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BTC, ETH and XRP Price Analysis for November 20

Price Predictions
Sat, 11/20/2021 - 16:22
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Denys Serhiichuk
Was the recent sharp drop the reason for setting new peaks?
BTC, ETH and XRP Price Analysis for November 20
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 weekend has begun with the continued growth of the cryptocurrency market as the main coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has grown the least from the list as its rate has increased by 3.41% since yesterday.

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

Bitcoin (BTC) keeps trading above the support of $56,560. At the moment, the bullish scenario is more relevant than the bearish one as buyers made a false breakout of the purple line.

Related
BTC, XRP, DOGE and SHIB Price Analysis for November 19

The trading volume is low, which means that sideways trading is the most likely scenario for the upcoming days. If the situation does not change, the correction may continue to $61,030.

Bitcoin is trading at $58,487 at press time.

ETH/USD

Ethereum (ETH) is the biggest gainer today as the rate of the chief altcoin has risen by almost 5%.

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

Ethereum (ETH) is consolidating in the zone of the most liquidity around $4,300 after a bounceback from the support at $4,000. If the situation does not change, the growth may lead ETH to the recently formed resistance at $4,452. Such a scenario is relevant until the end of the next week.

Ethereum is trading at $4,305 at press time.

XRP/USD

XRP is not an exception to the rule, going up by 3.97%.

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

XRP is trading similarly to Ethereum (ETH), as it is also accumulating power for a further move after the false breakout of the support at $1.0148.

Related
BTC, ETH, ADA and BNB Price Analysis for November 17

Despite the fast bounceback, there are few chances to expect a market reversal as bulls need to gain more energy. If such a scenario comes true, the next level at which bears may seize the initiative is the zone around $1.15.

XRP is trading at $1.0895 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.