Price analysis, November 6: Bitcoin, Ethereum, Litecoin

Market analysis 06.11.2017

The market is currently under stress. On the one hand, the bitcoin price has soared. On the other hand, basically all the main alternative currencies continue to fall. The Bitcoin domain has gone beyond 62 percent; This indicator was observed last in April of this year.

Several factors have caused a sharp increase in Bitcoin. First, it is due to the fact that cryptocurrency derivatives are expected to be issued soon. Secondly, it was reported that China will lift its ban on the sale of cryptocurrencies along with the yuan, and two cryptocurrency exchanges, OKEx and Huobi Pro, announced that they could launch this type of trade in the near future.

A speculative factor must also be taken into account: Bitcoin is growing as alternative currencies are falling and many players are switching to the growing asset, which results in the continued growth of Bitcoin. There are also those who were sure that the Bitcoin would fall and now they must close their short positions.

BTC / USD 02.11.2017

  • Bitcoin has reached a historic high of $7,200.
  • Given the current situation, it is difficult to predict future resistance levels. Is there any chance we can see $ 7,500 tomorrow? Why not?
  • The possibility of a correction depends on the appetite of those who changed from $3,000 to $ 4,000. It is very likely that they will settle their earnings before the next bifurcation,
  • Bitcoin’s SegWit2x, to be held on November 15;
  • The closest support levels for BTC / USD are $6,600 and $6,200. However, it is not recommended to open short positions.

ETH / USD 02.11.2017

  • The price of Ethereum continues to fall, while the entire market, and especially the speculators, are paying full attention to BTC / USD;
  • The ETH / USD quote range is at the support levels of $275 to $280. This fall was expected because prices did not even prove the resistance level, which is still $315;
    If the $275 level is breached, the upward movement to the next support level of $250 is a possible scenario that should be expected;
  • Buyers can feel more optimistic if the price returns to the $300 level.

LTC / USD 02.11.2017

  • With regards to LTC / USD, the scenario presented in the analysis of our last week has come true: it is now at the resistance level of $52 after the test of $57 and a subsequent drop to $52;
  • Litecoin has broken the underside of the descending triangle. The next stop can be $48, at which point the bulls are likely to attempt a recovery;
  • Of greater importance is the support range of $42 to $44. These levels are good enough for purchases with short-term objectives.

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About the Author: Colleen Kerr

Colleen is a financial reporter, focusing on technology, national security, and all things mobile. Before joining the BitCoinPlussNews, she worked as a staff writer at Huff Post and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.

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