Image credit: source

In the past 24 hours, Bitcoin (+0.6%) continued moving dragged by sellers while it fights to move to its next level. That is, while other currencies, including BTC’s direct siblings LTC (+3.83%), BCH( +5.52%) and BSV(+5.14%) moved up. ALGO (+19.6%) is the best performer, followed by VET(+14.9%) and BEAM (+15%). Among the top caps, the  EOS (+6.4%) and Nano (+13%) were the highest gainers. In the Ethereum token sector, Lambda (LAMB) (+19.4%), Dentacoin (DCN) (+19.2%), and Maxime Coin (MXM) (+26.75%) were the movers of the journey.

The current market cap is $252.4 billion, slightly up from yesterday’s value of $250.73 billion, while the volume traded in the last 24 hours grew to $38 billion (+5.75%). Finally, Bitcoin dominance descended slightly to 66.73%.

Chart

 

Hot News

China will not eliminate the Bitcoin mining industry from the country, as stated in the final industrial plan by China’s National Development and Reform Commission (NDRC). That reflects the new China’s Government attitude towards cryptocurrencies and blockchain, as NDRC was recommending to eliminate the crypto mining industry in its April’s draft proposal.

The European Central Bank(ECB) is considering issuing a digital Euro in response to the Libra project. Reuters revealed that a draft document by the ECB urges the EU to develop a joint approach to cryptocurrency and blockchain, with the possibility to ban those considered to be high-risk projects.

 

Technical Analysis – Bitcoin

bitcoin

Bitcoin continues its slow ascent to $9,400 and beyond dragged by seller profiting from upward candlesticks. The price currently has crossed the $9400 resistance level and is above its +1SD Bollinger band and also above its 50 and 200-period  SMA. That shows a positive bias. If the last candlestick closes above $9,400, the next level to break will be 9600.

Supports Pivot Resistances
9050 9,360 9600
8800   9800
8800   10000

 

Ripple

Ripple

Ripple is gaining bullish momentum. The price has crossed up and tested the $0.299 mark and now moves to cross the 0.3065 resistance, but the price is already above $0.3 moving above the +1SD Bollinger line, while its MACD also shows a bullish phase. Finally, we see that the three averages are appropriately aligned and pointing in the upward direction.  All these indications point to a positive bias. The current levels to observe are $0.299 and $0.3065.

Supports Pivot Resistances
0.299 0.295 0.3065
0.288   0.31
0.2815   0.32

 

Ethereum

ETHEREUM

Ethereum is gaining bullish momentum, and the price is close to resistance levels while also close to overbought, as its price is touching the +2SD Bollinger line (amber). All indicators point to a positive bias, including MACD, and all SMAs aligned and pointing north.

The levels to watch are $193.5 and $196 to the upside and $188 to the downside.

Supports Pivot Resistances
178 184 193.5
175   196
168   200

 

Litecoin

Litecoin

 Litecoin is moving quite bullish for some time. The price broke to the upside on Nov. 4th, and the Bollinger bands began expanding and pointing upwards, a sign of a bullish leg. The price keeps moving near the +1Bollinger line, so it is not oversold and, so, further price increases won’t surprise much. The next significant resistance level is $67, while the current levels to observe are $64 and $62 to the downside.

Supports Pivot Resistances
62 63 64.7
60   66
58   8

 

 


 

Try Secure Leveraged Trading with EagleFX!

(Excerpt) Read more Here | 2019-11-06 10:06:00

LEAVE A REPLY

Please enter your comment!
Please enter your name here