What happened in the cryptocurrency market and to three main currencies — bitcoin, ethereum and XRP over the past 24 hours.
Top-10 cryptocurrencies by trend following as of October 18
On Wednesday the situation in the cryptocurrency market developed due to a neutral scenario and only ethereum showed a minor weakness.
Bitcoin (Bitcoin) continues to consolidate in the center of the high-volume area. It seems like a gradual drift without pronounced splashes and punctures. With other constant factors the neutral dynamics of the cryptocurrency will continue for the rest of this and most likely the next week. The main scenario remains the same.
Time-lapse: on October 18, 2017, bitcoin price lost $300, stopping at $5,355.
BTC chart by TradingView
Today we can expect fluctuations in the center of the high-volume area ($6,355 - 6,523).
Yesterday afternoon sellers made a small attack at the minimum marks of the previous two days, but it failed. Ethereum (ETH/USD) remains within the borders of the neutral scenario.
Time-lapse: on October 18, 2017, ethereum price decreased to $301.6.
ETH chart by TradingView
The neutral scenario provides a consolidation within the $201 - 207 area with a possible drift to $211.
After the breakthrough of the trend, sellers became active, but the situation didn’t significantly change. We still expect XRP (XRP/USD) growth to $0,486 and $0,503 with a possible movement to $0,528.
Time-lapse: on October 18, 2017, XRP price decreased to $0.22.
XRP chart by TradingView
Today bulls are primarily interested in the resistance of $0,472. Then they will try to test the control price of $0,486 and the upper border, the $0,503 area.
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: Simmitri with 920,43% growth and Cashcoin with 46,33% 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.