Here's another free report for the Monnos community!
The week started out lively, with Bitcoin reaching the value of $ 11500.
This is lively in the week and in the crypt scene, since the entry of more capital favors for altcoins to appreciate and seek opportunities.
The study below is not a guide to buying or selling. Manage your risk properly.
Market and Bitcoin Overview
Bitcoin Analysis 4h
Bitcoin is currently trading in the $ 11400 range.
At the moment, crypto is still in an upward trend, with main support in the range of U $ 11000 - U $ 11200.
The challenge is the region highlighted in the red rectangle, of US $ 12000.
One possible opportunity is in buying Bitcoin by retreating to support, looking for the region of resistance, which were highlighted above.
The market is more favorable this week as we are above average and in a high configuration.
The altcoins market is more promising this week, we highlight our vision below.
ETH / BTC
When looking at Ethereum in the bitcoin pair, we see a bullish formation.
Price above the averages on the daily and 4-hour chart reinforces the idea and likelihood of an increase.
Support in the range of 0.033000-0.033400, another support in the region of 0.0295
Resistances: 0.0357; 0.037; 0.0384
ETH / USD
Ethereum in the USD pair is trading in the range of $ 382.
Follows the bullish view, favored by the ETH / BTC also positive.
Supports: $ 364 & $ 380.
Resistances: U $ 400 & U $ 440
ADA / BTC
Cardano becomes positive again.
Cardano is a project that we see with great eyes.
Graphically it is in bullish formation, close to good supports.
Supports: 920 & 960.
Resistance: 1040 & 1220
ADA / USD
In the ADA view on the dollar pair, we have a good scenario ahead.
Above all averages, cardano has an upside potential of up to 46%.
Supports: 0.103 - 0.109
Resistance: 0.12 & 0.15
HashRate (Total Hash Rate)
The Total Hash Rate (TH / s) is a metric to measure the mining power of the blockchain network. The higher the number of hashrates, the greater the security of the network and the greater its resistance to attacks in general.
It is an important metric for analyzing miners' investments in mining equipment and long-term investments.
Figure 1: Total hash rate on the 6th of October. Source: Blockchain.
Figure 2: Total hash rate on October 9th. Source: Blockchain.
The week from 10/05 to 11/10 was a week of Bitcoin resistance, but as we can see in Figure 1, starting on 10/07, the cryptocurrency managed to break this resistance, reaching the level of $ 11,104 dollars on 10/9 when the upward movement started on the hash rate graph (Figure 2) and U $ 11,491 on 10/10. As we can see in the second graph, the rate started to lose strength, which may mean a slight correction in the price for a continuation in the upward trend.
NVT (Moving Value)
The NTV is an indicator that indicates whether the price of Bitcoin is in line with the financial volume of the cryptocurrency in the last 90 days: if the price of the cryptocurrency has gone up and there is little volume in the market (few transactions in the currency), the indicator will always show a peak.
Figure 3: Bitcoin NVT, from late September to October 2020. Source: Coinmetrics.io
As we noted last week, Bitcoin left its region of turmoil after a slight drop in price, which resulted in the improvement in NVT on 10/9. This week, according to the fundamentalist analysis of NVT, Bitcoin is very positive and in an upward trend.
After analyzing Bitcoin and Altcoins, we have a more positive scenario for the week.
Both fundamentalist and technical analysis are positive for the market.
Bitcoin could prove to be a good buy if it reaches a level close to $ 11,000 and the highlighted altcoins may perform well in the week.
Always manage your risk properly.