Cryptomarket Analysis October 23

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 23

On Monday the cryptocurrency market showed absolute calmness, which can’t be attributed even to a conservatively neutral scenario. The range of trades is compressed and the volumes are falling. As it was noted yesterday this behavior is expected ahead of the news from U.S. SEC in late October / early November.

Bitcoin (Bitcoin) became frozen between two high-volume levels but the main scenario remains the same. It’s unlikely that the market will revive on its own without external factors (for example, news) but short-term punctures are possible.

Time-lapse: on October 23, 2017, bitcoin price continued to grow to $5,907.

BTC chart by TradingView

Today we will traditionally expect a neutral scenario that provides further fluctuations near the control price of the area.

Ethereum (ETH/USD) remains in the high-volume area. It’s interesting that the support level of $199.2 separates the cryptocurrency from the bearish scenario.

Time-lapse: on October 23, 2017, ethereum price continued to decrease, stopping at 284.85

ETH chart by TradingView

Today bears will attack the minimum mark of October 18 to check the presence of buyers. If buyers don’t come, ethereum can go down further to $190.

XRP (XRP/USD) shown some weakness. Today the cryptocurrency has tested the control price of $0,443, that is why the most probable scenario for next 24 hours is a bearish one that would assume a decrease to $0,435. It will also be interesting to keep an eye on the uptrend lines.

Time-lapse: on October 23, 2017, XRP price decreased to $0.19.

XRP chart by TradingView

Today the bearish scenario provides an attack on the minimum mark of October 18 and a fall to 0,422.

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: United Bitcoin with 158.85% growth and Olive with 51.66% 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.