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 13/11/2020:

US dollar

Some renowned analysts find the latest win by Democrat Joe Biden in the recent United States presidential elections to be bad for the dollar. Citibank Private Bank’s Chief Investment Officer, David Bailin, reckons that with Donald Trump out of office, conventional governance may return.

Therefore, it will take place a paradigm shift in foreign policy conducted in the last four years. In other words, the US will go back to building alliances, putting an end to ‘Tariff threat first’ as a negotiation strategy.

Consequently, the money will start to trickle down to emerging markets as the US dollar weakens. Bitcoin, as an emerging market, will most likely benefit from the influx of funds. Besides, Bitcoin stands as the most probable hedge against the USD, as seconded by prominent investors like Paul Tudor and Stan Druckenmiller.

Bitcoin

The bellwether cryptocurrency seeks to establish support above $16,000 after hitting a new yearly high at $16,500. BTC/USD has lost some ground from the annual high to change at $16,180 at the time of writing. The mission to confirm higher support is in full swing, especially now that the Relative Strength Index (RSI) is retreating towards the midline.

If the price pierces through $16,000, Bitcoin will spiral to the 50 Simple Moving Average on the 4-hour chart. Depending on the intensity of the selling pressure, last week’s support at $14,500 (100 SMA) will come in handy. Losses below this level would be a bit of an overstretch for BTC considering the bull market, but the 200 SMA will prevent paralyzing losses towards $13,000.

BTC/USD price chart of Crypto market on 13/11/2020

Ethereum

Ether defended the short term support at $460. However, the impressive rally Bitcoin had to new yearly high did not trickle down to ETH. Instead, the smart contract token stalled before tackling the seller congestion at $470.

Despite the sideways trading, the RSI shows that the trend is leaning to the bullish side. Moreover, the path with the least hurdles seems upwards based on the multiple support levels behind Ethereum.

ETH/USD price chart of Crypto market on 13/11/2020

Ripple

Crypto market on 13/11/2020 recorded Ripple’s consolidation is approaching its tipping point. The token closed above the 50 SMA on Thursday, calling for more buy orders. At the time of writing, XRP is dancing at $0.259 as buying pressure builds behind it.

The bullish outlook is expected to hold in the coming sessions, mainly if the price steps above $0.26. Ripple must also close the day beyond the 100 SMA to support the positive narrative. Meanwhile, the trend favours the bulls, as illustrated by the RSI’s gradual uptrend above the midline.

XRP/USD price chart of Crypto market on 13/11/2020

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.