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Crypto Price Analysis & Overview October 23rd: Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash

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Bitcoin

Bitcoin saw a very strong 13% price increase over the past seven days which allowed it to break above the $13,000 handle. At the start of October, Bitcoin managed to penetrate above a symmetrical triangle pattern which was the first sign that a bull run was about to form.

After the breakout, it managed to push as high as $11,600 before stalling. Last Friday, Bitcoin was trading at around $11,200 as it rebounded and started to push higher. It quickly reached the $12,000 level and broke above here on Wednesday. The coin continued upward until resistance was met at $13,000 – where it currently trades.

Looking ahead, once the buyers break $13,000, the first level of resistance lies at $13,200. Above this, resistance lies at $13,416 (1.414 Fib Extension), $13,500, $13,600, $13,815, and $14,000.

On the other side, the first level of support lies at $12,550 (.236 Fib Retracement). Beneath this, support lies at $12,400, $12,125 (.382 Fib Retracement), $12,000, and $11,800 (.5 Fib Retracement).

btcusd-oct23
BTC/USD Daily Chart. Source: TradingView

Ethereum

Ethereum witnessed a strong 10.5% price increase this week as it climbed above $400 to reach $418 today. Last Friday, Ethereum rebounded from the 2019 high at $264 and pushed higher into the short term falling trend line.

Ethereum went on to break this trend line on Wednesday as it surged higher to reach $400. Yesterday, the buyers pushed beyond $400 to spike into the resistance at $421.50 (1.414 Fib Extension). Unfortunately, it was unable to close the daily candle above the lower resistance at $416 (bearish .618 Fib Retracement).

Moving forward, if the buyers break the resistance at $421.50, higher resistance lies at $434 (1.618 FIb Extension), $439 (August 2018 Highs), and $445 (bearish .786 Fib Retracement). Beyond $450, added resistance lies at $462 (bearish .886 Fib Retracement), and $476.

On the other side, the first level of support lies at $410. This is followed by support at $400, $389 (.382 Fib), $377 (.5 Fib), and $364 (2019 High).

ethusd-oct23
ETH/USD Daily Chart. Source: TradingView

Against Bitcoin, Ethereum has struggled this week. On Tuesday, the coin dropped beneath a symmetrical triangle pattern as it fell beneath the 100-days EMA. It continued lower during the week until reaching support at 0.0305 BTC on Wednesday.

It managed to rebound from the support at 0.0305 BTC as it reached 0.0321 BTC today (100-days EMA).

Looking ahead, if the bulls push higher, the first level of resistance lies at 0.0327 BTC (bearish .236 Fib). Above this, resistance lies at 0.0337 BTC (March 2019 Support), 0.0341 BTC (bearish .382 Fib), 0.035 BTC, and 0.0353 (bearish .5 Fib).

On the other side, support lies at 0.032 BTC, 0.0311 BTC, 0.031 BTC, and 0.0305 BTC. Added support is found at 0.03 BTC and 0.0295 BTC (200-days EMA).

ethbtc-oct23
ETH/BTC Daily Chart. Source: TradingView

Ripple

Ripple saw a smaller 4.7% price increase this week as it trades at $0.0257. The coin managed to break above a symmetrical triangle pattern during the week but failed to close a daily candle above the $0.261 resistance (bearish .5 Fib Retracement). The buyers must close above this resistance for XRP to start a short term bullish trend.

Moving forward, if the bulls manage to close above $0.261, higher resistance lies at $0.271 (bearish .618 Fib), $0.28, $0.286 (bearish .786 Fib), and $0.295 (bearish .886 Fib).

On the other side, support is first expected at $0.25. This is followed by support at $0.245 (200-days EMA), $0.24, and $0.237 (200-days EMA).

xrpusd-oct23
XRP/USD Daily Chart. Source: TradingView

The situation is quite dire for XRP against Bitcoin. The coin dropped from above 2100 SAT at the start of the week as it headed lower to break beneath 2000 SAT and spike as low as 1915 SAT.

The bulls managed to defend the support at 1960 SAT, where the daily candle closed and allowed it to rebound to the current 1983 SAT level.

Looking ahead, if the bulls climb above 2000 SAT, resistance lies at 2035 SAT, 2130 SAT, 2200 SAT, and 2260 SAT.

On the other side, support lies at 1960 SAT, 1915 SAT, 1865 SAT, and 1800 SAT.

xrpbtc-oct23
XRP/USD Daily Chart. Source: TradingView

Bitcoin Cash

Bitcoin Cash saw a 4% price hike this week as it reached the $278 (bearish .382 Fib) resistance today. The coin pushed higher from $240 during the week which allowed it to create a fresh October high at $278 today.

Looking ahead, if the buyers continued above $278, resistance lies at $285 (1.272 Fib Extension), $294 (1.414 Fib Extension), $300, and $307.

On the other side, support is first expected at $270. Beneath this, support lies at $265, $260, $250, and $240.

bchusd-oct23
BCH/USD Daily Chart. Source: TradingView

Against Bitcoin, BCH dropped from 0.022 BTC to reach the September support at 0.02 BTC during the week. From there, it rebounded higher to trade at the current 0.021 BTC level.

