Market review 24.10.18
- For the whole last week we saw a smooth BTC and ETH price declining after the pump because of the “Tether scam”.
- Market capitalization is drawing bullish flag.
The movement is quite harmonious, no divergences/convergences.
- TOP altcoins mostly hold at the same price, expect for some, for example Monero.
- If we speak about smaller altcoins — picture there is more colorful. A lot of them had huge changes in price.
- Traders will fix profits from small-altcoins in BTC or ETH. In my humble opinion, ETH is oversold now, so I would recommend you to fix your altcoins in Ethereum.
- ETH/BTC is drawing fourth bottom, Impulse is gradually growing.
- BTC/USD (Bitfinex) we can see some semblance of inversed Head&Shoulders. Those who don’t like this pattern, can use double bottom. We mention on the chart how these patterns can work out.
- Bitfinex and many others exchanges continue receiving USDT. Half the time they send them into Tether’s Treasury Department. Based on this fact, we can make some conclusions:
- We will see another pump caused by USDT.
- Exchanges change USDT to another stable-coins.
- Exchanges (in particular Bitfinex) have direct links to the Tether’s treasury. They send USDT back to the base and in return get dollars or other currencies.
Small altcoins are growing, people are fixing profits in ETH and BTC. Ethereum has already started its way up, Bitcoin is next. Patterns on BTC, ETH and Market Cap are bullish. We can see big accumulation on every third coin. Market is highly-compressed. Volatility on TOP coins is very low. There are also some positive news.
All in all, market is ready for upward movements. It will happen in the coming days. There is only one problem — possible FUD from media.
This article was written by the team of Klondike (Crypto Rush). If you still have any questions — ask me Robert Mercer.
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