US Election Fuels Volatility in Bitcoin and Altcoins
There was a strong upward move in bitcoin price from the USD 13,350 support level. BTC broke the USD 13,650 resistance and it is currently (05:00 UTC) trading above USD 13,800. It seems like the bulls are eyeing a strong upward move, with an increase in volatility due to the US presidential election.
Similarly, there was a steady rise in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is up over 2% and it is trading above USD 382 and USD 384. XRP/USD is also showing positive signs, but it must clear USD 0.240 for a sustained upward move.
Total market capitalization
After a close above USD 13,500, bitcoin price regained strength. BTC broke the USD 13,650 and USD 13,800 resistance levels. It even spiked above USD 14,000 before correcting lower. The price is showing positive signs and it seems like the bulls are eyeing a successful break and close above the USD 14,000 resistance.
If they fail again, there is a risk of a sharp decline. An initial support is near the USD 13,650 level. The main support is now forming near the USD 13,500 level.
Ethereum price recovered from the USD 372 support. ETH is back above USD 380 and it even attempted an upside break above the USD 388 level. The key breakout zone is near the USD 390 level, above which the price may possibly rally above USD 395 and USD 400.
If there is a fresh decline, the USD 380 level might provide support. Any further losses could lead the price back towards the main USD 372 support level in the coming sessions.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price recovered and settled above the USD 240 level. However, BCH is facing a strong resistance near the USD 245 level. The next key resistance is near the USD 250 level. A clear break above USD 250 might open the doors for a fresh increase towards the USD 265 and USD 270 resistance levels.
Chainlink (LINK) is holding the ground above the USD 10.00 support zone. There was a minor upward move above the USD 10.20 level, but the price is facing a strong resistance near USD 10.50. A clear break above the USD 10.50 level might set the pace for a push towards the USD 10.85 and USD 11.00 levels.
XRP price is up over 3% and it is trading above the USD 0.235 pivot level. The price even cleared the USD 0.238 resistance, but the bulls need to gain strength above USD 0.240. If they succeed, the price could surge towards USD 0.245 and then to USD 0.250. Conversely, the price might retest the USD 0.232 support.
Other altcoins market today
In the past few hours, many altcoins gained over 5%, including HEDG, TMTG, ABBC, AMPL, EWT, NEXO, REN, RVN, ADA, STX, CEL, BAND, COMP, DCR, and OXT. Out of these, HEDG rallied 30% and it broke the USD 0.70 resistance.
Overall, bitcoin price is showing many bullish signs above USD 13,650 and USD 13,800. If BTC settles above USD 14,000, there could be a sharp upward move in the next 2-3 sessions.