Report developed for the Monnos Community in Partnership with Financial Move.
Bitcoin is currently trading in the $ 11480 range, roughly at the same level as last week.
This analysis will sweep the cryptocurrency market and filter the best opportunities for you.
On the day that there is no positive outlook for the week, believe and trust, as the probability of you getting screwed will be very high.
The study below is not a guide to buying or selling. Manage your risk properly.
Market and Bitcoin Overview
Bitcoin Graphical Analysis: 4 Hour Graph
In the analysis above, we highlight two important zones.
The support and resistance zones.
It is interesting to always buy at great points, because if we buy "halfway through" our stop is more expensive and the profit is lower.
Therefore, it is the worst case scenario.
I know that many have not yet grasped the idea that "Stopar is normal", but it is.
What analysts and traders must do is play the game of mathematics and probability in their favor.
Therefore, the best shopping zone at the moment is in the range of $ 11000 - $ 11200.
If you read last week's analysis, it remains the same, and the price has already arrived twice.
The Bitcoin trend continues upward, with resistance at $ 12,000 and then $ 12400.
When looking at the altcoin market (alternative currencies to bitcoin), we have the following perspective.
When you read this table, it should be noted that there are several classifications.
The only ones that should matter are the ones that are positive, as they are the ones most likely to work.
Remember, analysis is a game of probability, math, that's all!
So, focus on those that are positive.
ETH / BTC
Ethereum Analysis at BTC Pair
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
ADA Graphical Analysis at Pair 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
ADA Chart Analysis on USD Pair
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
By: Isabela Ruiz Roque da Silva
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 12th of October. Source: Blockchain.
Figure 2. Total hash rate on the 16th of October. Source: Blockchain.
The past week was a time of high bitcoin, but with little volume, which can be seen in the figures above: the hash rate has increased considerably until the 14th of October, but the asset price is still in period lateral trend. For this week, the movement may continue sideways or in an 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, October 2020. Source: Coinmetrics.io
In the week of the 12th until the 19th of October, bitcoin had a strong rise and consequently, the NVT entered a strong rise. What is expected is a slight drop in price for NVT to adjust and bitcoin to follow a healthier high for the rest of the week.
When we look at the fundamentalist side, we see an upward bias, which is confirmed by our graphic view as well.
Therefore, we continue with the upward trend view for Bitcoin, which has important support in the range of $ 11000 and $ 11200.
Remember that buying out of the stands is risky, as it makes you farther from the stop and closer to profit, that is, it worsens the scenarios in every way.
The highlighted altcoins are the same as last week's report and remain positive.