Daily Update and Analysis
Bitcoin has been in a rough situation lately. With Goldman Sachs announcing that they are uncertain about Crypto trading desk, Russia still not being ready to regulate Cryptos and news of mainly neutral or bearish sentiment, we can not expect the price to do the opposite either. On the non-news fundamental side, nothing has changed. However, this is not the only thing to look at. When looking at the sentiment, we are still bearish.
With the resistance downtrending line moving sharply downwards, Bitcoin only has until 20th of November to make a decision. Everything is still inclined towards the downside, but some bullish news or a sudden spike in volume might change things up. However, that is highly unlikely at this point.
Ethereum is going through a horrible period. Many news are reporting that Ethereum is a bad technology, and that it is highly overpriced. However, it is one of the rare Cryptocurrencies with real use case. Still, with no changed to its code, and bad news floating around (possible forks, negative analysis), we are still inclined to look at Ethereum from a bearish perspective, and would consider a short position in this Cryptocurrency.
Ethereum has been in a sharp downtrend from the start of May. With only bearish fundamental news, and no changes in the general outlook on Ethereum, we expect more downwards moves. Volume has been steady, and ETH showed no will or courage to test the resistance line.
EOS has been marketing the product as the Cryptocurrency to solve many modern world issues, such as environmental issues, world poverty etc. EOS has quite a good buzz around it in China as well as it has been pronounced as the highest rated Cryptocurrency based on idea, application, technology and innovation. However, the general market is still bearish so the rise in price did not happen as a result of the bullish news.
EOS has shown some resilience, even in this market. With many Cryptocurrencies retesting their biggest support lines, EOS is ranging between 3 big support lines. However, it is not immune to the downtrend, and is highly correlated to the Bitcoin’s price.
The last week has been, apart from the slight downswing, pretty calm. Prices have not changed a lot, nor have fundamental news affected the price of Cryptocurrencies that deserved it (both upwards and downwards).