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Market data is provided by the HitBTC exchange.
Crypto Investment Company's gray-scale inflows exceeded $ 330 million from the start of the year, which is the highest since the company started operations five years ago. A disaggregation of the investor profile shows that a substantial portion of the money comes from the institutions, which is noteworthy given the prevailing bearish sentiment throughout the year.
Morgan Stanley has classified cryptocurrencies as a "new class of institutional investment" in his report entitled "Decrypted Bitcoin: A Short Teaching and Implications". Even though institutional money began to flow, it was tiny. Many believe that the approval of Bitcoin ETFs will pave the way for investment by institutional operators.
However, Reggie Browne, senior managing director and head of ETF trading at the financial services company Cantor Fitzgerald, believes that Bitcoin's ETFs will only become a reality after a robust regulatory framework for the asset class has been established.
Market manipulation is also an important factor that softens the credibility of cryptocurrencies. The NASDAQ, the second largest stock exchange in the world, is sure its market surveillance technology can prevent manipulation. If successful, this will provide a significant boost to the community of cryptocurrencies.
BTC / USD
Bitcoin approached the first support of $ 6.212 on October 31 when the purchase emerged. Prices are currently moving towards moving averages, which will act as rigid resistance. If bulls rise above moving averages, a top-of-the-range rally at $ 6,831.99 is likely.
The BTC / USD pair will report a reversal of the trend above $ 6,831.99. The new uptrend can push prices up to $ 7,400 and over $ 8,400.
If bears defend the moving averages, the virtual currency will attract the sale that can drag it to $ 6,200. If this support breaks, a reter of $ 6,075 – $ 5,900 will be in the cards. A break of $ 5,900 can lead to panic sales, quickly dragging prices to $ 5,450 and $ 5,000 levels. Therefore, we suggest keeping the stops at $ 5,900.
It is difficult to predict which way the price will run away. Therefore, we have provided critical levels to keep an eye on both sides.
ETH / USD
The bulls defended the $ 188.35 level on October 31st. Currently, Ethereum is trying to break the 20-day EMA, which is flattening out. Above this level, the 50-day SMA could act as a strong resistance. If the bulls close (UTC time frame) above the 50 day SMA, a fast rally at $ 249.93 will be on the cards.
We anticipate a reversal of trend above $ 250. Therefore, traders can buy on a close (UTC timeframe) above $ 250 with the stop at $ 188. The first goal is a $ 322 move.
If the ETH / USD pair falls from one of the air resistors and breaks $ 188, it can repeat the support test at $ 167.32, below which the fall can extend to $ 136. We suggest traders to wait for the break before starting any long position because the price action within the interval may be random and volatile.
XRP / USD
The ripple has progressively moved upwards over the last three days, reaching almost the highest level in the narrow range.
If the narrow range resolves to the upside, bulls are likely to buy, pushing higher prices at $ 0.55 and $ 0.62. Therefore, we maintain our purchase recommendation provided in the previous analysis.
Our bullish view will be invalidated if the XRP / USD pair breaks in tight range. Such a move can push prices into the next support zone for $ 0.38838- $ 0.37185.
BCH / USD
The bulls pushed the Cash Bitcoins back into the triangle. The failure of bears in capitalizing the break of the symmetrical triangle is a bullish signal. It shows that lower levels attract buyers and owners are not willing to sell their holdings below a certain price.
If the bulls carry the BCH / USD pair above $ 500, they will indicate strength and a rally to $ 600, followed by a pass to $ 660 is possible. Traders can protect their long positions with stops at $ 400.
The digital currency will resume its downward trend if the price falls from $ 408,0182. The next downside support is $ 300.
EOS / USD
The bulls managed to keep support for $ 5. Currently, EOS is back to moving averages, both flat. The RSI has also been restored to the mid-point.
The EOS / USD pair could consolidate between $ 5- $ 6 for some time. A break out of this range can bring the digital currency to $ 6.8299, while a break can sink to $ 4.403.
We expect a new uptrend to start if the price remains above $ 6.8299. Traders holding long positions can keep their stops at $ 4.90.
XLM / USD
The bulls maintained trendline support on October 31st. Currently, Stellar is trying to scale moving averages. The area between $ 0.24 and $ 0.27 could offer a rigid resistance.
A breakout of $ 0.27 will invalidate the bearish downward triangle pattern, which is a bullish sign. Therefore, traders can buy on a close (UTC timeframe) above $ 0.27 and maintain a stop loss at $ 0.20, which can be generated later. The goal is $ 0.36, with a lower resistance of $ 0.304.
Our bullish view will be canceled if the XLM / USD pair fails to exit the head resistors. On the downside, a break in the trend line may result in a decline to $ 0.205 and $ 0.184.
LTC / USD
Litecoin held the support zone of $ 49.466- $ 47,246 for the fourth time. Although the bulls are able to maintain the supports, they are not able to push the prices higher. Each bounce has reached a lower value (shown as rectangles on the graph). Thus, the bears could again offer resistance to moving averages and the downtrend line of the descending triangle.
Since the support has stood up well enough, aggressive traders can bet on the long side above the EMA at 20 days, keeping the stop at $ 47. The first goal is a shift to the downtrend line where you can book partial profits. A breakout of the downtrend line of the descending triangle will increase the likelihood of an increase to the top of the range at $ 69.279. This is a risky business, so traders can maintain the position size by 50 percent of the usual. Swing traders and posal traders can avoid this exchange.
Our bullish view will be invalidated if the LTC / USD pair breaks by $ 47,246. Below this level, the next support is $ 40.
ADA / USD
The bulls are trying to rebound the support at $ 0.068989. Cardano risks resisting the 20-day EMA and the symmetrical triangle's trend line. Failure to scale this level could attract another round of sales that will repeat immediate support for $ 0.068989.
If the support breaks down, the ADA / USD pair may switch to support later than $ 0.060105. In a break above moving averages, a top-of-the-range rally at $ 0.094256 is possible. We will propose a long position when developing a new purchasing system.
XMR / USD
The rebound from the support at $ 100.453 has reached the 20-day EMA, which acts as a resistance. Both moving averages are flattening, suggesting that Monero could remain limited for other days.
Our sight will be invalidated if the bears break and close (UTC time frame) under the support at $ 100.453. Such a move can immerse the XMR / USD pair at the next support at $ 81.
On the other hand, a 20-day EMA breakout will push prices to the 50-day SMA, above which a $ 150 rally is likely. We do not find any reliable buy configurations at current levels so we are not proposing any negotiations.
TRX / USD
TRON withdrew to moving averages, both flat. This shows that the action related to the interval will probably continue for a few more days.
The next directional move will start either on a breakout of the interval or on a breakdown from it. If the TRX / USD pair comes out of $ 0.02815521, we will advance a rally to $ 0.0415. Traders can buy after the price has dropped $ 0.03.
On the downside, a breakdown of the interval will resume the downward trend that can drive prices down to the next support at $ 0.01595383.
Market data is provided by the HitBTC exchange. Analysis charts are provided by TradingView.