October brought some promise back into the overall cryptocurrency markets after the entire total market cap was able to grow by a total of $27 billion from $225 billion to $247 billion. This latest price jump came toward the end of October, saving the month from closing with otherwise previous stagnant sideways movement.

This has, hopefully, put the cryptocurrency markets back on the bullish footing as traders look toward further price increases during November 2019. However, the industry looks to be in a tricky situation as a breakdown of Bitcoin back toward $7,000 could leave the rest of the market in tatters. The good news is that we should have a clearer long term view of where the markets will be headed in 2020 after November has finished.

Let us take a look at the markets for BTC, ETH, and XRP and analyze any potential support and resistance heading forward.

Bitcoin - Will The Late October Revival Prevent BTC Dropping Toward $6,000?

BTC/USD - MEDIUM TERM - DAILY CHART







What Has Been Going On?

Bitcoin had seen an interesting month in October as the cryptocurrency has created a fresh 4 month low during the month. Bitcoin was holding strong above the support around $8,000 for the majority of the month, however, on October 23rd Bitcoin dropped beneath this support and headed into the expected lower support at $7,395 - provided by the downside 1.618 Fibonacci Extension level (drawn in purple).

Bitcoin rebounded after reaching this support and rocketed higher to form the October highs at $10,000. Bitcoin has since dropped off slightly as it now trades at the current support level at around $9,100 which is provided by the 200-days EMA.

Where Can We Go From Here?

The next few weeks of trading should help to dictate as to which direction Bitcoin would like to head toward next. During the late-October rally, Bitcoin did not get anywhere near the September 2019 highs of $10,800 and the market would need to create fresh highs above here to be considered as a bullish market.

Nevertheless, if Bitcoin can hold the current support at the 200-days EMA and start to move higher we can expect immediate resistance to be located at the $10,000 level. If the bulls can penetrate above here, higher resistance can then be expected at $10,367 (1.272 Fibonacci Extension level), $10,500, $10,686 (1.414 Fibonacci Extension level), and $11,000.

If the bullish momentum continues to push Bitcoin above $11,000 in November, resistance can be expected at $11,143, $11,200, $11,500, $11,821 (September highs) and $12,000. A break above the $12,000 level should warn traders that Bitcoin has entered back into a long term bullish market

What If The Bears Regroup?

alternatively, if the bears regroup and start to push the market beneath the support at the 100-days EMA, we can expect immediate support beneath at $9,000. Beneath $9,000, support is located at $8,841 $short term .382 Fib Retracement), $8,700 (200-days EMA), $8,312 (.618 Fib Ret), and $8,000.

Support beneath $8,000 can be expected at $7,660 and $7,495 (October low). Beneath the October lows, support can be found at $7,000, $6,811, $6,552, $6,200, and $6,000.

What Are The Technical Indicators Showing?

The RSI is well above the 50 level which indicates that the bulls remain in charge of the market momentum. Furthermore, the RSI is not too overbought which indicates that there is still much more room for the momentum to travel higher and allow Bitcoin to increase.

Ethereum - Trapped In A Range As We Wait For The Break Up/Down

ETH/USD - MEDIUM TERM - DAILY CHART







What Has Been Going On?

Ethereum has seen a pretty stagnant month of trading but the cryptocurrency has now established a strong range between the resistance provided by the 200-days EMA at $200 and the September support at $160. Similar to Bitcoin, Ethereum is now in a position where a break of this current range would dictate the overall medium-term trend for Ethereum over the next few months. A break beneath $160 could see Ethereum heading toward the $120 level but, on the other hand, a break above $200 could see Ethereum heading toward $256 in November and toward $350 in the following months.

Where Can We Go From Here?

The momentum seems to be on the selling side and if they continue to push the market lower we can expect immediate support to be located at $180. Beneath $180, support is expected at $168 and $160. A break beneath $160 would push Ethereum into a bearish market in which we can expect immediate support to be located at $150.

Beneath $150, support can be located at $147 (downside 1.272 Fib Extension), $140, $137 (downside 1.414 Fib Extnesion), and $130.

What If The Buyers Regroup?

Alternatively, if the buyers can regroup and push Ethereum higher, immediate resistance is expected at the 100-days EMA at $190 which is followed with more resistance at $200 provided by the 200-days EMA. The market could be considered bullish in the short term If the bulls can push Ethereum above $200.

