BTC/USD is being traded at $6,402 and continues the correction. The coin was traded on weekends with some “coolness,” as trade volumes plummeted amid a shortage of fresh trading catalysts. The debate over the Bitcoin ETF intensified after a senior manager at VanEck spoke about the potential of the new asset class. Quotes of cryptocurrency number 1 are still largely determined by the news. But Bitcoin has already developed a fairly strong immunity against them. Therefore, it is not necessary to wait for strong jumps in the market value. On the other hand, no major players are interested in the collapse of the main cryptocurrency, and the lower limit of volatility is still determined by the level of profitability of mining. When it is reached, the active buying up of the coin begins, and the quotes are turned upwards.
As part of the forecast for November 12, we can expect a continuation of the corrective price reduction. The retest of $6,363 will probably happen after a small growth to the border of the resistance area, or lower, to the lower border of the Ichimoku Kinko Hyo cloud $6,429. The decrease in the area of support is possible. The goal could be the level of $6,300, where a rather strong support is located, in the case of a breakdown of which a decline to $6,220 is likely.
An alternative option – in case of consolidation above $6,500, an increase to $6,620 is probable, then – to $6,730.
ETH/USD is being traded at $210.04 and continues the correction. At the moment, two key support lines have been formed at the levels of $208.00 and $206.00. Back on Friday, buyers showed quite good activity, testing the uppermost levels of the resistance zone, without making any tremendous efforts. On the contrary, it is much harder for the bears to move the price down. Technical indicators are also on the side of bulls. All this suggests that at any time the price can rise above $215.00 and $220.00 again.
As part of the forecast for November 12, we can expect further correctional movement in the framework of the $218.00 – $206.00 flat. Probably for some time the price will be within these limits, for the accumulation of positions by market participants. Since the price is currently at the lower borders of the range, we will probably see an ascend to the resistance zone and even an update of the highs. After that, a bounce and another decrease to the lower boundaries of accumulation will follow.
Cancellation of the movement within the range will be his breakdown in one direction or another. In the case of growth, the goal will be the level of $223.00. In the case of descent, the price will go down to $199.20.
XRP/USD is being traded at $0.50484 and continues to trade within the correction. The news background for this coin once again demonstrates optimism. So last Friday it was reported that the largest bank in Japan, MUFG Bank, will use xRapid technology. MUFG Bank and Banco Bradesco, one of the largest banks in Brazil, have announced the signing of a Memorandum of Understanding. They will cooperate in the development of a new service to facilitate international payments between two countries. It is expected that the service will use xRapid technology, which requires the use of XRP. Thus, large financial players continue to be added to Ripple in the ever-growing list of users on their network. All this will push market participants to demonstrate bullish sentiment.
As part of the forecast for November 12, we can expect attempts to update the Friday maximum of $0.51776, after a slight decline to the upper limits of the support area. If market participants demonstrate such bullish sentiment, then after the maximum update, an attempt to break through resistance at the level of $0.55000 may follow.
An alternative scenario is a breakthrough below $0.48000, which will lead further to a fall to the support level of $0.46200.
XMR/USD is being traded at $104.480 and continues to decline. Now the price is in a fairly wide range of support area $104.000 – $100.000. In this area there is a solid customer base, which bulls accumulated since August 27. After its formation, even in the case when the market fell to the lower levels of support, the bulls always managed to win back this zone. Therefore, the bulls have the advantage in momentum, while this zone is held. Finally, starting from November 4, the volume of trade is steadily declining. If bears have a chance to break through the area of buyers’ interests, they will need a large volume, one that can suppress demand in this area, and at the moment the presence of such volumes is not noticeable.
As part of the forecast for November 12, we can expect a halt of the current corrective decline. It is possible that from current levels the price may still go down, in order to test the level of $101.500, or even make a false breakdown of this area and in the moment go to $100.000. After that, good impulse growth is likely with the goal at the next levels, where the price will be able to meet the resistance of $108.000 – $106.000.
An alternative scenario is the breakdown of the $100.000 level and a further fall to $96.500.