Today is Saturday, 6th November, and this is Cointribune’s Crypto analytics. You will learn about everything that’s been going on in the market, as well as what to expect next in our new article! If you’d like to read the previous instalment, please follow the link. Off we go!
Bitcoin once again closed the day with a drop to close to $60,000. At the time of writing, the price has already recovered to near $61,300, but that alone proves once again that locally, the first cryptocurrency is now moving within a narrowing range. As you can see, we have almost constant lows (the price always falls to almost the same values) and constantly decreasing highs (the range of price change narrows, approaching the values characteristic of lows).
To summarise, we’re getting a local downward movement with strong support, which will most likely end up in the pump of the first cryptocurrency. This is evidenced by the fact that we’ve been testing support for a long time, and after failing to break it, the price will definitely reverse and try to retest the resistance, which is near the latest all-time high.
The latter scenario is rather unlikely, but one thing is certain. Bitcoin is getting ready for a major price move in the coming days. It’s possible that by the end of the weekend, we will either witness a market collapse or get close to ATH again. The latter looks the most probable.
Ethereum is slowly and steadily pulled upwards. The highs are steadily rising along with the lows. As a result, we get a pronounced spike on the chart, which, even if it looks like a call for a long rise, is hardly such a signal.
It is impossible to talk about Ethereum in isolation from Bitcoin right now. A pump in BTC will probably lead to a similar pump in the second most capitalised cryptocurrency. At this stage, however, ETH looks like a digital asset that lacks strength from both buyers and sellers. It looks like some are unsure whether to buy already, while others are waiting for growth to lock in profits finally.
Let’s not forget that today is the start of the weekend! This part of the week has always been known for unexpected and dramatic changes in the cryptocurrency market, so make sure that you keep your stop losses in place.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
|BITCOIN (BTCUSD) ₿||$20,196.40||-0.32%|
|ETHEREUM (ETHUSD) Ξ||$1,108.56||-2.97%|
|IMM. US (REIT)||$2,397.57||-0.65%|
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