Bollinger band upper boundary. However, XRP’s immediate downside is protected by the middle curve of the Bollinger bands.

Besides, the RSI confirms the ongoing sideways trading by holding steadily above the midline. If buyers regain control over the price and step above $0.26, XRP might start the final journey to $0.3. On the downside, the 50 SMA adds weight to the immediate support; hence it is doubtful that a breakdown will occur towards $0.22.

XRP/USD price chart of Crypto market on 9/11/2020

TimeBit/Source:Fxstreet

*The article is for information purposes and market analysis only, not an article that encourages investment. You should do your own research before making any investment decisions. Crypto, Forex news updated 24/7 on our social media channels: Follow us at TimeBit and Telegram Timebit-Cryptonews.