What happened in cryptocurrency market and three main currencies — bitcoin, ethereum and XRP over the past 24 hours.
Top-10 cryptocurrencies by performance as of October 11:
Today almost all media headlines are devoted to bitcoin and altcoin decrease. In general, the market participants agree in opinion that the price fall is connected to the collapse of the U.S. stock market. Some believe that hedge funds have decided to cut BTC funds in order to support portfolios and buy securities at competitive prices. Others indicate that the start of the decline coincided with the market opening in Japan.
Currently bitcoin (Bitcoin) is testing at the lower border of a large volume area, where it spent much of the time in June. As long as bitcoin remains above the control price of $6,130 and in the $5,966 - 6,007 area nothing terrible can happen. A small structural stress coincided with an external pressure related to the situation in the stock market.
Time-lapse: on October 11, 2017, bitcoin price continued to grow, stopping at $4,819.
BTC chart by TradingView
At the moment the daily profile indicates a weak minimum, so there is a chance that the decline will continue (this may change with the market opening in European and America). In this case sellers' goal are the low volume level of $6,207 and minimum mark of September 19 - $6,100.
Ethereum (ETH/USD) tested the control price of $196 that was rejected by market participants, which hints at the moderate growth in the coming hours. The exit from the global area of $200 - 237 was immediately bought back. This may bring some hope to bulls.
Time-lapse: on October 11, 2017, ethereum price returned above $300 and fixed at $301.24.
ETH chart by TradingView
Today bulls will try to push the cryptocurrency to the center of the area - to one of the high-volume levels ($210, $212, $216 and $219). The basic goal is the $210 - 212 area.
XRP (XRP/USD) went beyond the high-volume area. Nearest support level lies is in the $0.3 - 0.35 range.
Time-lapse: on October 11, 2017, XRP price almost didn’t change, floated at $0.26.
XRP chart by TradingView
Today we may expect further decline. There is nothing to support the cryptocurrency structurally, so it can fall to $0.328.
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: Bytecent (second day in a row) with 139.1% growth and DAV Coin with 43.28% 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.