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Price Analysis, Oct 26: Bitcoin, Ethereum, Litecoin

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* All market data is provided by HitBTC exchange.

Market Analysis 26.10.2017

Last week was especially positive for Bitcoin. The price reached a new record high of $ 6,190, with buyers in full control.

Positive news came from the anticipation of Bitcoin Gold and the announcement made by Don Wilson, founder of DRW, the Chicago Mercantile Exchange, that crypto derivatives will soon be available and that 39, a Bitcoin ETF will eventually exist.

Representatives and developers of Bitcoin Gold said that their network will be officially launched on November 1st. The market should remain stable by then, provided that there is no important news.

In addition, market participants are wondering how events will unfold in regards to the difficult SegWit2x forks ahead. November promises to be "hot".

BTC / USD 26.10.2017

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This week, Bitcoin went from an uptrend to a downtrend, dropping to $ 5,315

  • At the present time, the BTC / USD is trading at the level of $ 5,900, just above the pivot level of $ 5,800 to $ 5,850

  • Rest to see if today 's rally will continue, or if the sudden price spike will not have enough strength to keep climbing to test all the historical records

  • ETH / USD 26.10.2017

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    Ethereum prices recently dropped a local minimum of $ 270 and remained at the level of $ 272 until the first major purchases. Returning to levels above $ 300 was a good sign for bulls. At the present time, Ethereum is trading at the level of $ 295

  • A local maximum was recorded at $ 311. During the uptrend, the bearish trend continuing since mid-October has been breached to the $ 296 resistance level. It seems that the price could be slightly corrected again, because the previous resistance level of $ 315 was not even tested

  • The development of the situation of Ethereum depends on the general state of the market. We must also keep in mind that Ethereum prices are corrected right after Bitcoin.

  • LTC / USD 26.10.2017

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    Litecoin is trading in the range of $ 54 to $ 56, which indicates a downtrend after rising to 58, $ 7 a few days ago;

  • The technological analysis shows that a triangle has formed since mid-October, a temporary decrease in the volatility is likely, followed by rapid price movement towards a violation of the figure.

  • A likely scenario is a $ 57 level test, from which we can see a downward movement at $ 52. Descending triangles are normally bearish, but there is of course no guarantee.

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