Cryptocurrency prices analysis and forecast – 19 October 2018
BTC/USD
BTC/USD is being traded at $6,631 and continues to move in the borders of the correction. Most of the previous trading day, the price stood at the support level of $6,700 and only in the evening we saw an update of a minimum. The news background around the main coin of the cryptocurrency market can be called positive, so a price drop can be temporary, or it can be smooth, without strong shocks and impulses. The price of bitcoin can be supported by positive statistics from the Chicago Mercantile Exchange regarding the futures trading of this coin. Thus, in the third quarter, the average trading volume of Bitcoin-futures increased by 41% compared to the second quarter. The number of open positions increased by 19%. Despite the fact that the manager of the Chicago Mercantile Tim McCourt argues that futures contracts do not exert pressure on the price of Bitcoin, in the current uncertain situation and in the absence of other indicators, they are an indicator of market sentiment and investor confidence in the bitcoin, although an element of speculation cannot be discounted.
BTC/USD Forecast and analytics 19 October 2018
As part of the forecast for October 19, we can expect further development of the correction, with a likely decrease in price by at least another $150 - $300. Before continuing the decline, the price may test the previously broken $6,700 level, after which a rebound is likely to follow and a further decline to $6,500. If the fall will be of an impulsive nature, then the goal of $6,300 is not excluded, after which, we will again watch the side correction for a while.
Cancellation of the downward movement will be a strong impulse growth and breakdown of the resistance zone, in order to break through the upper boundary of the resistance zone of $7,000 and gain a foothold above the level of $7,100.
ETH/USD
ETH/USD is being traded at $205.57 and continues to be in a correction. The coin continues to hold an outsider position among the major currencies, and its total risks continue to remain above market averages. This conclusion was formed not only due to the fact that the pair shows one of the worst dynamics in the last 2-3 months but also due to a number of other fundamental and technical indicators, as well as based on the nature of the price movement. All these factors build up the negative dynamics of further developments of events on the coin. It is possible that in the medium term it will be able to go below the lows of the previous fall, up to $185.00.
ETH/USD Forecast and analytics 19 October 2018
As part of the forecast for October 19, we can expect a continuation of the corrective decline, with the possibility of breaking through the lower boundary of the support zone at $202.50 and going down to the level of $197.00. If the price quickly reaches these goals, then with a high probability, we should expect at least an update of the minimums of $194.00 and $188.00.
Cancellation of the further reduction will be an impulse growth, with the price fixing above the resistance level of $226.00. This will pave the way for the price to update highs in the $239.00 area.
XRP/USD
XRP/USD is being trading at $0.46298 and continues the corrective movement. In the wake of the news of the negotiations of the company's management and representatives of the White House of the United States regarding the new concept of XPR, the World Trade Organization announced that Ripple could revolutionize world trade. Interest in this coin continues to grow, which additionally plays in favour of the expectations that Ripple may demonstrate further positive momentum, after a temporary corrective decline.
XRP/USD Forecast and analytics 19 October 2018
As part of the forecast for October 19, we can expect a continuation of the corrective decline, in order to retest the level of $0.46000. It is possible that the upper levels of the support zone may stop the downward movement and push the price upwards to $0.48000, after which the fall will resume. If the decline in quotations is pulsed and fast, then the price may fall to a minimum of the entire current correction of $0.44750.
Cancellation of this scenario will be a continued growth in order to update the peak of $0.52500 and gain a foothold above the level of $0.53000. This will open the possibility of further development of the upward movement to $0.55100.
XMR/USD
XMR/USD is being traded at $106.200 and continues to be in a corrective decline. The coin expectedly fell to the support level of $107.000 and broke through it, testing the lower boundary of the Ichimoku Kinko Hyo cloud. Whether the price will remain in the $107.000 - $104.000 trading range or do you need to consider targets for the downward movement, it may become clear at the end of today's trading day. But, since we are waiting for the weekend ahead, only Monday’s events can give this clarity.
XMR/USD Forecast and analytics 19 October 2018
As part of the forecast for October 19, we can expect the continuation of the correction movement. The support that the price met on the test of the lower border of the Ichimoku Kinko Hyo cloud, can stop falling for a while, to test the $107.000 - $108.000 zone of the pierced level. A downward rebound from this area will be an additional signal in favour of the fact that the quotes will most likely go down to the support zone of $104.000 - $103.000. Pulse breakdown of this zone will be a continuation of the bearish trend, in order to see the price at $100.000
Cancellation of the reduction scenario will be the resumption of growth, in order to break through the upper resistance level of $114.000. Fixing the price above this level will open her further path to $117.500.
Posted from my blog with SteemPress : https://coinatory.com/2018/10/19/cryptocurrency-prices-analysis-and-forecast-19-october-2018/