BTC/USD is being traded at $6,575 and is in correction again after growth. The upward trend was continued, and the quotes updated 2-week highs. Now the price of BTC is at the upper boundary of the rising channel. At the moment there is some overbought, in connection with which in the coming hours it is likely that the correctional movement will continue, and market participants will probably try to use it to increase the size of their positions.
As part of the forecast for November 8, we can expect the continuation of the current correction, after which, growth is likely to continue in order to update the highs and gain a foothold above $6,660.
An alternative option is the breakdown of the upper boundaries of the support zone and the fall to $6,450.
ETH/USD is being traded at $219.28 and is in correction after growth. Here, the correction was also shallow, and new purchases gave an impulse to the continuation of the trend. However, unlike the previous wave, in this case, the price increase is not supported by high volumes, which, perhaps, indicates a certain inertia of movement. For a long time this coin showed dynamics worse than the market, therefore, fundamentally, nothing has changed.
As part of the forecast for November 8, we can expect some further development of the correction, after which, the price will probably try to update the highs at $225.00 and go higher to $231.00.
Cancellation of the growth option will be a fall in prices below the previous level of interest of buyers at $205.95. In this case, we can expect a fall in the region of $200.00 – $199.20.
XRP/USD is being traded at $0.53750 and is in correction. Of the last eight trading sessions, the XRP/USD pair in seven of them closed in green. The price has risen by more than 20% during this period. At the time of writing, three sessions in a row were green. As mentioned earlier, in October there was a strong resistance level that did not allow the bulls to break higher. The last breakdown of the resistance level leaves great opportunities for further development. You can return to the territory of $0.6000, where the pair last traded on October 1. Having reappeared on September 21, the bulls quickly raised the price above the resistance zone of $0.5000, and then continued to rise to $0.7980, but could not reach the level of $0.8000 and this aggressive rally lived short.
As part of the forecast for November 8, we can expect a continuation of the technical correction, after which the next target will be the level of $0.6000. This is also a 50% Fibonacci retracement level. Further, the next solid resistance area is likely to be the level of $0.6700, which will be the 38.2% of the Fibonacci retracement level.
An alternative scenario is to drop to the support level of $0.5000. Any breakthrough at this level can mean that the strength of the bulls has dried up. Fast, short-term rallies similar to those that have been observed lately, as a rule, entail much stronger sales and this is a fact.
XMR/USD is being traded at $111.490 and continues to trade in the distribution zone. As it was supposed earlier, the market works out a bear candle pattern. This led to the price going down to the support area. The update of the bearish pin bar maximum of $114.840 did not take place and given the general upward dynamics of the cryptomarket, it is likely that this update will take place soon.
As part of the forecast for November 8, we can expect a continuation of the trade towards the distribution zone of $113.800 – $110.250, as well as updating the highs in the $114.270 – $114.840 area with the prospect of leaving above $115.500 and gaining a foothold there.
An alternative scenario is to fall below $108.200. Breakdown of this support zone, in the long run, will lead the price even lower, to $106.000.