Bitcoin, Ethereum, Litecoin: Price Analysis, October 5
The latest analytical overview and trading suggestions
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* All the market data is provided by the HitBTC exchange.
With no breaking news so far, the market stopped growing, which could be described as inertial motion maintaining the past week’s momentum. The leading cryptocurrencies reached the resistance levels specified in the previous articles. Buyers have not yet managed to move prices upwards, hence the correctional movement, a vacillating one, too. Its response to negative news from South Korea considering an ICO ban in the country has been reserved enough.
Increased trading volumes for the leading cryptocurrencies mean that the upward trend in prices may continue, even if the current prices do not change. As of now, ETH, BTC and other market leaders’ trading volumes remain at a much lower level than in the first half of September.
- Bitcoin confirmed its resistance level in the zone above $4,400 and bulls definitely need to get through it if they aim to reach historical maximums.
- The closest support level is considered to be between $4,000 and $4,100. It is within this range that purchases should be made with short-term speculative purposes.
- It is important that bears take the prices below $4,000 and keep them in the $3,000 to $4,000 range. In this case, many traders and investors will think that another growth of Bitcoin is not to be expected in the nearest future.
Here is what’s going on with Ethereum.
- ETH was only able to reach an intermediate $315 resistance level and started moving slowly to the stronger $280 resistance level. Speculative purchases near this price are likely to produce results for traders again.
- Let’s stress one more time that if the price dips below $280 and remains there long enough, it may be a while before we see another return to maximums. The next targeted support levels are the so-called round figures - $250 and $200.
- The following resistance level in the $340 area is relevant, and another approach to it may be understood as the start of a new wave of Ethereum price growth. So it’s not worth selling it; a downtrend is expected.
- LTC reached $55 and even $57, which are pretty high resistance levels. It is very likely that these levels will not be broken through, even in the case of a subsequent upward movement.
- LTC regained its deserved fifth ranking in terms of capitalization volumes, but the next wave of growth of Dash may well push the ‘digital silver’ down again in this rating.
- Movements in the $42 to $55 range are still very likely. Making cautious purchases is recommended when the price reaches $45.