Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, Nov. 7
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Market data is provided by the HitBTC exchange.
The sharp drop in Bitcoins volatility at a time when the volatility in the U.S. stock markets soared is a sign that cryptocurrencies have decoupled from equity markets. It has emerged as an independent asset class, buoyed by fundamentals.
A recent report by Morgan Stanley bank also underlines the emergence of Bitcoin and altcoins as a new institutional investment class. However, any new asset has to face numerous hurdles in the beginning. Cryptocurrencies are currently going through the phase of denial, before they reach acceptance.
As soon as this indecision resolves, we are likely to see a number of buyers, who are currently sitting on the sidelines, jump in. Galaxy Digital CEO Michael Novogratz believes that 2019 will be an important year, predicting that Bitcoin will break $10,000 in Q1 and continue its journey northward to reach $20,000 or more by the end of the year.
While the larger players are focused on Bitcoin, there is a tussle between the top two altcoins for the second spot. Ripple recently surpassed Ethereum for a short period of time as the leading altcoin by market capitalization, before Ethereum reclaimed its position.
The cryptocurrency market seems to be slowly returning back to life. Lets see which coins are likely to rally from current levels.
Bitcoin is trying to sustain above the moving averages. On a close above $6,654.51, it can rally to $6,831.99. The price has turned down three times from this resistance, so this is a key level to watch on the upside. A break out of this can propel the cryptocurrency to $7,400. The moving averages are flat, which shows a balance between the bulls and the bears.
A failure to break out of $6,831.99 will extend the stay inside the range. On the downside, $6,200 has been acting as a strong support. If this level breaks, a retest of the critical support zone at $5,900–$6,075.04 is probable.
The BTC/USD pair will become negative on a break down of $5,9 ...Read full story on Cointelegraph