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The past week proved highly challenging for the whole market. Bitcoin graphs show that the market withstood this test with forbearance. Even in the absence of positive news, there was a rapid price reversal from key support levels. Everything has gone smoothly this week, and buyers and sellers are now analyzing the situation. Japan’s Financial Services Agency (FSA) gives a bit of positivity to the market as it is considering the possibility of surveying ICOs in Japan. The FSA has played a pivotal role in drawing up rules regarding cryptocurrencies in Japan, despite the fact that the country has officially classified Bitcoin as a payment method.
- Bitcoin hit a very strong support level at $3,000, and any attempts by sellers to move in this direction now can be regarded as an opportunity to make a good purchase.
- Resistance at the $4,000 level has been tested, and we are very likely to see a breakthrough attempt to reach $4,400.
- Getting out of the $3,000 to $5,000 range is important for the bulls. A new surge in sales may result from remaining at the same levels for a long time. This can lead to the price quickly getting back to $3,500.
Ethereum has not stayed long at the local minimums it had reached either.
- The support zone at about $280 has confirmed its significance again, as the price has quickly regained those levels. If it drops below $280 again and remains there long enough, it will mean that a return to the maximum levels is not to be expected anytime soon.
- The following resistance level is around $340, and it matters for the whole market that the altcoins leader shows confidence in the future. In case there’s no negative news, this scenario is most likely to take place.
- We see a growing number of successful ICOs on the Ethereum platform. For example, ICON, a Korean-based project, raised 150,000 ETH in less than six hours.
Litecoin reacted quite dramatic to all the news from China last week. This is due because the cryptocurrency is really popular among Chinese investors.
- The price reached $33, a solid support level defined back in July. The rebound occurred very quick, but we did not see the trend continuation.
- Today, LTC has dropped to the sixth place in terms of the market capitalization, Dash became the fifth. This is another negative indicator for a “digital silver.”
- Right now, $65 represents the strongest resistance level for LTC, but another possible scenario may be a long-term price action in the $42 to $55 range, providing traders with an opportunity to work in a trade corridor.
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