Crypto Market situation analysis - October 6

Hello! If you read our reviews on a regular basis and follow the recommendations, it is highly likely that your accounts are going up now. Let’s see what happened on the weekend. Hourly chart On the hourly...

Hello!

If you read our reviews on a regular basis and follow the recommendations, it is highly likely that your accounts are going up now. Let’s see what happened on the weekend.

Hourly chart

On the hourly chart, the price continues to move in the upward channel. On the decline to $ 6350, many have opened long positions. We always do recommend placing pending orders in the area of support levels.

The MACD indicator decreases after overbought, and we are most likely to see a flat within a few hours. EMA9 and EMA50 are located under the price and are directed upwards, acting as support, while making a signal to continue the upward movement.

4-hour chart

On the 4-hour timeframe, you can clearly see how the price met resistance at $ 6,520, which we wrote about on Friday. EMA9 and EMA50 are located below the price and are turning up, forming a local support level at $ 6,430. MACD indicator is in the trade area. For further upward movement, the bulls need to overcome $ 6,520.

Daily chart

On the daily timeframe, the situation has not changed since the last review. EMA9 and EMA50 are located above the price, the MACD indicator is in the trade area, turns into a buy area. The important local levels of support and resistance are clearly visible.

How will the past week in the world of the crypto industry be remembered for?

Last week, the hard forks took place on the network of two cryptocurrencies at once. In the Zcash network, the Sapling protocol was activated, which is necessary to ensure secure transactions and increase blockchain performance. It reduced transaction time by 90%, and also reduced memory requirements for transaction execution. Later, the Siacoin developers announced the successful the hard forks competition, which will protect the ASICs mining from Bitmain.

Last week, the market capitalization reached an annual minimum. The head of BitMEX noted that the price of the main cryptocurrency could fall to $ 2,000. Besides, he argues that bearish sentiment in the Bitcoin market can last even as long as another year and a half. The Bitcoin dropped to 19th place in the new Chinese cryptocurrency raiting. The current leader is EOS, however. Ethereum and BitShares were ranked 2nd and 3rd ranked accordingly.

The Bitcoin celebrated it’s 10th birthday last week. On October 31, 2008, the Bitcoin Whitepaper was published under the authorship of Satoshi Nakamoto (one person or group of individuals) — the anonymous creator of the first and primary cryptocurrency. This day, since January 3, 2009, when the genesis block had been initialy generated, is considered to be one of the key dates in the history of the Bitcoin. Hitecher made a research about the path that the main cryptocurrency passed during this time.

Ethereum founder Vitalik Buterin announced the network transition to stage 2.0. We had written about it here in detail.

At the moment, the market capitalization has increased just a bit and amounted to $ 214,496,103,562, according to CoinMarketCap.