CoinFinex Daily Market Review for 23.10.2018

Bitcoin – BTC/UST

After the recent pullback, Bitcoin got again below the moving averages. The cryptocurrency is stacked in the tight trading channel. Currently the price of the Bitcoin is 6477$ and there is a big chance that the bears will try to drag the cryptocurrency down to 6200$ levels. If this support level breaks, it will open the way for the bears to push even lower to 5900$ levels. On the upside a breakout to 6800$ will attract more buyers and this might cause a rally to 7400$ – 7500$. The last weeks Thether drop didn’t cause a huge volatility on the market regarding Bitcoin and this week we see lowered trading volumes.

 

Ethereum – ETH/UST

Ethereum continues to move below the moving averages in south direction which is a negative sign for the long term holders. The current price of the cryptocurrency is 204$. The first support for the Ethereum is at 190$ and once this line is broken we might see a fall to 165$ where is located the next support for the cryptocurrency. On the other side, the bulls have the chance to push the cryptocurrency to 250$ and if this resistance is broken the next one is at 320$ and this will be big price increasement for the cryptocurrency. The recent inside news that the creator of Ethereum might leave the team didn’t help at all to stabilize the price and most likely we will continue to see ETH retesting the support lines in the short to mid term.

Stellar – XLM/UST

Stellar is being traded really close to the resistance of the down trading triangle for the past few days, but seems that the bulls are struggling to push the currency price above this resistance line. However, they successfully keep the price up and continuously retest it which is a positive bullish sign. Potential breakout of the triangle will cause a rally to 0.36$ as a first stop. On the downside the support for the Stellar is at 0.185$ levels, it is strong support that XLM usually bounce from and couldn’t break for the past few months.

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