Crypto newsletter: Ripples moves around key technical level

1:08 PM November 8, 2019

Summary:

  • Bitcoin comes back to range trading after substantial price gains
  • Will Ripple keep moving down?
  • Russia intends to roll out a bill in order to confiscate cryptocurrencies from illegal activities

After notable price gains in Bitcoin spurred by Xi Jinping’s comments suggesting that  China supports Blockchain, the Bitcoin price has come back to range trading. It is also worth adding that relative upbeat sentiment does not seem to be supportive of digital currencies. While Bitcoin has been pretty stable of late, one cannot say the same about its major peers.

Technically Ethereum keeps consolidating between $190 and $178. After forming the head and shoulders pattern at the hourly chart sellers took control pushing the price much lower. The nearest support area can be found at around $178. However, if buyers prevail, then a move toward $187 could be taken into account. Should be upward move continue, then even an attack on $190 might be on the cards. Source: xStation5

The Ripple price is currently moving at around the lower limit of the overbalance structure. Once the price breaks below $0.275, one may count on a short-term pullback which would take the price toward $0.264. On top of that, the level nearby the 78.6% retracement seems to be worth looking at as well. If bulls keep control on the market, then a move toward $0.31 might be possible. Once this level is broken, a rally toward $0.3235 could materialize. Source: xStation5

Crypto news:

  • Russia wants to roll out a bill to be able to confiscate cryptocurrencies coming from illegal activities

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