Resistance above $200 is expected at $220 (.382 Fib Retracement) and $237 (.5 Fib Retracement and August highs). This is followed with resistance at $256, $282, $300, $321 and $245 (long term bearish .618 Fib Retracement).

ETH/BTC - MEDIUM TERM - DAILY CHART







What Has Been Going On?

Since our past ETH/BTC analysis, we can see that ETH has slipped against BTC and started to fall. The market was unable to break above the resistance around 0.023 BTC which caused ETHBTC to roll over and head downward. ETH had recently found support at the 0.01918 level, provided by the .5 Fibonacci Retracement level, where a rebound was seen. Ethereum has since bounced higher as it trades at 0.0199 BTC.

Where Can We Go From Here?

If the bulls can continue higher with this rebound and push above the 0.020 BTC resistance level, we can expect immediate higher resistance to be located at 0.021 BTC and 0.02130 (100-days EMA). Above this, resistance is expected at 0.0222 BTC (bearish .382 Fib Retracement), 0.02357 BTC (1.272 Fib Extension), with strong resistance at 0.024 BTC (bearish .5 Fib Retracement & 200-days EMA).

What If The Bears Regroup?

Alternatively, if the sellers regroup and push the market lower we can expect immediate strong support at 0.01918 BTC. If the sellers break beneath this we can expect ETHBTC to trend further lower. Lower support is expected at 0.01848 BTC (.618 Fib Retracement), 0.018 BTC (downside 1.272 Fib Extension), and 0.017 BTC.

Ripple - Trapped At $0.30 But A Break Above Could Send Us As High As $0.40

XRP/USD - MEDIUM TERM - DAILY CHART

What Has Been Going On?

XRP continued to rise higher during October but the cryptocurrency has failed multiple times to close above the resistance at $0.30. After attempting to break above the resistance at $0.30 for a few days, it does look like XRP may roll over and fall lower before trying to retry a push above $0.30.

XRP is still strongly supported by the 100-days EMA at the $0.29 level and if it can finally break through $0.30, we may see it rise further higher toward $0.35 (or even $0.40) before the end of November!

Where Can We Go From Here?

If the bulls can break above $0.30, immediate resistance will be expected at the 200-days EMA at $0.313. Above this, resistance lies at $0.3261 (1.272 FIb Extension), $0.3337 (bearish .382 Fib Retracement), $0.3510 (1.618 Fib Extension) and $0.4786.

Above this, strong resistance lies at the bearish .618 Fib retracement at $0.3945.

What If The Bears Regroup?

Alternatively, if the sellers regroup and push the market beneath the 100-days EMA support at $0.29, we can expect immediate support to be located at $0.2793 and $0.27 (short term .382 and .5 Fib Retracement). Beneath this, support can be found at $0.26, $0.2524, and $0.24.

XRP/BTC - MEDIUM TERM - DAILY CHART







What Has Been Going On?

XRP has surged significantly since our last analysis, being able to break above the previous resistance at 3360 SAT and continue further higher to reach the expected resistance at 3661 SAT provided by the 1.414 Fibonacci Extension level. After reaching this level of resistance we can see that XRP rolled over and fell into support at the 3000 SAT level.

Where Can We Go From Here?

If the selling continues to push the market further beneath the support at 3000 SAT we can expect immediate further support to be located at 2895 SAT provided by the .618 Fib Retracement. Beneath this, support lies at 2800 SAT, 2667 SAT (.786 Fib Retracement), 2600 SAT, 2573 SAT and 2500 SAT.

Alternatively, if the bulls regroup and push the market above the resistance at the 100-days EMA at 3300 SAT. Above this, resistance can be expected at 3542 SAT and 3761 SAT. If the bulls can break above the October high, resistance can be located at 3920 SAT (1.618 Fib Extension), 4000 SAT, 4145 SAT, and 42600 SAT.

Conclusion

So these are my November predictions for the top 3 cryptocurrency projects! It will be an exciting month because once Bitcoin and the other Cryptocurrencies break the current ranges, we will have more of an idea as to which direction the market will be headed toward over the following months. If Bitcoin can head above $10,000 and continue to rise, this could help Ethereum break above $200 and XRP to break above $0.30 which will see the top 3 altcoins rise further higher.