This analysis is related to the past and is not reliable now, refer to the “Weekly Analysis” section to study the analysis of the day.
While traditional money managers and investment banks continue to oppose bitcoin, the State Bank of Mauritius (SMB) has approved the use of blockchains as collateral for loans.
According to local news sources, Russia, on the other hand, is growing with its CryptoRuble. Will CryptoRuble succeed? Time will tell.
However, investors’ reports on initial investments in cryptocurrencies indicate that these investments are still profitable. Julian Assange, founder of WikiLeaks (WikileaksIs one of the people who has reported a return of over 50,000 percent.
While increasing profitability in this way and at the moment seems unlikely, we are able to continue this trend and achieve three-digit returns over the next year.
Bitcoin / Dollar (BTC / USD)
We have no positions in Bitcoin. On October 13, we recommended selling our remaining positions in cryptocurrencies. The selling price is $ 5650, below which Bitcoin is currently traded.
Digital currency is now trading with considerable resistance close to the uptrend. However, this seems to be a good opportunity to make a profit and wait for the next opportunity.
If the price goes beyond this channel, it will most likely take a positive trend and will quickly rise to $ 6,400, and if we want to make a good profit and end at a loss at this point (stop loss) Yes, we need to try to get into this deal.
However, if the bulls are not able to break this general resistance (overhead resistance), the rate will remain in the range of $ 5400 and 5800 or will be corrected at the break level of $ 5000.
We have not been able to find a strategy at current levels that would give us the desired risk for the reward ratio. Therefore, we are not currently trading in this.
Ethereum / USD (ETH / USD)
Ethereum was less stable than its forks and had higher prices. Now we have passed this event and we expect this instability to decrease.
We have no position in the Ethereum and are waiting for the breakout rate to exceed that range. Although this cryptocurrency went beyond its limits on October 13 (October 21), it blocked the way for us to enter any situation. We also avoided it due to severe daily fluctuations.
Ethereum currently sells for $ 350. Although it has broken this level in daily trading, it will not be able to achieve what is beyond it.
If we do not see a price increase beyond $ 350 in the next two days, the exchange rate of cryptocurrencies will fall to the level of $ 316, as it has been traded at such a rate in the past.
In other words, if traders can keep the rate at $ 350, Ethereum could reach $ 390.
However, because the cryptocurrency does not have the ability to move at current levels, we do not recommend any trading through this currency.
Bitcoin Cash / Dollar (BCH / USD)
Bitcoin Cash has been traded in a very small range over the past few days, and although the currency has been prevented from falling, there has been little interest in buying the currency.
Bulls are currently trying to keep the currency at $ 282. If this level breaks, the probability of a sudden fall in the rate is very high.
However, in order for this digital currency to regain its favorable position, it is necessary to break its downtrend line and form a series of levels with higher and lower lows by that time. Any move towards the downtrend line and the 20-day moving average (EMA) will likely face selling pressure.
After a few days of slight volatility, we now expect instability to increase over the next few days. However, it is difficult to predict the future position of the bitcoin cache. Therefore, we think it is better not to deal with it now.
Ripple / Dollar (XRP / USD)
In our previous analysis, we advised aggressive traders to engage in long-term ripple trading. Our profit target was $ 0.3. What should we do now?
Ripple’s position is close to our initial goal. It will probably face resistance. Therefore, we recommend traders to choose 30% of their profit during the current situation and the current levels of $ 0.29 and keep the rest with a stop loss of $ 0.26.
In this way, we make a small profit, but our position will be risk-free. If the currency breaks the level of $ 0.3, it can rise to the levels of $ 0.325 and $ 0.34. Therefore, we intend to maintain the remaining position. However, if Ripple is going up, of course it is necessary to follow this path.
Litecoin / Dollar (LTC / USD)
Light Coins traded at long positions of $ 58 and $ 61. Our target profit is $ 71 and this currency has reached over $ 70,466 over the past day.
Although we expect a minimum profit of 30% ($ 70), we do not recommend trading this currency.
The currency is currently trading at $ 70 and today its purchase price dropped to $ 62.
For now, the exchange rate is likely to rise again. However, traders who want to trade at $ 58 and $ 61 need to increase their stop loss in order to resume trading. We do not want to lose our position now that we are closest to the goal.
If the digital currency does not fall below $ 67, it will fall back to $ 58.
However, if LightQueen rises to $ 70, please sell 30% of it and keep the rest to survive while maintaining a stop loss. We need to raise the stop loss limit when LightQueen reaches $ 71.
The presented analysis is the personal opinion of the author and has no suggestion or recommendation to do or not to do transactions. Digital currency transactions are always associated with risk and the reader should collect information and manage risk to conduct currency transactions. to act.