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Price Analysis, Nov. 2: Bitcoin, Ethereum, Litecoin

The opinions and opinions expressed herein are solely those of the authors / contributors and do not necessarily reflect the point of view of Every movement of investment and trading involves risks, you should conduct your own research when making a decision.

* 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

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  • 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
  • See also  The failure of SegWit2x confirms Bitcoin&#39;s digital gold status

    ETH / USD 02.11.2017

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  • The price of Ethereum continues to decline, while the entire market, and especially speculators, are giving full attention to the BTC / USD
  • The ETH / USD trading range is at support levels of $ 275 to $ 280. This drop was expected because prices did not even test the resistance level, which is still $ 315
  • If the level of $ 275 is crossed, an upward movement to the next level of support $ 250 is a possible scenario. ;
  • Buyers may feel more optimistic if the price rises to the $ 300 level
  • LTC / USD 02.11.2017

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  • For LTC / USD, the L & L scenario Analysis of our last week is realized: it is now at the $ 52 resistance level after the $ 57 test and a subsequent drop to $ 52
  • Litecoin has crossed the bottom side from the descending triangle can be at $ 48, how much the bulls are likely to attempt a recovery;
  • More important is the support range of $ 42 to $ 44. the levels are pretty good for purchases with short-term goals.