November 10th Technical Analysis: BTC, ETH, XRP, ALPHA, COMP, ADA, ATOM
Bitcoin Magazine will analyze seven prominent coins, including Bitcoin (BTC) and Ethereum (ETH), which have just hit new all-time highs.
BTC has moved up since breaking above the symmetrical triangle on November 7th. The upside hit a new all-time high of $ 68,524 on November 9th.
Both technical indicators and price action support the continuation of the uptrend, at least towards USD 70,000.
If a short-term decline occurs, the $ 63,300 area is expected to serve as support. This is the resistance area at the previous all-time high.
BTC / USDT 6-hour chart | Source: TradingView
ETH has been on the advance since October 27th. On November 9th, it hit a new all-time high of $ 4,838. However, the upward movement has taken the form of an ascending wedge. This is a retrograde pattern that often leads to breakdowns.
Additionally, the token is approaching the USD 4,865 resistance area. This is the external fib retracement level of 1.61 when measuring the previous drop.
Therefore, the ETH could soon reach a local peak.
ETH / USDT 6-hour chart | Source: TradingView
XRP (XRP) has risen since breaking the descending resistance line and confirming it as support (green symbol). This shows that the previous downtrend has ended.
Although XRP fell well below that line, the price regained it shortly afterwards. This is considered a sign of strength.
The token then regained the USD 1.20 resistance area, which corresponds to the 0.618 fib retracement resistance. It previously rejected the award on October 9th.
XRP / USDT 6-hour chart | Source: TradingView
Alpha Finance (ALPHA) has been trading on a long-term descending parallel channel since February 5th. Such channels are considered to be correction patterns. This means that in most cases, an outbreak will occur.
It is currently approaching the resistance line of the channel, which it has not done since May 14th.
However, it encounters resistance at $ 1.23. This is the 0.618 Fib resistance of the recent decline. It is currently making its third attempt to break out.
If the ALPHA succeeds in doing so, it could lead to a breakout across the channel with an all-time high.
The number of waves indicates that this will succeed.
Daily ALPHA / USDT chart | Source: TradingView
Compound (COMP) has been trading on a descending parallel channel since July 6th. As mentioned above, such channels are considered corrective patterns.
Between September 29 and October 27, the token consolidated just above the $ 300 support area, after which it started rising and is now about to move above the centerline of the channel.
The wavenumber indicates that this will be successful, which greatly speeds up the speed increase in the process.
COMP / USDT daily chart | Source: TradingView
Cardano (ADA) has been bearish since September 2nd along with a descending resistance line. This resulted in a low of $ 1.8 on October 27th.
Between September 21 and October 27, ADA formed a double bottom that is believed to be the bullish pattern. The double bottom is also linked to a bullish divergence in the MACD, another sign of a possible breakout.
On November 8th, the token broke above the resistance line and has risen since then. The next resistance is at $ 2.46, 0.5 fib retracement resistance.
Daily ADA / USDT Chart | Source: TradingView
Cosmos (ATOM) has risen since September 21, when it rebounded from its previous all-time high of $ 31, hit a higher low on October 12, and broke above the line.
On November 1st and 6th, the token validated this line as support, thereby confirming that the correction was complete.
The next resistance areas are at $ 44.8 and $ 54.5.
ATOM / USDT daily chart | Source: TradingView
You can see the price of the coin Here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto