Price Analysis Oct 7, 2017 Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple

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BTC/USD

The first week of October continued BTC’s short-term falling trend. However, October 5th’s reversal and a new high on consistent volume indicated a buying trigger and a new daily trend emerged. Next major level of resistance is up at $4,409 levels and a break above these levels on volume will confirm the bullish move. Price is currently forming a possible descending triangle, a bearish signal in the short term. A break at these levels would indicate price would test previous lows.
Areas of Support:
1st: $4,331
2nd:  $4,312
Levels of Resistance:
1st: $4,355
2nd: $4,375

ETH/USD

With ETH closely following BTC’s reversal on the 5th, it too is traveling on a new  bullish trend line. On October 6th, ETH broke out of it’s ascending triangle to make new highs, confirming the short term bullish move. We note that $312 is a major level of resistance as price attempted to break those levels in late September and was unable to. A break at that level would confirm a strong indicator of overall trend reversal.
Areas of Support:
1st: $307
2nd: $304
Areas of Resistance:
1st: $309
2nd: $312 (key level)

LTC/USD

Falling from its highs at almost $90 back in early September, Litecoin found solid support around the $46 dollar mark and has recovered to consolidate in the $50-$56 dollar area. A buy signal was triggered Oct. 6th, as price broke through key resistance at $52 but was unable to hold at those levels. As such, we were not able to confirm a reversal, and it’s downward trend may be continuing.
Note: The next serious area of resistance is up at $56. LTC has twice attempted to break $56 and has been unable to, but a break there would indicate a very strong bullish move in the long term.
Areas of  Support:
1st: $51.47
2nd: $51.20
Areas of Resistance:
1st: $51.81
2nd: $52.04
Note: Major Resistance at $56

BCH/USD

In the wider trend BCH has been bearish. It has been making new lows since mid September. No clear bottom has been confirmed, so be aware of that at these levels. Price fell through support at $397 on Oct. 5th, falling through the bearish descending triangle and finding a new level of support around $351. Currently, price is following it’s downward trend and would need to break resistance at $397 to trigger a buy signal from us. Falling through support and selling pressure at these levels could result in a farther fall. The next major area of support that could be tested is $295.
Areas of Support:
1st: $357
2nd: $363
Areas of Resistance:
1st: $372
2nd: $397

XRP/USD

The beginning of October has seen a serious Ripple rally with price rising from .20 to .24 giving investors a bullish sentiment. A buy signal was triggered at $.2065 and as steadily risen since on consistent and strong volume. A break of $.2440 would see a continuation of bullish price action.
Areas of Resistance:
1st: $.2350
2nd: $.2370
Areas of Support:
1st: $.2390
2nd: $.2297

By Megan Ochoa

The above references an opinion and is for information and educational purposes only.  It is not intended to be investment advice.

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