Weekly Price Analysis Nov 6, 2017: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple

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More excitement in the crypto world as we move towards the Segwit2x hard fork. BTC keeps pushing upwards and we anticipate it will continue as we get nearer to the fork, or at the very least will sustain these levels. BCH is making its own move due to some solid news and fork speculation. ETH, LTC and XRP….well, we’ll be keeping our eyes on them at these levels. We believe after the fork they’ll get some love. Onto the charts!

BTC/USD


Bitcoin has been on, to put it lightly, a total tear the past few weeks. After making new all time highs, again, it appears to be in consolidation mode in the mid $7000’s currently. Given the hard fork coming up, we’re watching technicals for a sell, but we think price will continue to climb through November 13/14th. After the fork snapshot, we figure we’ll see profit taking, but until then…up we go. There’s just too much interest in this pre-fork climate.

Levels of Support: $7,050, with major support near $6000 levels
Levels of Resistance: $7,590, $9,200

ETH/USD

Last week we saw a slight bullish rally, but was ultimately unsustainable. Our buy signal over that $312 resistance was not triggered, and price fell. A short term buy/scalp signal was triggered at $290, but again, price was unable to break over $312, triggering a sell. $312 is an important level of resistance for ETH, and a break there would signal a longer term buy signal. Keep an eye on this after the fork.

Levels of Support: $289, $277
Levels of Resistance: $300, $312

LTC/USD

LTC’s chart is closely following ETH’s. As of current, it’s flirting with it’s major support line at $55.50. No buy or sell signals have been issued from us regarding LTC. While one could technically be making small scalps, the price action isn’t moving as much as we’d like to see for a trade.  We will keep an eye here after the fork as well.

Levels of Support: $55.50, $53
Levels of Resistance: $56.35, $58.25

BCH/USD

Continuing last weeks bull parade, BCH continued on to make a 2 month new high, topping out at $685. As we mentioned, there is bullish sentiment regarding BCH which we believe is pushing price up.  Our sell has not been signaled here, as we anticipate price will continue northward.

Levels of Support: $571, $427
Levels of Resistance: $636,  $683

XRP/USD

XRP had a little bit of price action this week, but no buy or sell issues from us as it’s still channeling. Again, watch after the hard fork as we believe we’ll see some movement here.

Levels of Support: $.1975, $.1840
Levels of Resistance: $.2050, $.21

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