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BTC, ETH and XRP Price Analysis for November 20

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Sat, 20/11/2021 - 16:22
BTC, ETH and XRP Price Analysis for November 20
Cover image via www.tradingview.com

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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.

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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.

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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.

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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%.

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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%.

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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.

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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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