What happened in the cryptocurrency market and to three main currencies — bitcoin, ethereum and XRP over the past 24 hours.
Top-10 cryptocurrencies by market capitalization as of October 19
On Thursday bitcoin preferred a neutral scenario (one curious fact is that the cryptocurrency declined on Bitfinex due to the strengthening of Tether). Ethereum and XRP became cheaper.
Bitcoin (Bitcoin) is consolidating in the center of the high-volume area, while the $6,350 mark has repeatedly acted as a support. Recently, during the weekend the market behaved in a calm manner, but it’s worth keeping in mind a possible test of $6,200. The main scenario hasn’t changed since Thursday.
Time-lapse: on October 19, 2017, bitcoin price rolled back by $350, fixeing at $5,707.
BTC chart by TradingView
Today a neutral scenario provides for fluctuations around the control price of $6,428.
Ethereum (ETH/USD) fell slightly, but hasn’t yet reached the first goal of the bearish scenario. Today the resumption of the decline is highly likely.
Time-lapse: on October 19, 2017, ethereum price increased to $307.1.
ETH chart by TradingView
Today bears will develop their success. Firstly they will test the $192.5 mark and then they can launch an attack on the minimum mark of October 12 ($185).
XRP (XRP/USD) fulfilled the basic goal of the bearish scenario. After the exit from the descending channel the most logical behavior will be the increasing dynamics (main targets are $0,458 and $0,528) but the possibility of short-term decline still exists.
Time-lapse: on October 19, 2017, XRP price decreased to $0.19.
XRP chart by TradingView
Today the bearish scenario suggests a decline to $0,422 and consolidation at the bottom of the current 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: Ubex with 472.11% growth and YoloCash with 48,89% 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.