Analysis of the cryptocurrency market 23.10.2018

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What’s going on with bitcoin, ether, Ripple and Dash in the last day.

Background

  • The price of tokens Decred (DCR) jumped 25% after the listing on Binance, the largest cryptocurrency exchange in the world.
  • Futures trading bitcoin with physical delivery on the platform Bakkt starts December 12.
  • Last week TRON (TRX) ahead of Ethereum in number of daily transactions.

The results of the auction

On Monday, the cryptocurrency market showed absolute calm that cannot be attributed even to conservative neutral scenario. The trading range is compressed, the volumes are falling. As previously noted, similar behavior is to be expected ahead of the news from the SEC in late October/early November.

Bitcoin

Bitcoin (Bitcoin) is stuck between two levels of high volume. The basic scenario remains the same. It is unlikely that the market will revive itself without the involvement of external factors (news), but quite possible short-term punctures in one direction or another in order to raise the foot.

Intraday scripts

1. Bullish

$6540 continues the basic objective of buyers. On a global scale they are interested in the upper bound region ($6658).

2. Bear

Bears will want to test the range of $6143 — $6236 and a minimum of 11 Oct.

3. Neutral

Further fluctuations in the neighborhood of the reference price area.

Live

The ether (ETH/USD) remains in high-volume. From bearish scenario cryptocurrency separates support at $199,2.

Intraday scripts

TradingView

1. Bullish

The bulls interesting highs on Tuesday and Wednesday (along with a low volume of $207 on the local profile) and CC $211.

2. Bear

Bears will attack a minimum of 18 October, to check buyers. If they are not there, the air may go down to $190.

3. Neutral

Further consolidation in the neighborhood of KC $203,7.

Dash

Dash (Dash/USD) remains in the range of $154-160. Overall in the last month there was a clear tendency for weakening. In such circumstances, the cryptocurrency may lose all the growth the end of September.

Intraday scripts

TradingView

1. Bullish

The goal of the bulls for the next day: the interval $164-165 and a maximum of 16 Oct ($172+).

2. Bear

The bears will be the lower boundary of the neutral region/at least October 12. In case of success, the cryptocurrency may go down to $144.

3. Neutral

Further consolidation in the range of $154-160.

Ripple

Ripple (XRP/USD) shows some weakness. Today cryptocurrency tested KTS $0,443, so most likely the next day seem to be reduced to $0,435 (attack on at least October 18). Also interesting to see if it works (and how) the rising trendline.

Intraday scripts

TradingView

1. Bullish

The bulls, it is desirable to move the $0,449−0,469 and test the upper border, it is quite possible the transition to this script after touching the trend line.

2. Bear

Bearish scenario envisages an attack on at least October 18 and the fall to $0,422.

3. Neutral

Consolidation in the range of $0,443−0,451 with possible short-term puncture of up to $0,436.

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Trade on cryptocurrency market involves significant risk and not be suitable for all investors. The above analysis should not be viewed as recommendation/call to action. Every trader is obliged to assess the risks taking into account its financial position. Author and ihodl.com not responsible for possible losses.

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