BTC/USD

BTC/USD is being traded at $6,478 and continues to decline. Bitcoin volatility index fell sharply over the weekend, as small trading volumes and an uncertain short-term outlook confidently limited the price action of the pair. The reduction in volatility also suggests that the bear market in 2018 is likely to last much longer. According to the NVT coefficient, which divides bitcoin’s market capitalization by its average daily volume transmitted through the blockchain, we are currently in the middle of a long-term bear market. The same opinion is shared by Willy Woo, a well-known cryptocurrency analyst. At the moment, the price of the leading digital currency is firmly established at $6,400. If the price falls below, it can reach levels of $6,300 and $6,000.

As part of the forecast for October 29, we can expect further price reduction in the region of $6,500 – $6,450 for testing support. It is also impossible to exclude the possibility of kickbacks and updates to recent highs of $6,500. In the case of a sharp drop below $6,200, a further decline in the region of $6,000 – $5,900 is likely.

Cancellation of the development of the downward movement will be a pulsed growth and the breakdown of the resistance level of $6,600. In the case of consolidation above, growth is likely to reach $6,700 and then – $7,150.

ETH/USD

ETH/USD is being traded at $204.57 and continues to move sideways. The situation over the weekend did not change much and, as we expected, it moved along the upper levels of the support zone. The coin continues to be traded in the channel between the levels of $205.00 and $192.00. A break below this channel may lead to a decline in support levels of $184.00 and $167.00. A breakdown of the resistance level of $205.00 will provide an opportunity to move to the next resistance at $225.00. Unfortunately, the analysis does not give any valuable information about the current situation.

As part of the forecast for October 29, we can expect the breakdown of the current consolidation and the continuation of the downward movement into the support zone, to the level of $200.00. It is possible that the price will be able to demonstrate a false breakdown of the channel boundary again and rise to the lower boundary of the Ichimoku Kinko Hyo cloud at $206.25 and only then go down.

The abolition of the descent will be a pulsed growth, with a goal at $213.00. Fixing the price above it will allow us to expect further growth to $223.00.

XRP/USD

XRP/USD is being traded at $0.46123 and continues to move sideways. At the weekend, the price trampled along the level of $0.46000, this kind of consolidation usually means a set of positions. Therefore, in the near future, we should see a breakthrough in one direction or another.

As part of the forecast for October 29, we can expect an attempt to break through the consolidation zone. Despite the fact that the current region was formed by the interest of buyers, the volumes indicate the advantage of bears, so the likely scenario is that the price will go down to the key support level of $0.44700. False breakdown of the trend level also speaks in favour of such a development of events. If the fall is not pulsed, then it is possible to stop at the lower levels of the support zone of $0.45500.

An alternative scenario is the breakdown of the upper boundaries of consolidation and the trend line, with a target at the level of $0.47500.

XMR/USD

XMR/USD is being traded at $103.420 and continues downward movement. Support was not able to keep the level and the price quickly rolled down, playing an alternative scenario. The new update caused only a temporary surge in price growth, which gave sellers the opportunity to go to sales from higher levels. Now the coin can be waited for at least at the levels of the next support zone of $100.00, but for bulls, the zone of $86.00- $76.00 will be more promising

As part of the forecast for October 29, we can expect a continuation of the fall, with a goal of $100,000. At the weekend, the price was actively falling, so first you can wait for a small correction, to the resistance zone of $105.00- $104.00, before the fall resumes.

Cancellation of this option will be an active growth to the level of $108.000. If the price manages to consolidate on it, then we can expect a further upward movement to $114.000.