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 3/11/2020:

Market overview

The selloff extended to other crypto assets, wiping off approximately $17 billion from the total market capitalization. Currently, the entire market value stands at $384 billion, down from $404 billion, as recorded by CoinMarketCap on Tuesday. An increase in the 24-hour trading volume from $64 billion to $86 billion highlights the selling pressure’s magnitude. US presidential elections are looming, bringing more caution and risk aversion to the cryptocurrency market.

Bitcoin

The flagship cryptocurrency recently made a gigantic spike past $14,000, when it reached a new yearly high of $14,100. However, a reversal quickly occurred, which sent the king of crypto assets under the same $14,000 level. Instability due to news regarding the regulation of exchanges in Hong Kong extended the lower leg below $13,500. BTC/USD also crossed beneath the 50 Simple Moving Average in the 4-hour range, opening the road to losses eyeing $13,000.

Chart of Crypto market on 3/11/2020

Ethereum

Ethereum’s correction from $400 sent the price back into a descending parallel channel formed on the 4-hour chart. The losses also stretched below $380 and the 200 SMA

According to the Moving Average Convergence Divergence (MACD), the path with the least hurdles is still downwards. Moreover, the broken support at the 200 SMA is now hindering the price movement. If Ethereum slipped below $370, losses to $360 would become apparent and bring the picture the lower support area of $340.

Chart of Crypto market on 3/11/2020

Ripple

Ripple traded underneath a descending trendline since the rejection suffered marginally above $0.26. Several tentative support levels, including $0.25 and $0.24, tried but failed to stop the losses. The broad-based declines in the market on Tuesday refreshed support at $0.23.

Crypto market on 3/11/2020 recorded the RSI shows signs of recovery after hitting oversold levels. XRP price action above $0.23 is expected to kick start a rally. The reversal’s magnitude will depend on whether enough volume will be created from the current price level. On the upside, resistance is expected at $0.24, the 50 SMA and the confluence formed by the 100 SMA and 200 SMA.

Chart of Crypto market on 3/11/2020

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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.