Cryptocurrency prices analysis and forecast – 5 November 2018

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Cryptocurrency prices analysis and forecast – 5 November 2018
Cryptocurrency prices analysis and forecast – 5 November 2018

BTC/USD

BTC/USD is being traded at $6,488 and, as before, continues to show growth attempts. Over the weekend, the price got to support, from where we saw a rather strong growth momentum, which stopped reaching the sellers’ interest zone at $6,505. This growth was either provoked for more profitable positions for sale, because last time the price did not reach $6,000, or the positive news background finally woke the bulls up and they began to act. Probably, in all cases when it occurs during growth and accumulation when it reaches the levels of sellers. And the validity of the second, if this is the case, will be shown in the coming time by the price behaviour.

BTC/USD Forecast and analytics 5 November 2018
BTC/USD Forecast and analytics 5 November 2018

As part of the forecast for November 5, we can expect a price correction. There are several reference points for correction, to a minimum of $6,450, the upper limit of the Ichimoku Kinko Hyo cloud is $6,434 and the level of buyers’ interest, which is far below $6,409. Recall that to implement the bull scenario, we need to wait for an attempt to leave the $6,500 mark with the retention of this bar. While the upper zone of sellers is not broken, the decline in the support area is a more promising scenario.

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Cancellation of this option will be further growth and the breakdown of resistance levels of $6,500 and $6,550. In the case of consolidation above, growth is likely to $6,700, then – to $7,150.

ETH/USD

ETH/USD is being traded at $213.02 and, following the bitcoin, shows growth attempts. The success of this coin is somewhat greater than the previous one. Growth offset almost all the fall that lasts from October 15. At the same time, the levels promising for buyers remained far below, near the $205.95 mark. The bulls will either have to set the new ones, near the current price positions, or to go down.

ETH/USD Forecast and analytics 5 November 2018
ETH/USD Forecast and analytics 5 November 2018

As part of the forecast for November 5, we can expect a correction. Will it be exclusively technical and shallow correction or buyers will go to their level is difficult to say now. As the nearest reference point for the correction, we can take the pierced resistance level of $209.95 which has chances to become the closest support.

Cancellation of the option of falling to the level of support will be continued growth, with a goal at $223.00, from where the further upward movement to $239.00 is likely.

XRP/USD

XRP/USD is being traded at $0.46959 and is trying to change the trend. As it was supposed earlier, the price failed to break through the resistance zone from the first attempt, and the quotes went to the support zone. However, this was followed by a pulse upward movement and an attempt to break through the resistance and the upper limit of the channel again. Unfortunately, this time, the bulls also failed to achieve this, the breakdown of the upper boundary of the channel turned out to be false, and the support zone remained far below. If the news background does not help the buyers, then most likely the price will go down again.

XRP/USD Forecast and analytics 5 November 2018
XRP/USD Forecast and analytics 5 November 2018

As part of the forecast for November 5, we can expect a downward corrective movement. Pulse growth and breakdown of the upper boundary of the channel is not confirmed by volumes. Perhaps the matter is that the weekend and on Monday we will see a further upward trend. But until the price finally consolidates above $0.47500 and buyers do not form their levels above the downstream channel, a bounce from the resistance area and a decline to the support area and continued flat price movement within the limits of $0.47000 – $0.44000 remains the priority. It is possible that the price will try to test the level of $0.47800 again before going down, after which it will be easier for it to fall.

An alternative scenario is a support from customers and the news background of further growth in order to consolidate above the level of $0.47500 and go to $0.49000. This option is equally likely, since the bulls may need quite a bit of time to form their zones of interest and leaving the support zone may not be necessary.

XMR/USD

XMR/USD is being traded at $112.990 and continues to show good growth. This coin has good prospects since buyers have stepped up and continue to form their levels and move the price up. Over the weekend, the price has risen markedly and we will probably soon see a technical correction, which will be necessary to form new goals for further growth.

XMR/USD Forecast and analytics 5 November 2018
XMR/USD Forecast and analytics 5 November 2018

As part of the forecast for November 5, we can expect attempts to update the current maximum of $113.670. This mark can serve as a point for the beginning of the correction after the growth that we saw on the weekend. The correction will probably lead the price to the nearest minimum of $110.590 or lower, to a strong support level of $108.200, from where we can expect further growth and the price to go to $115.500.

An alternative scenario is the cancellation of the correction and continued growth. The breakdown of the current zone of resistance, in order to gain a foothold above $115.500.