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Market data are provided by the HitBTC exchange.
Bitcoin (BTC) turned 10 on October 31, but there were no fireworks to celebrate the celebrations: cryptocurrencies continue to trade in a narrow range. Arthur Hayes, CEO of BitMEX, believes that the current period of low volatility may remain for another 12-18 months and may drag the price of the major cryptocurrency in the $ 2,000 to $ 3,000 zone.
However, we have a different opinion. We consider it unlikely that volatility will remain subdued for a long time. In the coming weeks we should get a far-reaching move that will start a new trend, both up and down.
BCH / USD
This week, we have a new leader, Bitcoin Cash, which has risen by about 9 percent during the last week. Until Thursday, the price of the digital currency was languishing like the other cryptocurrencies. However, Friday, prices rose after the announcement by Crypto Exchange Binance that would support the upcoming fixed fork on November 15th. After the initial impact, can the rally continue? Let's find out.
The long-term trend on the BCH / USD pair is clearly falling. During the course of this year, he failed to maintain support levels and continued to fall. Although the bulls have kept the mark of $ 408.32 over the past seven weeks, they have not been able to push prices higher. This shows a lack of demand at higher levels.
The current withdrawal will face a stiff resistance in the area of $ 591.41- $ 660.0753. If the price is kept above this zone, it may rise to $ 891.4634 and then to $ 1,200.
On the downside, $ 408.32 is the critical support, below which the fall can extend to $ 282. The longer the virtual currency remains in a narrow range, the more the next move will be more acute. It has a history of vertical rallies; therefore, merchants can buy when a reliable purchase setup is formed.
XLM / USD
After the recent list of BAT on Crypto Exchange and the Coinbase portfolio, will Stellar be the next cryptocurrency that will make the cut? Many believe that XLM has the necessary credentials to be listed on Coinbase. If this happens, we could attend an event. What are the key levels to watch?
The XLM / USD pair has formed a large descending triangle pattern that will complete on a breakdown and close (UTC time frame) of less than $ 0.184. Currently, the bulls are trying to get out of the downtrend line of the triangle, which will invalidate the bearish model. The failure of a bearish model is a bullish signal.
We like the way in which the digital currency has remained above the $ 0.2 levels in the last five weeks, which shows the demand at lower levels. If the bulls are able to stay above the bearish trend line, a rally is likely to be $ 0.36 followed by a move to $ 0.47. Traders can expect prices to be higher than $ 0.30 before buying. This is because if prices drop sharply after the downward line breaks, the probability of a reduction of $ 0.184 increases.
Cryptocurrency in the foreground * – ARK / USD
ARK is currently ranked 71th in terms of market capitalization. It is about to release the long-awaited new code base, making it faster and modular with full plugin functionality similar to WordPress.
Anyone can create their own cross chain compatible blockchain completely customizable using ARK. It will also be the first proof of delegated participation (DPOS) with a shift from fixed / flat fee fees to a customizable dynamic tariff structure. There are a number of new features and partnerships that are added regularly whose details are accessible on his blog.
Similar to other cryptocurrencies, the ARK / USD has also been on a strong downtrend since it was completed at the start of 2018. The bulls tried to stop the decline around the $ 2 mark, that was a strong support. However, the bears broke below it at the beginning of June, causing a sharp fall.
The virtual currency hit the bottom in mid-August at $ 0.50712042. Since then, the price has gradually increased, which is a positive sign. On the upside, $ 1.02093420 could act as a rigid resistance. If the bulls climb this level, a rally to the resistance zone above the roof of $ 1.68- $ 2 is likely. The digital currency is likely to increase momentarily by more than $ 2.
On the downside, if bears drop prices below $ 0.50712042, a decline of $ 0.40 and $ 0.30 is possible.
XMR / USD
Monero has grown just over 1% in the last seven days, claiming the third place on the list of the best performing cryptocurrencies with a market capitalization of over $ 1 billion.
From the start of July, the XMR / USD was traded in the $ 81- $ 150 range. In the last seven weeks, the range has shrunk to $ 100.453 – $ 128.65. Since last week, the weekly range has been reduced further. The narrower and longer the range, the stronger the breakage or breakage will be.
However, the first move is often false. Therefore, traders should wait for the breakout to support and show the purchase follow-up before starting to buy. There is no significant resistance over $ 150 up to $ 300.
Conversely, a break below $ 100.453 will increase the likelihood of a fall to $ 81. This is an important support, as it has not been breached convincingly for more than a year. So if this level breaks down, the digital currency can quickly correct for $ 52- $ 58.
EOS / USD
EOS again took first place in the sixth global rating index of China's public blockchain technology. On the other hand, research conducted by the Whiteblock benchmarking company for ConsenSys concluded that EOS lacks "the core components of a block-block or peer-to-peer network" and is "basically equal to an architecture" of centralized cloud computing ".
The EOS / USD pair traded within the range of $ 4,449- $ 6.8299 since August. In the last five weeks, the range has further stiffened. This shows a balance between the bulls and the bears. Currently, neither side is making an important move and new investors are sitting on the sidelines.
If the price breaks out from the narrow range, it can go up to $ 6.8299. In addition to this, we expect to buy to resume that can bring the digital currency to $ 9.4456 and $ 15. However, if the price breaks under the current narrow range, it may fall to $ 4.49, which is a support minor. $ 3.8723 is critical support, below which the price could fall to $ 2.40 and $ 1.70.
XRP / USD
Ripple has made progress in signing various institutions on its platforms, mainly for cross-border payments. The Middle East is a profitable market for the company due to the high level of payments entering and leaving the region. Ripple has already tightened some banks in Saudi Arabia, Kuwait, Bahrain and Oman, and the company now plans to open an office in Dubai by the end of the year. How is your chart?
The XRP / USD pair met abruptly in mid-September. However, the bulls failed to sustain momentum and the pullback extended to 78.6% retracement levels. Usually, after such a profound retracement, an action related to the interval is likely to occur for a few weeks. In the last two weeks, the 20-week EMA acts as a resistance. If the bulls leave the immediate resistance zone at $ 0.475 – $ 0.5, a move to $ 0.62 and $ 0.7644 is plausible. We expect a new upward trend to start above $ 0.76440.
If the bears sink the price below $ 0.37185, the virtual currency will complete a 100% retracement and will fall to critical support at $ 0.24508.
Market data are provided by the HitBTC exchange. The graphs for the analysis are provided by TradingView.
* Disclaimer: ARK is a cryptocurrency in the foreground of one of Cointelegraph's sponsors and its inclusion did not affect this price analysis.
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