Cryptocurrency prices analysis and forecast – 10 November 2018

Cryptocurrency prices analysis and forecast – 10 November 2018
Cryptocurrency prices analysis and forecast – 10 November 2018

BTC/USD

BTC/USD is being traded at $6,428 and continues to decline. The price of the coin for the last trading day fell to a weekly minimum on a mixed news background. Thus, the Deputy Prime Minister of Thailand said that the current laws that the country have now are not enough to regulate this sphere. He called for greater control over the cryptocurrency market. Also in South Korea, the Layers Association appealed to the authorities with a request to create legislation for the cryptocurrency sector and the blockchain technology. Against the background of such news, there is a possibility that in the short term the coin may fall in price to $5,450.

BTC/USD Forecast and analytics 10 November 2018
BTC/USD Forecast and analytics 10 November 2018

As part of the forecast for November 10, we can expect a continuation of the price reduction. According to technical analysis, the price failed to consolidate above the level of $6,500, returning to the usual range. Local support was formed at the level of $6363, in the case of the breakdown of which a decline to $6,220 is likely.

An alternative option, in the case of consolidation above $6,500, an increase to $6,620 is likely, then – to $6,730.

ETH/USD

ETH/USD is being traded at $210.96 and continues a downward correction. As long as the price of the coin continues to remain above the support of $200.00, the probability of continued growth after the current correction will remain in force.

ETH/USD Forecast and analytics 10 November 2018
ETH/USD Forecast and analytics 10 November 2018

As part of the forecast for November 10, we can expect further development of the downward correction. Given the mixed news background, probably either a deeper dive into the support area, where the price may be able to find the necessary impulse for further growth or lateral movement along its upper borders. In the case of the breakdown of the level of $206.00, we can expect a further drop to $200.00 – $199.20.

Cancellation of the reduction option will be the growth from the current levels, in order to break through the resistance zone and go to $223.00.

XRP/USD

XRP/USD is being traded at $0.50633 and is trading in a correction. At the moment, we can note a remarkable bearish trend line with resistance at $0.52000. When testing it, the price quickly rolled back down, but the decline stopped at $0.4900- $0.5000. If buyers can push the price to the level of $0.52050, a clear bullish wave may occur.

XRP/USD Forecast and analytics 10 November 2018
XRP/USD Forecast and analytics 10 November 2018

As part of the forecast for November 10, we can expect attempts to break through the resistance by $0.52000. If such attempts are made, but not successful, we will probably soon see a rather narrow flat in the range of $0.52500 – $0.49000.

An alternative scenario is a breakthrough below $0.50000. With this development, the price may fall lower to support at $0.47900 in a fairly short time.

XMR/USD

XMR/USD is being traded at $109.690 and continues the correction. This coin is one of the most promising in technical terms. The reversal occurred here earlier than among most of the Altcoins, and there is an active buyer with decent volumes. In the medium term, in one or two weeks, it is very likely that very promising growth will begin here. And as is usually the case, everything will happen suddenly.

XMR/USD Forecast and analytics 10 November 2018
XMR/USD Forecast and analytics 10 November 2018

As part of the forecast for November 10, we can expect a continuation of the decline, in order to test the level of $105.000. The further development of the situation will depend on the reaction of sellers in the current area of support. At the moment, the price falls with great ease, so if there will be any bounce from the support zone, it will probably not last long, approximately to the lower boundary of the Ichimoku Kinko Hyo cloud at $107.990.

An alternative scenario is to fall below $105.000. Breakdown of this support zone in the future will lead the price to a strong support at $101.500.