Moving forward, if the buyers push beyond 0.021 BTC, resistance lies at 0.022 BTC and 0.023 BTC. Additional resistance is then expected at 0.0241 BTC (bearish .236 Fib), 0.025 BTC, and 0.026 BTC.

On the other side, the first level of support lies at 0.02 BTC. Beneath this, support is located at 0.0191 BTC (downside 1.272 Fib), 0.019 BTC, and 0.0181 BTC.

bchbtc-oct23
BCH/BTC Daily Chart. Source: TradingView

Litecoin

Litecoin saw a serious 12% price increase over the past week as it reached the resistance at $56 today – provided by a bearish .5 Fib Retracement. The coin had found support last week at the $46.83 level and rebounded from here on Wednesday to reach the current resistance.

If the buyers manage to break the resistance at $56 (bearish .5 Fib), higher resistance is located at $57.86, $59 (bearish .618 Fib), $60.27 (1.272 Fib Extension), $61.91 (1.414 Fib Extension), and $63.

On the other side, the first level of support lies at $55. Beneath this, added support is found at $54, $52, $50, and $49.

ltusd-oct23
LTC/USD Daily Chart. Source: TradingView

Against Bitcoin, Litecoin dropped to a fresh 2020 price low this week as it hit the support at 0.00391 BTC. From there, the bulls fashioned a rebound higher to reach the current resistance at 0.0043 BTC (bearish .236 Fib Retracement).

Looking ahead, if the buyers can break 0.00343 BTC, resistance first lies at 0.004547 BTC (October Highs). This is followed by resistance at 0.00455 BTC, 0.00476 BTC, 0.00488 BTC, and 0.005 BTC.

On the other side, support is first expected at 0.0042 BTC. This is followed by support at 0.0041 BTC, 0.004 BTC, and 0.00391 BTC. Additional support lies at 0.0039 BTC and 0.00363 BTC.

ltcbtc-oct23
LTC/BTC Daily Chart. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-price-analysis-overview-october-23rd-bitcoin-ethereum-ripple-litecoin-and-bitcoin-cash/

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Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst

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Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.

The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.

Is Bitcoin To Head Further South?

The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.

Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.

A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.

“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.

Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.

Grayscale Is Key

The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.

This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.

The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:

“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

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Source: https://cryptopotato.com/further-declines-in-bitcoin-price-possible-though-grayscale-is-crucial-notes-jpm-analyst/

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$100M of Bitfinex’s Stolen Bitcoin Is in Transit

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: https://cryptobriefing.com/100m-of-bitfinexs-stolen-bitcoin-is-in-transit/

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Price analysis 11/30: BTC, ETH, XRP, BCH, LINK, LTC, ADA, DOT, BNB, XLM

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Bitcoin (BTC) price came within striking distance of hitting a new all-time high today. This shows that institutional and retail investors continue to buy on every dip and BTC is in a strong uptrend. Hence, traders should not urgently looking to call a top.

While Bitcoin has been creating new records, gold has corrected about 15% from its all-time high. This shows that traders are dumping their positions and this led to the largest weekly outflow in gold.

Daily cryptocurrency market performance. Source: Coin360

Analysts believe that some of the money flowing out of gold could enter Bitcoin as institutional interest continues to soar. A new high could also attract momentum traders who like to piggyback on a strong trend.

Traders are now wondering if Bitcoin’s momentum will pull the whole crypto sector higher or if it will continue to hog the limelight at the expense of the altcoins?

Let’s analyze the top-10 cryptocurrencies to find out.

BTC/USD

Corrections in a strong uptrend usually last for one to three days and that is what happened with Bitcoin price. The pullback from the intraday high of $19,459.22 on Nov. 25 bottomed out at $16,191.02 on Nov. 26.

BTC/USDT daily chart. Source: TradingView

A shallow correction is generally a sign of strength. It shows that existing owners of the BTC/USD pair are in no hurry to book profits while traders who want to buy are not waiting for lower levels to enter.

The upsloping moving averages and the relative strength index near the overbought zone suggest that bulls are in command. The momentum picked up today and the bulls pushed the price above $19,459.22.

But the bears have not yet given up. They are trying to mount a stiff resistance in the $19,500 to $20,000 zone. If the price turns down sharply from this resistance, a drop to $17,200 is possible.

On the other hand, if the bulls can push the price above $20,000, the momentum could pick up further and a rally to $22,727 and then to $25,000 will be on the cards.

ETH/USD

Ether’s (ETH) strong rebound off the $488.134 support shows that the bulls are buying aggressively as they expect the next leg of the uptrend to resume.

ETH/USDT daily chart. Source: TradingView

If the bulls can push the price above $625, the ETH/USD pair could start its journey towards the next major resistance at $800. The upsloping moving averages and the RSI near the overbought territory suggest that bulls are in command.

Contrary to this assumption, if the price again turns down from $625, the pair may consolidate for a few days before resuming its up-move. A break below the 20-day exponential moving average ($523) will be the first sign of weakness.

