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Home Cryptocurrency Price Analysis and Forecasts Forecast and analytics – 08 October 2018

Forecast and analytics – 08 October 2018

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BTC/USD

BTC/USD is trading at $6,584 and continues to move in the flat. The coin is trading above Ichimoku Kinko Hyo Cloud, which indicates an ascending trend. After testing the upper bound of the flat last Friday, the price slowly goes down. The bulls tried to push the quotes upwards on good volumes again, but, as before this was not enough. The coin continues to be traded in a constantly narrowing flat.

BTC/USD Forecast and analytics 08 October 2018
BTC/USD Forecast and analytics 08 October 2018

As part of the forecast for October 8, we can expect further price movement in the borders of flat $6,743 – $6,370. The price can go to the lower border of the flat not immediately but stand at the current level. It will be possible to talk about the development of a directional movement after we see a way out of the flat in one direction or another. The directional ascending movement is worth considering after the flat upper limit, the resistance area is broken, and the price is fixed above the level of $6,840. The goal, in this case, will be growth to $7,300.

Alternative directional descending movement can be expected after the breakdown of the lower border of the flat, the support zone. In this case, we can expect a fall to the level of $6,145 and an update of the lows. However, taking into account the economic situation and growing volumes, this option can be considered unlikely, but it is not worth excluding, especially in the current flat state of the market.

ETH/USD

ETH/USD is trading at $225.46 and continues to move sideways. The coin is being traded inside the Ichimoku Kinko Hyo Cloud, which indicates the presence of a side trend. The situation is generally identical to Bitcoin. Good bull volumes raised the price to the top of the flat, after which it returned to its middle. Considering that all this movement is taking place within the framework of a descending daily channel, and its upper limit is already close enough, it is possible that we will see the resolution of this flat situation next week.

ETH/USD Forecast and analytics 08 October 2018
ETH/USD Forecast and analytics 08 October 2018

As part of the forecast for October 8, we can expect further price movement in the framework of flat $240.00 – $203.00 and a decrease in quotations to its lower border. It will be possible to talk about the development of a directional movement after we see a way out of the flat in one direction or another. The directional upward movement is worth considering after the flat upper limit, the resistance area is broken, and the price is fixed above the level of $255.00. The goal, in this instance, will be growth to $307.00.

Alternative directional downward movement can be expected after the breakdown of the flat’s lower border, support zone, and price fixing below $192.50. In this case, we can expect a fall to the level of $167.00.

XRP/USD

XRP/USD is trading at $0.47616 and continues to lateral movement within the flat. The coin is trading below the Ichimoku Kinko Hyo Cloud, which indicates a downward trend. The price still went down to the bottom of the flat. An important level of support here is the area of $0.43630 – $0.42230. This is a 70% correction of the entire previous rapid growth. If the movement exceeds this maximum permissible value for correction, then it should already be considered from the position of changing the entire direction. In this case, from ascending to descending.

XRP/USD Forecast and analytics 08 October 2018
XRP/USD Forecast and analytics 08 October 2018

As part of the forecast for October 8, we can expect the continuation of the lateral movement within the framework of the settled flat and the development of the next rising wave to the upper limits of the corridor $0.62800 – $0.43630. Until the boundaries of the flat are broken through, movement within it remains a priority. The beginning of the movement may occur from current levels, or after leaving the price slightly lower, to the level of $0.43630.

Cancellation of the development of the ascending correctional wave will be the breakdown of the lower border of the flat $0.43630, after which we can expect a change in the priority price movement for the downward, with the initial goal at $0.35700.

XMR/USD

XMR/USD is trading at $113.730 and continues to move sideways within a narrow flat. The price of the coin is below the boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a downward trend. The boundaries of the nearest areas of support and resistance are very close to the price, leaving no room for manoeuvres. This narrow lateral movement has been going on for the 10th day in a row without any changes. I want to believe that the volumes accumulated in all this time from market participants will give a beautiful and powerful movement.

XMR/USD Forecast and analytics 08 October 2018
XMR/USD Forecast and analytics 08 October 2018

As part of the forecast for October 8, we can expect the continuation of the lateral movement within the settled flat of $120.600 – $110.150. It is worth considering that the designated flat zones are the closest and offered exclusively in the framework of the current situation. In the framework of the global daily movement, these boundaries are somewhat wider. Therefore, during the breakdown of the upper boundary of this narrow flat, we can expect an upward wave to the level of $127.500, within the global correctional flat of the D1 level.

Cancellation of the development of an ascending wave will be the breakdown of the lower boundary of the flat $110.150. After that, we can expect the development of a downward correctional wave to the nearest level of $103.500, within the global correctional flat of the D1 level.

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