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Market data is provided by the HitBTC exchange.
Hackers stole 913 bitcoins from the MapleChange Canadian cryptocurrency exchange. Although the exchange was small, repeated hacks are an important deterrent for the entry of institutional investors into the crypto industry. Responsible for managing large sums of money, traditional financial organizations are not willing to take significant risks.
Therefore, Fidelity's entry into the custody services sector is a big advantage, as it will provide institutional investors with the same level of security they are used to with traditional resources. After all, Fidelity has managed billions of dollars safely for decades.
Similar offers from other major players will also attract investors who have so far remained far from the fear of lack of adequate security.
A private equity and investment company NXMH has acquired Bitstamp, one of the largest cryptocurrency exchanges in the world. NXMH, which is a subsidiary of Barclays, one of the largest banks in the United Kingdom, reportedly paid $ 400 million for the deal.
Investments like these show the confidence of big players in the future of cryptocurrencies.
In terms of unfavorable news, the journal Nature Climate Change predicted that Bitcoin could push the global temperature by over 2 C by 2034 if it is adopted at the same pace as other major technologies.
Let's see how the markets react to these titles.
BTC / USD
A break below $ 6,500 attracted the sale that dragged Bitcoin further down. The next downside support is $ 6,200, below which a new critical support zone test of $ 5,900- $ 6,075.04 is likely.
The movement of the BTC / USD pair on dips will give us an idea about the next direction. If the price rebounds abruptly from the support, it will indicate that there are purchases on dips.
However, if the digital currency breaks easily, it will support the sale of bears. A closing below $ 5,900 will be a negative development that could trigger a series of protective arrests, dragging the price to the next support lines of $ 5,450 and $ 5,000. Therefore, traders who hold long positions can keep their stops at $ 5,900.
Sometimes, the first break of a narrow range turns out to be a false move. Therefore, we will have to wait a couple of days before confirming that the trend has declined decisively.
ETH / USD
After failing 20 days in the last days, Ethereum refused. He can correct the next support for $ 188.35, which took place on two previous occasions.
However, this time, the moving averages tilted down and the RSI below 40 indicate that the sellers are in charge. A break below $ 188.35 can sink the ETH / USD pair to $ 167.32, below which the downward trend will resume.
Downside display will be denied if the price abruptly rebounds from media and falls above moving averages. Above $ 249.93, the pair could start a new uptrend, pushing the price to $ 322.57.
XRP / USD
Ripple, after embracing the 20-day EMA in the last days, crashed today, breaking below both moving averages. Currently, we see some purchases at the intraday minima, which is a positive sign.
The XRP / USD pair has support for $ 0.37185, which it may hold. If this support breaks, the fall may extend to the next support zone of $ 0.24508- $ 0.26913.
On the upside, a break of $ 0.48 will indicate strength. We could suggest long positions after the digital currency has sustained over $ 0.5. Our vision of the couple is positive because the 50-day SMA shows up and the 20-day EMA is flat.
BCH / USD
After the exchange near the support line in recent days, Bitcoin Cash has broken the symmetrical triangle today. Although the objective of the model is much lower, we expect a fall to $ 300, which could serve as a support.
Although there is less support at $ 408,0182, we expect it to be broken. Moving descending averages and R & D & I near oversold territory suggest a further decline. Traders holding long positions can tie at $ 400. The BCH / USD pair will invalidate our downward view if it breaks and closes above $ 500.
EOS / USD
After trading close to both moving averages since October 16, EOS collapsed today. It has a lower support of $ 5, below which the fall can extend to $ 4.49. Therefore, we suggest traders to keep their existing position stops at $ 4.9.
The EOS / USD pair will show strength if it rebounds $ 5 and will rise above $ 6.1. As long as the price remains below both moving averages, every gathering attempt will be seen with the sale at higher levels.
XLM / USD
Stellar has divided the moving averages. Now he can correct the next support zone by $ 0.184- $ 0.2.
With the current fall, the bears managed to block the pullback on the downward line of the descending triangle for the fourth time. An analysis of $ 0.184 will complete the descending model of the triangle which may result in a fall to the subsequent support at $ 0.08. The XLM / USD pair becomes positive above the downtrend line of the descending triangle.
LTC / USD
Litecoin has been declining for a few days and is currently supported by $ 49,466. This level was held on three previous occasions. Therefore, it will act as a strong support. However, if the bears can break and close (UTC timeframe) below this level, they will complete a bearish downward triangle pattern that can lead to a fall of $ 40, and below $ 29.
The LTC / USD pair will signal strength if it rebounds from the support and leaves the triangle at $ 60. The failure of a bearish model is a bullish signal. Therefore, above the $ 60 we expect an attempt to exit the band at $ 69,279.
ADA / USD
Cardano broke the symmetrical triangle. If the bears are able to close (UTC time frame) below the triangle support line, the probability of a fall to the bottom of the range will increase to $ 0.060105. Although there is support close to $ 0.07, the 20-day downwardly EMA and the RSI in the negative zone suggest that it is likely to be broken. The digital currency will resume the downward trend if it breaks below $ 0.060105.
The downward view will be invalidated if the bulls are able to push the price over the triangle. Such a move could bring the ADA / USD pair at the top of the range to $ 0.094256. An interruption of the flow increases the probability of a reversal and the beginning of a new upward trend.
XMR / USD
Although Monero is traded in a range, he has a negative bias. The price fell to the bottom of the $ 100.453 – $ 128.65 range.
Both moving averages started to decline and the RSI decreased to negative territory. This shows that bears have the upper hand.
An analysis of $ 100.453 will waste the XMR / USD pair on critical support at $ 81, below which the downtrend will resume.
TRX / USD
TRON has analyzed the 50-day SMA, which can drag it to the next support at $ 0.0225. A break at this level will indicate that the bears are responsible for the situation.
The TRX / USD pair will resume the downtrend if it breaks and closes (UTC time frame) under critical support at $ 0.0183. The next level to look downward is $ 0.01595383.
Our negative view will be invalidated if the bulls bounce off the supports and climb above $ 0.025. The digital currency will indicate a probable trend reversal if it is kept above $ 0.03.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.