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BTC, ETH, and XRP Price Analysis for November 1

Price Predictions
Mon, 11/01/2021 - 18:05
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Denys Serhiichuk
Have the major coins accumulated enough power to sustain the growth?
BTC, ETH, and XRP Price Analysis for November 1
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 U.Today. 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.

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The new week has started with the ongoing bullish trend in the cryptocurrency market, with all of the top 10 coins being in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Over the weekend, the Bitcoin (BTC) price continued to decline towards the support level of $60,000. On Sunday afternoon, the pair tested this psychological level, and it slightly recovered by the end of the day. 

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

However, this morning the bears are once again testing the strength of the support of $60,000. If during the day they can break below this level, the BTC price might test the $58,000 level.

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Otherwise, if the line holds, then the price may start slowly recovering to the 100% Fibonacci retracement level ($64,895).

Bitcoin is trading at $61,548 at press time.

ETH/USD

Last weekend, the bulls could not continue the race, and until the end of October, the Ethereum (ETH) price did not have time to update the maximum at $4,500.

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

On Sunday, sellers pierced the support of $4,200, but the four-hour EMA55 halted the pair's decline. If the Ethereum price breaks the EMA55 moving average, then a pullback to the psychological level of $4,000 is possible.

Related
BTC, ETH and XRP Price Analysis for October 29

If the level of average prices keeps the pair from further decline, then the ETH price will be able to recover to the zone of the absolute maximum.

Ethereum is trading at $ 4,336 at press time.

XRP/USD

On Sunday morning, XRP price pierced resistance around $1.12 and marked a daily high at $1.15. However, the pair could not hold above the resistance level and returned to the area of average prices by the end of the day.

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

If sellers break through the four-hour EMA55, then the XRP price may retrace to the psychological level of $1.

XRP is trading at $1.092 at press time.

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About the author

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, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.