Cryptomarket Analysis October 2

What happened in cryptocurrency market and three main currencies - bitcoin, ethereum and XRP over the last 24 hours.

Top-10 cryptocurrencies by market capitalization as of October 2:

On Monday, October, 1 the situation in the cryptocurrency market developed according to a neutral scenario with a slight tendency towards growth. Downpunctures of bitcoin and XRP were rapidly redeemed. XRP tried to return to the high-volume area but the bulls managed to keep the cryptocurrency within Sunday’s range.

The uptrend line of bitcoin (Bitcoin: BITCOIN) provides some support for the cryptocurrency. The puncture of Monday was bought up rather quickly. In this case most important are the signs of another price twisting before a breakthrough in one or another direction. Such patterns are very common in the cryptocurrency market and are often repeated. This demonstrates the difficulty in finding a consensus between participants and competitors in the market.

Time-lapse: on October 2, 2017, bitcoin price increased and stopped at $4,422.

BTC chart by TradingView

Today bears may attempt to break through the trend, test the minimum mark of Monday ($6,442) and mount a possible attack on the minimum mark of September, 25 ($6,328).

After the puncture ethereum (BITFINEX: ETH/USD.BITFINEX) could return to the center of the high-volume area, however, buyers intervened in time and returned the cryptocurrency to Sunday’s range. Currently ethereum lies in the same levels as on Monday, so the main scenarios haven’t changed much.

Time-lapse: on October 2, 2017, ethereum grew $2 and fixed at $300,2.

ETH chart by TradingView

Today we may expect further consolidation within the $227 - 238 range but with a possible test of Monday’s minimum mark.

Buyers continue to dominate the market. The price surge of September, 20 - 21 led to the seller’s stop-losses. After a short consolidation XRP (BITFINEX: XRP/USD) fell to $0,437. In this area another wave of buyers entered the game. XRP tested the maximum marks of September 22, after that it fell slightly in price. Under such conditions the most probable scenario is another test of local maximum marks with a transition to the region of the control price ($0,676). At the moment this level is the global goal for buyers.

Time-lapse: on October 2, 2017, XRP price was just $0,2.

XRP chart by TradingView

This morning XRP tested the lower border of the current high-volume area and is moving toward its control price. The picture is similar to the dynamics of bitcoin - where there is the same price twisting, and it threatens to break in one or another direction.

Aside from bitcoin, ethereum, and XRP there are several other interesting digital currencies or altcoins worth taking a closer look at. The losers and winners of the past 24 hours are: Loopring [NEO] with 87,88% growth, and EJOY with 37,43% decrease. Keep an eye on cryptocurrencies, study them and use our quotes page to keep up to date.

Trading in the cryptocurrency market is associated with high risks and is not suitable for every investor. The above analysis should not be considered as a recommendation or a call to action. Each trader should assess the risks for themselves. Both the author and Ihodl.com are not liable for the potential losses incurred.