Cryptocurrency prices analysis and forecast – 12 October 2018

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Coinatory cryptocurrency prices analysis and forecast 12 October 2018
Coinatory cryptocurrency prices analysis and forecast 12 October 2018

BTC/USD

BTC/USD is trading at $6,311 in the borders of descending. Yesterday’s trading day was marked by a strong fall in US stock indices. It pulled down cryptocurrencies with them. But to fall further, at least to Bitcoin, will not be so easy now. This is due to the fact that below there are areas of support of $6,145, $5,925, $5,810 very close to each other. It will be difficult and very costly to break through such an array. It must be borne in mind here that the negative we saw yesterday on the American stock market may help well in breaking through this cluster of supports. But even with such help, it will not be an easy task. The range of $6,000 for this coin is the most painful frontier for both crypto-hamsters and investors. If it is broken, it will be possible to “catch” the coin at $4,000, where it will most likely appear very quickly and without any stops.

BTC/USD Forecast and analytics 12 October 2018
BTC/USD Forecast and analytics 12 October 2018

As part of the forecast for October 12, we can expect further development of the price movement down to the next support level of $6,145. Probably, a further decline may occur after the correction or consolidation in the region of $6,350 and higher, to the limits of resistance of $6,500 – $6,450. flat boundaries, areas of resistance, and price fixing above $6,840. The goal, in this case, will be growth to $7,100.

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Cancellation of the downward movement will be a strong growth and the breakdown of the area of resistance, with the price fixing above $6,600. A potential goal in such a scenario would be a growth to $6,840.

ETH/USD

ETH/USD is trading at $200.60 and continues to move within the borders of the fall. If the last two and a half weeks, the price balanced in a narrow range in the region of $220.00, yesterday, the global downward movement, which has been going on for the sixth month, drove the price down. The potential for further downward movement is very high because up to the key and interesting for many traders and investors, the support level of $137.00 still is the reserve for the movement.

ETH/USD Forecast and analytics 12 October 2018
ETH/USD Forecast and analytics 12 October 2018

As part of the forecast for October 12, we can expect a further price reduction to the next support level of $192.50. This level was the low for September 17th, followed by several good bullish impulses. Breaking through this zone will open the way for the price to continue moving down to the level of $180.00, at which it may be in a very short period of time. A reduction may not occur immediately. Quotes may bargain in the accumulation, near the level of $203.00 first, but, most likely, the update of yesterday’s lows will not take long to wait.

Cancellation of the further reduction will be a good impulsive price increase and a break through the resistance zone, with the potential goal to go to $236.50 and gaining a foothold above it.

XRP/USD

XRP/USD is trading at $0.40501 and continues to decline. Price could not hold on to the key area of buyers $0.43630 – $0.42230. Bulls stopped protecting quotes from falling, which led to the end of the entire bullish correction and the continuation of the global bearish trend. If they managed to keep this area, it would give chances to move higher to the highs of $0.62400, $0.70000, $0.79000. News stuffing exhausted all its capabilities. But thanks to this, we all saw that the coin was alive. Especially at that time, against the background of the rest of the cryptocurrency, whose prices are sadly slipping down, Ripple showed signs of life. Probably now is not the best time for price growth, but it at least, it has begun to revive and this bullish impulse that we have seen, says that in the future the coin has prospects for growth.

XRP/USD Forecast and analytics 12 October 2018
XRP/USD Forecast and analytics 12 October 2018

As part of the forecast for October 12, we can expect a continuation of the decline and testing of the level of $0.35700. A further price drop may occur either after consolidation in the current quotes of $0.40500 or after correction and testing of the lower boundaries of the resistance zone of $0.43700. Such testing, in case of a successful outcome, will give an additional signal in favor of continuing the bearish trend.

Cancellation of the fall will be a sharp increase and the breakdown of the resistance zone, with the initial goal to upgrade to a maximum of $0.55100. If the price will be able to gain a foothold in this area, then we can wait for the further development of the upward movement to $0.62500.

XMR/USD

XMR/USD is trading at $102.740 and continuing its downward movement. The drop in quotations yesterday affected the absolute majority of instruments and Monero was no exception. The end of a long period of narrow consolidation was a strong bearish momentum, updating several previous price lows at once. Below are two more lows, at which strong support levels of $96.000 and $87.000 are located. There we can see the further development of the struggle between market participants. It remains to hope that yesterday’s drop in quotations of US indices will force investors to recall the cryptocurrency market.

XMR/USD Forecast and analytics 12 October 2018
XMR/USD Forecast and analytics 12 October 2018

As part of the forecast for October 12, we can expect the continuation of the downward movement to the lower level of the daily flat $96.390. The continuation of the development of the movement inward can be expected straight from the current positions or after a pullback to the resistance border of $109.000. Its successful testing will be an additional signal in favor of a decline.

Cancellation of the fall will be a strong upward bullish momentum with a potential target of $116.000. Fixing the price above this level will open a further path to $122.000.