Price analysis 11/6: BTC, ETH, XRP, BCH, LINK, BNB, LTC, DOT, ADA, BSV

The United States Federal Reserve Chair Jerome Powell recently said that additional fiscal stimulus could result in a stronger recovery. He also emphasized that the Fed had enough tools to support the economy.

After the winner of the U.S. election is announced, the focus of lawmakers could shift to the next stimulus package. However, additional money printing will only worsen the existing national debt which is currently at $27.2 trillion.

Even though a new round of stimulus measures may be required in the short-term to reduce the impact of the economic crisis caused by the COVID-19 pandemic, analysts believe that the Fed may not be able to roll back the measures in the future.

Daily cryptocurrency market performance. Source: Coin360

For this reason, apprehensive institutional investors have been hedging their portfolio with gold and a few others like billionaire hedge fund manager Paul Tudor Jones have advocated buying Bitcoin (BTC).

Galaxy Digital CEO and investor Mike Novogratz believes that Bitcoin is in a bull phase. Hence, he recently advised Bitcoin HODLers to sit on their hands and lock away their phones to counter the emotion to book profits after the recent rally.

While long-term investors could HODL their positions, short-term traders will have to be alert lest they may give back a large part of their unrealized gains.

Let’s analyze the charts of the top-10 cryptocurrencies to see whether the rally has topped out or if it can extend further.