Cryptomarket Analysis October 16

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

Top-10 cryptocurrencies by oscillators as of October 16:

In general over the past day the situation in the cryptocurrency market was developing according to a moderately bearish scenario. Much of the rapid growth was lost and buyers became active only this morning.

After last weeks fall and yesterday's take-off bitcoin (Bitcoin: BITCOIN) returned to the center of the high-volume area. Today the most likely scenario is a neutral one that foresees a consolidation within the current range.

Time-lapse: on October 16, 2017, bitcoin price continued to grow, fixing at $5,729.

BTC chart by TradingView

Today the neutral scenario provides fluctuations in the center of the high-volume area ($6,355 - 6,523).

Ethereum (BITFINEX: ETH/USD.BITFINEX) buyers became more active while approaching to the range of consolidation seen on Saturday / Sunday, but it’s impossible for the cryptocurrency to leave this area right now.

Time-lapse: on October 16, 2017, ethereum has jumped to $340.

ETH chart by TradingView

Today bulls will try to transfer ethereum into the $206 - 213 range. Global targets are placed in a proximity to the control prices ($219 and $223) and the maximum mark of Monday.

XRP (BITFINEX: XRP/USD) was stronger than all other cryptocurrencies. This morning a control price was tested at $0,458 and in doing do, almost reached Monday's maximum mark.

Time-lapse: on October 16, 2017, XRP price lost out slightly, fixing at $0.27.

XRP chart by TradingView

Today bulls will try to move into the range of $0,449 - 0,469 and test the maximum mark of Monday once again. The global target is the high-volume area of $0,469 - 0,503.

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: XcelToken with 95,5% growth and Gold Bits Coin with 44,63% 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.