Crypto Frontline

Weekly Crypto Analysis Oct 28 – Nov 3, 2019

Weekly Crypto Analysis Oct 28 – Nov 3, 2019
October 27
08:36 2019


BTCUSD Coinbase

BTCUSD technical analysis November 2019


A lot of twists and turns for Bitcoin during the past week, after weakening towards our targets and then surging impulsively on the upside. The massive rally covered more than $3,000 in less than two days, but now things look to have settled.

We suspect the current consolidative stance could be capped by the $8,600-$9,000 area highlighted on the chart and in case of a breach lower, the sellers are expected to further erase the gains. Traders should look at the $$8,200 area, where the 4h chart 200 moving average is located.

On the other hand, if the support zone will hold, Bitcoin is expected to attempt a new breakout above $9,600. Interestingly, the price did not manage to close above that level on the 4h chart, suggesting a lot of selling interest there. Above it, we could see buyers driving the price towards the $10,400 area.


ETHUSD technical analysis November 2019


In line with the Bitcoin’s performance, Ether had also jumped higher and managed to form what could be a double bottom formation. The selling stalled right around the September lows, which raises the prospects for further gains in the next few days.

The price action broke above the 4h chart 200 moving average and briefly above the previous October high, which is a small detail, but a big development in the bigger picture. Because of that, we believe that Ether is poised to retest a bearish trend line that goes back to the beginning of August. Depending on how fast the price will climb, the $200-$210 area should be the next significant resistance.

On the downside, a break below the MA and $174 support, will expose the $166 level, a swing point made back in August. Based on the current price action structure, we expect the downside to be limited in the following week, but anything can happen, as we’ve seen during the past week.

TRXUSD Bitfinex

TRXUSD technical analysis November 2019


Tron breached above a bearish channel formation a few weeks ago, which is where we talk about it in our weekly crypto analysis. The price action had been consolidating since then and did not manage to break back inside the channel. Two times we’ve seen buyers resuming impulsively, meaning the market participants had been treating the upper line of the channel as support instead of resistance.

During the past week, Tron made a new monthly high and now we suspect it’s poised to test the 2.1 cents resistance level. It could take more than a week, though, since the volatility had been weak, as compared to other tokens.

Only a break below the 4h chart 200 MA and the channel formation will mean our bullish view will be negated. Given that sellers failed two times, we believe the upside is more favored now.

Briefings about ICOs

Until October 30th, BeatzCoin will continue its IEO on ProBit. The company wants to build a multi-chain, fully decentralized platform for quality audi0/video streaming services, in order to enable fair compensation for music artists.

On November 4th, BNC Token will start its IEO on Liquid, aiming to build an all-in-one cryptocurrency wealth management platform. It integrates a user’s portfolio and plenty of trading data.


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