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The market hasn’t settled yet, will we see the same volatility this week?
*The views and opinions expressed here are solely those of authors/contributors and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
* All the market data is provided by the HitBTC exchange.
The news about the possible ban of mining farms in China has negatively impacted the market. Bitcoin dipped to the strong $3,500-$3,600 support level, briefly entered a side flat and was traded at $3,600-$3,850. Supported by the bulls, the Bitcoin/Dollar exchange rate went up by 4.72 percent on Sep. 26, reaching the $3,950 point in the US. It increased by 3.6 percent on Sep. 27 reaching $4,100.
As of today, Bitcoin hit the support level of $4,100 and is traded at about $4,100. As positive trends seem to be prevailing on the market, the price is unlikely to go below $4,000 in the nearest future.
If Bitcoin gains momentum and is further strengthened, it will go beyond the $4,300 level. Its primary goal is growing up to $4,680, beyond which other maximums test likely.
As of now, the closest support level is about $4,050. We can proceed from this when planning our subsequent purchases.
Bitcoin is making significant progress and is getting stronger. It is reported the Chinese ICO ban might be temporary and the government might change its policy in favor of cryptocurrencies in October. In case it does, the price will go up.
Ethereum remained in a side flat for some time and reacted positively to Bitcoin’s going up. Successful testing of Metropolis and the launch of the updated Byzantium are major events that will influence the price of the market’s second-ranking cryptocurrency.
As of Sep. 28, Ethereum ETH/USD is traded at around $280. Quotes are traded above the moving mean, which points to the Ethereum bullish trend.
A minor correction is expected at about $290, the point where growth is expected to continue, along with a further uptrend aiming $340.
If Ethereum experiences issues related to Metropolis’ launching and performance, it may dip to the $260 support level. In case of a positive development, we expect our long-term goal to be $420.
Until recently, Litecoin has been one of the most stable currencies on the market. It is now looking for a new level to settle. Recent actions of the Chinese authorities have had great influence on the digital currency’s movement.
Litecoin has now reached $57 and is traded at around $51. There is a positive trend to move upwards to the previous maximums, following the market’s trends.
A breakthrough is possible from the downtrend line. It won’t be positive, however, until it leaves $60. It is likely to remain in the $45-$57 range for the next few days.
Don’t forget to pay attention to the critical levels of support and resistance - $45 and $60 respectively.
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