What happened in cryptocurrency market and three main currencies — bitcoin, ethereum and XRP over the past weekend.
Top-10 cryptocurrencies by trend following as of October 8:
During past weekend the situation in the cryptocurrency market developed according to a typically neutral scenario. Saturday’s splash was caused by manipulations and not by market factors.
Since Thursday, October 4, bitcoin (Bitcoin) remains in a fairly narrow area of $6.534 - 6.646. Cryptocurrency volatility has significantly dropped, the low-volume level of $6.598 has ceased to exist. In general it points at a slightly increased activity of buyers. Exit from current levels is likely to be rapid.
Time-lapse: on October 8, 2017, bitcoin price increased to $4.585.
BTC chart by TradingView
Today bitcoin is likely to continue its neutral behavior and show some consolidation at the current levels. The decision on Bitcoin-ETF and the launch of a “regulated ecosystem” for institutional investors of Bakkt are expected only in November and under these conditions the cryptocurrency is able to spend the whole October without pronounced movements.
Ethereum (ETH/USD) spent previous three days in the range of Thursday with minor deviations. The cryptocurrency remains in the center of the current area. It’s obvious that there is no price consensus among market participants — over the last month we witnessed a competition of several levels of high volume: $210, $212, $216, $219 and, more recently, $224. There is a gradual upward drift of the control price hinting at the strength of buyers. At the moment ethereum lies within the borders of a neutral area, so the main scenario remains the same.
Time-lapse: on October 8, 2017, ethereum started to grow and stopped at $310.47.
ETH chart by TradingView
Today the neutral scenario provides fluctuations at the level of the previous four days. An important role in this scenario plays the level of $219, which is also an open control price. If it acts as a support, the probability of continuing neutral dynamics is very high.
XRP (XRP/USD) demonstrated the most interesting dynamics among three cryptocurrencies. On Saturday the cryptocurrency was following a bearish scenario and moved to the area below and tested its $0.470 border.
Time-lapse: on October 8, 2017, XRP price almost unchanged at $0.24.
XRP chart by TradingView
Today bears can attack the lower border of the current area ($0.470) and will try to test minimum marks of September 25.
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: VINchain with 96.40% growth, and SHADE Token with 89.67% 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.