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The past week proved highly challenging for the whole market. Bitcoin graphs show that the market withstood this test with forbearance. Even in the absence of positive news, there was a rapid price reversal from key support levels. Everything has gone smoothly this week, and buyers and sellers are now analyzing the situation. Japan’s Financial Services Agency (FSA) gives a bit of positivity to the market as it is considering the possibility of surveying ICOs in Japan. The FSA has played a pivotal role in drawing up rules regarding cryptocurrencies in Japan, despite the fact that the country has officially classified Bitcoin as a payment method.
- Bitcoin hit a very strong support level at $3,000, and any attempts by sellers to move in this direction now can be regarded as an opportunity to make a good purchase.
- Resistance at the $4,000 level has been tested, and we are very likely to see a breakthrough attempt to reach $4,400.
- Getting out of the $3,000 to $5,000 range is important for the bulls. A new surge in sales may result from remaining at the same levels for a long time. This can lead to the price quickly getting back to $3,500.
Ethereum has not stayed long at the local minimums it had reached either.
- The support zone at about $280 has confirmed its significance again, as the price has quickly regained those levels. If it drops below $280 again and remains there long enough, it will mean that a return to the maximum levels is not to be expected anytime soon.
- The following resistance level is around $340, and it matters for the whole market that the altcoins leader shows confidence in the future. In case there’s no negative news, this scenario is most likely to take place.
- We see a growing number of successful ICOs on the Ethereum platform. For example, ICON, a Korean-based project, raised 150,000 ETH in less than six hours.
- The price reached $33, a solid support level defined back in July. The rebound occurred very quick, but we did not see the trend continuation.
- Today, LTC has dropped to the sixth place in terms of the market capitalization, Dash became the fifth. This is another negative indicator for a “digital silver.”
- Right now, $65 represents the strongest resistance level for LTC, but another possible scenario may be a long-term price action in the $42 to $55 range, providing traders with an opportunity to work in a trade corridor.