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* All market data are by exchange HitBTC .
Market Analysis 02.11.2017
The market is currently under pressure. On the one hand, the Bitcoin rally has been completed. On the other hand, all major altcoins continue to descend. Bitcoin domination went beyond 62%; this indicator was last observed in April of this year.
Several factors caused a sharp increase in Bitcoin. Firstly, this is due to the fact that cryptocurrency derivatives should be issued soon. Secondly, it has been reported that China will lift its ban on cryptocurrency sales with the yuan, and two cryptocurrency bourses, OKEx and Huobi Pro, have announced that they could start this kind of trading in the near future.
A speculative factor is also to be taken into account: Bitcoin is gaining momentum as altcoins decrease and many players turn to the growing asset, resulting in continued growth of Bitcoin. There are also those who were sure that Bitcoin would drop and that they must close their short positions now.
BTC / USD 02.11.2017
- Bitcoin reached a historic high of $ 7,200
- Given the current situation, it is difficult to predict future levels of resistance. there a chance to see $ 7,500 tomorrow?
- The possibility of a correction depends on the appetite of those who traded between $ 3,000 and $ 4,000 It is very likely that they will set their profits before the next Bitcoin SegWit2x fork, which will take place on November 15.
- The closest support levels for BTC / USD are $ 6,600 and $ 6,200 recommended to open short positions
ETH / USD 02.11.2017
LTC / USD 02.11.2017