Cryptocurrency prices analysis and forecast – 6 November 2018

0
3742
Cryptocurrency prices analysis and forecast – 6 November 2018
Cryptocurrency prices analysis and forecast – 6 November 2018

BTC/USD

BTC/USD is being traded at $6,467 and is in correction after growth. The growth that we saw at the weekend was promoted by a sharp rise in the price of Bitcoin Cash coin, and on November 15, the BCH network is waiting for its own hardfork. Support for the upcoming Bitcoin Cash update has already been announced by Binance, OKEx and Coinbase. Therefore, until this time, a correction and a flat movement will likely be observed. Also, the suspension of growth can contribute to a negative news background, on the volume of exchange trading. These reports published, following the results of October, a number of cryptocurrency exchanges. For example, on the Hong Kong OKEx and the Singapore Huobi, they fell by 47%, and on the American Poloniex by 56%, compared to September. Trading on the leading stock exchange Binance fell by 32%. Low trading dynamics produces weak exchange rate dynamics, and therefore the expectations of market participants regarding growth may decline.

BTC/USD Forecast and analytics 6 November 2018
BTC/USD Forecast and analytics 6 November 2018

As part of the forecast for November 6, we can expect the continuation of the correction. Landmarks for correction area $6,434 – $6,410. If the bulls again retreat from their levels, the price may be even lower, at the level of $6,363. Recall that in order to form a “bullish” signal, the price needs to close the bidding of the coming week above $6,500 with the retention of this bar. This will allow us to count on the growth of the price to $6,765 next week, and with very successful dynamics – to $7,000. While the upper zone of sellers is not broken, the decline in the support area is a more promising scenario.

Get The Latest Cryptocurrency News First - Join Us In Telegram

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 $208.01 and is in a downward correction after rising. The coin is noticeably stronger than the previous one, adjusted down, and left behind more than 50% of the total increase in the past weekend. But, as noted earlier, this coin grew stronger than the previous one. The main reason for this was the positive expectations of the update Serenity, which will increase the throughput of Ethereum by 1000 times. Ethereum 2.0 will also be safer, and less energy will be required to create a block. Therefore, the key level now remains the area of interest of buyers at $205.95.

ETH/USD Forecast and analytics 6 November 2018
ETH/USD Forecast and analytics 6 November 2018

As part of the forecast for November 6, we can expect a continuation of the correction. At the moment, the price has dropped to the level of the signal line of the Ichimoku Kinko Hyo cloud of $207.71, which may stop the decline for a while. But, most likely, the correction will soon reach the upper levels of the support zone of $206.60 – $205.95.

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 $0.48650 and continues to grow. The price of the coin rose even higher and breaking the resistance levels updated the maximum of the whole fall since October 15. Buyers gained strength, resulting in strong support over the top of the downward channel of $0.46467. Breakthrough channel finally formed. The force for this and the previous impulses of the coin was given by the news agenda for the expansion of the Ripple company eastwards. During a speech at the World Islamic Economic Forum on Friday, Dilip Rao, head of the global innovation infrastructure department, announced that by the end of 2018, Ripple intends to establish an office in Dubai, UAE. This can contribute to the fact that the company will receive an influx of investors both from the local high-income class interested in financial services and from transfers made by foreigners who came to work in the UAE.

XRP/USD Forecast and analytics 6 November 2018
XRP/USD Forecast and analytics 6 November 2018

As part of the forecast for November 6, we can expect a technical correction to the marks of $0.48520 and below, to $0.47870. After that, probably, the price will try to upgrade a maximum of $0.50203 and go higher, to the next resistance zone of $0.52500 – $0.51500.

An alternative scenario is to fall down, under the level of $0.47870 and below, to the levels of the support zone of $0.46467 and $0.45250.

XMR/USD

XMR/USD is being traded at $110.740 and is adjusted down after rising. Having reached the top level of a small local support area of $110.590, the price tested it several times. At the same time, the price updated the maximum and went down again, and at the level of $111.700 the level of sellers’ interest began to form. Probably in the near future, we will see a deeper correction down.

XMR/USD Forecast and analytics 6 November 2018
XMR/USD Forecast and analytics 6 November 2018

As part of the forecast for November 6, we can expect a downward correction to continue at the lower level of the local support area of $110.000. If the bears consolidate at $111.700, they will be able to divert the price to the lower strong support level of $108.200. Should we expect further growth and the departure of the price to $115.500 from the support zone is difficult to say now. It is necessary to wait for the reaction of buyers, but not now, but at more profitable marks for them.

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