What happened in cryptocurrency market and three main currencies - bitcoin, ethereum and XRP over the last 24 hours.
Top-10 cryptocurrencies by oscillators rating as of October 5:
On Thursday October 4, the market showed a neutral trend. In general, the top cryptocurrencies remained within the borders of the respective scenarios, although ethereum turned out to be slightly stronger than it was predicted and didn’t want to return to the center of the high-volume area.
Bitcoin (Bitcoin) was consolidating in the range of Sunday/Monday. The level of low volume at $6,598 has largely lost its significance. Now the upper border of the area is the $6,646 - 6,661 range. During this past week it has repeatedly become an obstacle for further growth. On Friday and upcoming weekend the most likely scenario is a rise to $6,789 and local maximum marks ($6,828 - 6,840).
Time-lapse: on October 5, 2017, bitcoin price dropped to $4,177.
BTC chart by TradingView
While the center of the current area acts as a support, market traders consider prices of the area as too low and actively buy into the punctures. For the next three days bears will continue to test Wednesday / Thursday minimum marks. Their basic task is to return to the control price. After that it will be possible to conduct an attack at the minimum mark of September 25 and the lower border of the $6,263 area.
Ethereum found support at the control price of $219. As long as the cryptocurrency remains above this price, the probability of a bullish scenario remains strong.
Time-lapse: on October 5, 2017, ethereum lost $1, fixing at $290,49.
ETH chart by TradingView
Today bulls may attack Tuesday’s maximum marks. For them, the main task is to consolidate above the $228 level, after which it will be possible to test the upper border of the $238 area.
On Thursday XRP returned to the center of the area, testing its lower and upper borders. In such conditions its logical to expect a continuation of the neutral dynamic. The most likely scenario for the weekend provides fluctuations around the control price of the area.
Time-lapse: on October 5, 2017, XRP price almost unchanged at $0,22.
XRP chart by TradingView
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: MediBloc [ERC20] with 109.2% growth, and HOQU with 39,57% 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.