XRP/USD

The pullback in XRP had been facing resistance at the 61.8% Fibonacci retracement level of $0.649138 for the past two days. Today, the bulls pushed the price above the resistance but failed to sustain the higher levels.

XRP/USDT daily chart. Source: TradingView

However, the upsloping moving averages and the RSI in the overbought territory suggest that bulls have the upper hand. If they can push the price above $0.649138, the XRP/USD pair could rally to $0.706942 and then to $0.780574.

This bullish view will be invalidated if the price turns down from either overhead resistance and plummets below the 20-day EMA ($0.47).

BCH/USD

Bitcoin Cash (BCH) rose above $280 on Nov. 29 and has picked up momentum today. However, the relief rally could face resistance at the 61.8% Fibonacci retracement level at $324.01.

BCH/USD daily chart. Source: TradingView

If the price turns down from the overhead resistance, it will suggest that the bulls who are stuck at higher levels are bailing out of their positions. The bears will then try to sink the price to $280.

Contrary to this negative assumption, if the bulls can push the price above $324.01, the BCH/USD pair could move up to $344.98 and then to $371.70. The gradually rising moving averages and the RSI above 58 suggest that bulls have a minor advantage.

LINK/USD

Chainlink (LINK) bounced off the 50-day simple moving average ($12.25) on Nov. 26 and 27 and the bulls have pushed the price back above the overhead resistance at $13.28. The recovery is currently facing resistance at the 61.8% Fibonacci retracement level at $14.4433.

LINK/USDT daily chart. Source: TradingView

The flattish 20-day EMA ($13.40) and the RSI just above the midpoint does not give a clear advantage either to the bulls or the bears.

If the bears sink the price back below $13.28, it will suggest that sentiment has turned bearish and the traders are selling on rallies. A break and close below the 50-day SMA could start a deeper correction.

On the contrary, if the bulls push the price above $14.4433, the LINK/USD pair could rally to $15.2994 and then to $16.39. A break above this resistance could resume the uptrend.

LTC/USD

Litecoin (LTC) found support near the 61.8% Fibonacci retracement level of $64.8317 on Nov. 26 and 27. The rebound since then has been sharp but the bulls are currently facing resistance at $88.

LTC/USDT daily chart. Source: TradingView

However, the upsloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand. If they can push the price above $88, a retest of $93.9282 will be on the cards. Above this level, the rally could extend to $100.

On the other hand, if the price turns down from the overhead resistance, the LTC/USD pair could remain range-bound for a few days. The pair will turn negative if the bears sink the price below $64.

ADA/USD

Cardano (ADA) surged back above the overhead resistance at $0.155 on Nov. 28, which shows aggressive buying at lower levels. However, the bulls are struggling to sustain the price above $0.17 for the past two days.

ADA/USDT daily chart. Source: TradingView

This shows that the bears are defending the zone between $0.17 and $0.1826315. If the bears can sink the price below $0.155, a drop to the 20-day EMA ($0.137) is possible.

However, if the bulls buy the dips to $0.155, it will suggest accumulation at this level. A consolidation near the overhead resistance is a positive sign as it shows that traders are not closing their positions in a hurry and are not waiting for deep corrections to buy.

If the bulls can propel the price above $0.1826315, the ADA/USD pair may start its journey to $0.2129 and then to $0.235.

DOT/USD

Polkadot (DOT) bounced off the 50-day SMA ($4.52), which shows that the bulls are defending this support. They will now try to push the price above the $5.5899 to $6.0857 resistance zone.

DOT/USDT daily chart. Source: TradingView

If they succeed, the DOT/USD pair could rally to $6.8619 and then to $7.64. The gradually upsloping moving averages and the RSI above 57 suggest that bulls are at a minor advantage.

However, if the price again turns down from the overhead resistance zone, the pair could remain stuck in the range for a few more days.

BNB/USD

Binance Coin (BNB) remains range-bound between $25.6652 and $32. The bounce off the Nov. 26 low suggests that bulls continue to buy near the support of the range. The price has now reached close to the resistance of the range at $32.

BNB/USDT daily chart. Source: TradingView

If the price turns down from $32, the BNB/USD pair may extend its stay inside the range. The moving averages are flat but the RSI has jumped into the positive territory, which suggests that the momentum favors the bulls.

If the buyers can push the price above $32, the BNB/USD pair could move up to $35.4338. A breakout of this resistance may result in a retest of the all-time high at $39.5941.

XLM/USD

Stellar Lumens (XLM) is facing resistance at the downtrend line but the positive thing is that the bulls have not given up much ground. This shows that the buyers are accumulating on every minor dip.

XLM/USDT daily chart. Source: TradingView

If the bulls can push the price above the downtrend line, the XLM/USD pair could rally to $0.231655. The bears may again mount a stiff resistance at this level and if the price turns down from the overhead resistance, a few days of range-bound action is possible.

If the bulls can drive the price above $0.231655, the next leg of the uptrend could begin. The next target to watch on the upside is $0.2933. Conversely, if the bears sink the price below $0.188, the pair may drop to $0.16.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-11-30-btc-eth-xrp-bch-link-ltc-ada-dot-bnb-xlm

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