Cryptocurrency prices analysis and forecast – 7 November 2018

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Cryptocurrency prices analysis and forecast – 7 November 2018
Cryptocurrency prices analysis and forecast – 7 November 2018

BTC/USD

BTC/USD is being traded at $6,493 and continues to be traded in the distribution phase. After an unsuccessful attempt for bulls to break through the resistance of $6,500, the price is consolidating in a narrow range of distribution. Technical analysis supports the preservation of bullish sentiment. So, hardfork of Bitcoin Cash has become a driver for raising the quotes of the main part of cryptocurrency, further developments, up to November 15, are twofold. If additional information channels do not follow, then further development of lateral movement and expansion of its borders are likely. But since the expectations of market participants are now very positive, it is likely that soon we will see a breakthrough in the distribution boundaries and an update of the highs. There is also a danger that the upcoming Bitcoin Cash update will not find the necessary support. In this case, the next hardfork.

BTC/USD Forecast and analytics 7 November 2018
BTC/USD Forecast and analytics 7 November 2018

As part of the forecast for November 7, we can expect the continuation of the corrective movement in the range of $6,505 – $6,440 and attempts to update a maximum of $6,529. Further expectations have not changed. For the formation of a good “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 rising 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.

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Alternatively, the breakdown of the lower boundaries of the distribution zone and the fall to $6,363.

ETH/USD

ETH/USD is being traded at $215.92 in a narrow correction range. Positive news about the Serenity update continues to help Ethereum. The coin confidently entrenched over the support of $206.00 and continues to form new levels of buyers’ interests. Now we see a trading in a fairly wide corridor of $218.90 – $208.50, with a clear advantage of the bulls. Therefore, it is likely that the update on November 4 high will happen this week.

ETH/USD Forecast and analytics 7 November 2018
ETH/USD Forecast and analytics 7 November 2018

As part of the forecast for November 7, further growth attempts can be expected, with a goal of $223.00. Since the update of the $218.92 high has not taken place yet, the price may once again go down to the support zone, from where it will be easier for the bulls to push the quotes up again. The breaking through the level of $223.00 will open the way to the $231.00 level.

Cancellation of the growth option will be a fall in prices below the previous level of interest of buyers at $205.95. In this case, we can expect a fall to the $200.00 – $199.20 region.

XRP/USD

XRP/USD is being traded at $0.53399 and continues to break growth records among the other coins. At the moment, this coin is the only that updated the maximum growth on October 15 and at the same time continues to trade above it. The continuation of the positive dynamics of Ripple is due to the reaction of market participants to the latest news that the payment system Send Friend, which has a fairly large coverage, implements the xRapid technology developed by Ripple. The system focuses primarily on Filipino migrant workers and has the goal of optimizing their remittances, which solves a current problem and therefore gives a further impulse for the price increase.

XRP/USD Forecast and analytics 7 November 2018
XRP/USD Forecast and analytics 7 November 2018

As part of the forecast for November 7, we can expect a mature technical correction to support levels of $0.51500 – $0.50960. After that, if the market does not see another batch of positive news, for some time we will observe a flat, in which market participants will accumulate positions for the next movement, in one direction or another.

An alternative scenario is to drop to the lower support level of $0.49500, and in case of its breakdown, to $0.47800.

XMR/USD

XMR/USD is being traded at $111.570 in the distribution zone. The update of the highs of 4 and 5 November, led to a strong influx of sellers, which formed a beautiful PinBar. Now, in the near future, the market will work out this candle pattern that can be expressed either in the flat movement with a bias to decrease, or the price moves down to the area of support.

As part of the forecast for November 7, we can expect a continuation of the trade towards the distribution zone of $113.800 – $110.250. It is also necessary to take into account that if bears increase pressure, they will be able to divert the price below the current distribution boundaries, 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 to fall below $108.200. Breakdown of this support zone, in the long run, will lead the price even lower, to $106.000.