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Market Analysis 26.10.2017
Last week was mostly positive for Bitcoin. The price reached a new historic high of $6,190, with buyers in full control.
Positive news came from Bitcoin Gold anticipation and the announcement made by Don Wilson, founder of DRW, the Chicago Mercantile Exchange, that cryptocurrency derivatives will soon be available and that a Bitcoin ETF will eventually exist.
Bitcoin Gold representatives and developers said that their network will officially be launched on November 1. The market is likely to remain flat until then, provided there is no important news.
Moreover, market participants are wondering how events will unfold regarding the upcoming and much more serious SegWit2x hard fork. November promises to be ‘hot’.
This week, Bitcoin switched from an uptrend to a downtrend, plummeting to $5,315;
As of now, BTC/USD is being traded at the $5,900 level, just above the strong $5,800-$5,850 pivot level;
It remains to be seen whether today’s rally will continue, or if the sudden surge in price will not have enough strength to continue upward to test all time highs
Ethereum prices have recently dropped to a local minimum of $270 and remained at the $272 level until first major purchases. Getting back to the levels above $300 was a good sign for bulls. As of now, Ethereum is being traded at the $295 level.
A local maximum was recorded at $311. During the upward movement, the bearish trend continuing since mid-October was breached at the $296 resistance level. It seems that the price might be slightly corrected again, because the previous $315 resistance level was not even tested;
Further development of the situation for Ethereum depends on the general state of the market. We should also keep in mind that Ethereum prices get corrected right after Bitcoin.
Litecoin is being traded in the $54 to $56 range, which points to a bearish tendency after a rise up to $58.7 a few days ago;
Technological analysis shows that a triangle has been forming since mid-October. Temporary decrease in volatility is likely, followed by the price’s rapid movement towards a breach of the figure.
A likely scenario is a test of the $57 level, whence we can see a downward movement to $52. This is precisely when the lower side of the descending triangle is. Descending triangles are normally bearish, but of course there are no guarantees.
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Author: Vlad Smerkis