The market, yesterday, practically regained the lost ground during the bearish impulse on October 29th. Moderate price growth may continue today
BTC/USD
Yesterday, in the afternoon, the Bitcoin price broke through the upper limit of the green corridor and tonight was able to test the moving average EMA55. However, it has not yet been possible to fully recover to the price level from which this week began.
It is worth noting that the gap between the cost of Bitcoin on the Bitstamp and Bitfinex exchanges has narrowed. This is due to the fact that USDT managed to achieve parity with USD, but not for long.
Bitfinex saw a sharp reduction in short margin positions that were closed during yesterday's rise in the price of BTC, however, the number of remaining open short positions still exceeds the number of open long positions. Yesterday's dynamics of the BTC exchange rate met the expectations of long-term traders.
The director and co-founder of the BitMEX crypto exchange, in an interview with Yahoo Finance, expressed the opinion, based on his own experience with Bitcoin, that the price of BTC has not yet reached the bottom and will maintain a downward trend over the next 12-18 months. Arthur Hayes believes that as the market declines, the total capitalization and trading volumes will fall, but this is not a reason to suspend the development of BitMEX.
Not all representatives of the crypto industry believe that the global downtrend will drag on for another year. For example, the head of Zero-X (0x), Will Warren, believes that the market is now recovering and suggests that Bitcoin will show positive dynamics in the near future. Time will tell how true the forecasts will be.
ETH/USD
Ethereum was able to reach the psychological level of 200.00 USD and restore prices to the two-week sideways corridor. Now the price has rolled back slightly from the two hundred level, but perhaps today its resistance will be overcome and the ETH price will be able to consolidate above the 200.00 USD mark.
XRP/USD
Yesterday, Ripple recovered above the zero fibonacci level of 0.450 USD, but rather modest trading volumes did not allow the XRP price to develop its success and expand the sideways range. Today we expect an intensification of the buying process on the market and a continued recovery to the area of 0.480 USD..
* All price values are based on data from the BitStamp exchange
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