November 3 Bitcoin, Bitcoin Cash, Ethereum and Ripple Price Analysis
Among the important developments in the crypto money market, it was highlighted that the crypto investment company Grayscale has reached a budget of $ 330 million since the beginning of the year, and this budget is the largest amount in the company’s five-year operation period.. This development is an indication of the interest of institutional investors in Bitcoin and its companions despite the strong depreciation of the crypto money market. He emphasized that cryptocurrencies are on the radar of institutional investors.
Even if these developments increase the rhetoric that the Bitcoin ETF decision will be positive, Reggie Browne, also known as the “Father of ETFs”, said that Bitcoin ETFs will not happen soon and that crypto money investors He argued that they should not hope on this issue.
As the latest highlight of the day, NASDAQ made a statement that it can prevent manipulation in the crypto money market with its strong technology and market measures, removing the biggest obstacle in front of the Bitcoin ETF decision. gave the green light to the SEC and the authorities that it could take off.
Bitcoin
Buy orders came to the fore after Bitcoin approached the first support level of $ 6,212 on October 31. As prices approach the moving average for now, this trendline is seen as a strong resistance line ahead of Bitcoin.. If the bulls can support the move above the moving average, Bitcoin can rally and move up to the $6,831.99 band.
BTC/USD pair is bullish
On the other hand, if the bears manage to maintain the moving average, the sales will push the leading cryptocurrency to the $6,200 band first and then to this level. Once the support point is exceeded, it can quickly pull it down to $5,900-$6,075.
Ethereum
Bulls managed to protect the $188.35 band for Ethereum on October 31st.. Ethereum is currently trying to break out above the 20-day EMA, the exponential moving average. Above this, the 50-day standard moving average line stands out as a strong resistance point.. If the bulls take the helm in Ethereum, the rally-leading altcoin can move up to the resistance level in the $249.93 band.
ETH/USD, on the other hand. If the resistance levels in the pair are not broken and the bears manage to test below $188, the next support levels in ETH will be $167.32 and $136, respectively.
Ripple
Ripple has been steadily rising for the last three days, gradually approaching the resistance point.
If Ripple manages to resolve the resistance point it is approaching, the bulls will take control and prices It seems likely that it will move to the 0.55 and 0.62 dollar bands, respectively.
On the other hand, if the bullish outlook in the XRP/USD pair disappears, the cryptocurrency may regress to the $0.38838–$0.37185 band.
Bitcoin Cash
Bulls move the cryptocurrency into the triangle in Bitcoin Cash, which is strengthened by the announcement that Binance will support the hard fork they managed to. The failure of the bears to prevent this can be seen as a signal that prices will rise.. Because this shows that BCH holders are not very willing to sell their coins.
If the bulls manage to push the BCH/USD pair above the $500 band, it will be a problem. The rally may raise the cryptocurrency to $600 and $660, respectively.
A stop loss can be set at $400 for Bitcoin Cash long positions.
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