Home Analysis Crypto Weekly Byte: Bitcoin Briefly Trades Above $7,500 As Traders Lose Faith...

Crypto Weekly Byte: Bitcoin Briefly Trades Above $7,500 As Traders Lose Faith On Tether

October 22, 2018 13:01
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Due to a marketwise Tether sell-off early last week, Bitcoin reached a peak of $7,788 on Bitfinex. On other exchanges Bitcoin went above $6,800. Along with it, the market cap also went above $221 Billion. However, the price has come down once again and is trading at normal levels. After a price dip the previous week, the market is once again back to the same levels with Bitcoin around $6,500 and Ethereum around $200. The total market cap has also recovered from $198 Billion to $209 Billion

Bitcoin

Bitcoin is still trading at a slight premium on Bitfinex. While the global average is $6,496.91, on Bitfinex, it is $6,624. Depending on the exchange you’re trading in, make use of the horizontal movement between $6,450 to $6,650. Look for signs of a bull run, with buy orders above $6,800 and sell them at $7,400. With last week’s price push, Bitcoin is still bullish on medium-term and long-term. Short-term traders also have opportunities to make good profits with leverage.

With last week’s unpredictable price movement, other cryptocurrencies also moved along with Bitcoin. Therefore, the dominance chart is has not undergone significant changes. Bitcoin dominance went from 53.9% to 53.7%.

Ethereum

Ethereum failed to gather momentum after it reached a peak of 0.033 BTC against Bitcoin. Ethereum is now trading horizontally between 0.031 BTC to 0.032 BTC. The price movement is not much for traders to make significant profits even with leverage. Long-term traders may hold a small bag, while short-term traders should look for signs of a break-out. Also, the next time Bitcoin moves, sell your ETH for BTC, as it usually moves more during a bull run and less during a bear run.

Ripple

XRP is currently trading at 0.07 mBTC against Bitcoin. While we did not have clear signs of a support and resistance, we do have them now. Look out for a breakout from the support trend-line or the resistance trend-line in a couple of days. If the bulls win, set long orders and sell them at 0.077 mBTC with more buy orders above that. If the bears win, set short orders to be sold at 0.068 mBTC.

Bitcoin Cash

Bitcoin Cash failed to maintain its price at 0.077 BTC and it is currently headed to its next support at 0.066 BTC. Bitcoin cash is definitely not a good coin to hold for long-term traders due to the lack of consensus. However, we expect the upcoming fork to put a strain on the price and push it down further. Now is a good time to short for short-term traders with average leverage. Take profits at 0.066 BTC. However, we expect the price to continue falling below that.

Litecoin

As Litecoin continues to fall, it is currently trading at 0.0081 BTC. The next support is only at 0.0075 BTC. We expect the price to continue falling, unless the overall market experiences a significant movement. Short-term traders may short Litecoin, and take profits as regular intervals as we expect a new support to be formed before 0.0075 BTC. Long-term traders can wait for clear support and resistance.

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