Cryptocurrency prices analysis and forecast for 17 October 2018
Cryptocurrency prices analysis and forecast for 17 October 2018

BTC/USD

BTC/USD is being traded at $6,717 and is currently in a correction after its rapid growth. The launch of a new unit of Fidelity Investments (one of the world’s leading asset management companies) that will specialize in providing these cryptocurrencies trading services to institutional investors, may have a positive impact on the price of Bitcoin. A demonstration of trust in virtual assets by such a large market participant will have a positive impact on investor sentiment.

BTC/USD Forecast and analytics 17 October 2018
BTC/USD Forecast and analytics 17 October 2018

As part of the forecast for October 17, we can expect the development of a corrective movement. Perhaps, the previous sudden growth of Bitcoin somewhat activates trading on the cryptocurrency market, because on Monday a number of resistance levels were broken through in very wide ranges and this is a great contrast to the last time sideways trend. There is a high probability of further Bitcoin correction and test of support levels at $6,500 – $6,300.

Cancellation of the downward movement will be a continuation of the strong growth and the breakdown of the price level of $7,500.

ETH/USD

ETH/USD is being traded at $213.15 and is in the correction process. The situation is similar to Bitcoin. The correction continues, despite the predominantly neutral and even rather positive news background.

ETH/USD Forecast and analytics 17 October 2018
ETH/USD Forecast and analytics 17 October 2018

As part of the forecast for October 17, we can expect a continuation of the correction. Until the situation with the bitcoin itself is resolved, further movements on this coin will also be very ambiguous. Today, the coin can test new borders of $205.00 – $204.00.

Cancellation of the descent will be the continuation of the recent impulse growth, with the fixation of the price above the resistance level of $239.00. This will pave the way for the price to upgrade the maximum of $226.00.

XRP/USD

XRP/USD is being traded at $0.47891 and is in the correction movement, like previous coins. From the latest news supporting the course of this cryptocurrency, we can mark the beginning of the commercial application of the xRapid payment platform, the launch of the MoneyTap payment application in Japan, and the inclusion of Ripple Labs co-founder Chris Larsen in the list of the richest people in the world according to Forbes magazine.

XRP/USD Forecast and analytics 17 October 2018
XRP/USD Forecast and analytics 17 October 2018

As part of the forecast for October 17, we can expect a continuation of the correction. In general, it is characterized by a downward trend and the continuation of the correction.After the end of the sideways trend, we can expect a price reduction in the zone of the previous support level of $0.43500 – $0.41750.

Cancellation of this option will be a continued growth, in order to update yesterday’s maximum of $0.52500 and gaining a foothold above the level of $0.53000. If market participants change their previous bearish moods to the opposite, then we can expect further development of the upward movement to $0.55100.

 

Sources:::jeremy oles ( coinatory)

Author: Temitayo Olojede , temity@bitkonga.com

 

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