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BTC, ETH and XRP Price Analysis for November 16

Price Predictions
Tue, 11/16/2021 - 15:45
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Denys Serhiichuk
Can Bitcoin (BTC) and other top coins recover after today's fall or should one expect a continued drop?
BTC, ETH and XRP Price Analysis for November 16
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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Bears have smashed the bulls out of the market today as all of the top 10 coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has declined by 7.19% over the past 24 hours.

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

Bitcoin (BTC) has bounced back to the support zone at $60,000. The fall is supported by a high selling trading volume, which means that the decline may continue.

Related
Bitcoin (BTC) Price Analysis for November 15

However, if bulls can consolidate and stay above the support, there is a chance to see the test of the recently formed mirror level at $62,294 by the end of the week.

Bitcoin is trading at $60,771 at press time.

ETH/USD

Ethereum (ETH) is the biggest loser from the list today as the rate of the native exchange coin has gone down by 8.19% since yesterday.

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

Ethereum (ETH) has also bounced off the support and is currently trading around the zone of $4,300. The volume is high, which means that the fall might not be stopped. In terms of the nearest price projection, the chief altcoin may test the zone at $4,500, followed by a continued decline.

Ethereum is trading at $4,301 at press time.

XRP/USD

XRP is not an exception from the rule, falling by 6.54%.

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

XRP has tested the zone of the most liquidity around $1.0787, followed by a fast bounceback.

Related
BTC, XRP and ADA Price Analysis for November 14

At the moment, bears have seized the initiative; however, they need to break the vital support level at $1.01488 and fix below it to confirm their power against the bulls.

XRP is trading at $1.1080 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.