The price of Bitcoin keeps the important support area above 5,700 USD, despite the early loses. The cryptocurrency is trading at 5,701 USD at 9:28 a.m. ET, which represents a daily decrease of 1.46%.
The red colour settled within most of the cryptocurrencies with XRP falling by 1.17% to 0.2990 USD, Bitcoin Cash wiping out 2.6% to 284.87 USD, Litecoin decreasing by 3.7% to 73.59 USD, and EOS dropping by 2.63% to 4.76 USD.
The only winner on among the Top 10 cryptocurrencies is Ethereum, which added 0.61% today to 164.44 USD.
Following the recent corrections, the total value of the cryptocurrency market fell to 180.889 billion USD.
Bitcoin price analysis
After 72 hours of upward pressure, Bitcoin has finally slowed down and turned into the correction phase.
At the time of writing, Bitcoin traded at 5,701 USD, compared to the 5,850 USD peak seen at some points on Friday and Saturday. Although there is no clear sales pressure, some analysts are convinced that a stronger adjustment is likely in the coming days.
“Just an opinion — there is a chance BTC is topping here, having met its price target at key resistance. A correction could occur before another move toward 6,500 USD, then a more significant correction”, commented Peter Brandt, Professional Commodity Trader of classical charting principles.
“At 3,000 USD everyone talked about shorting the 6,000 USD retest with all their money instead of longing 3,000 USD. Now we revisited 6,000 USD and no one dared to. Funny how that works”, wrote DonAlt on Twitter. “6,000 USD seems like a good place to reduce risk. I’m still looking for swing longs around 4,700-4,300 USD”, adds the tweet.
Bitcoin is trading in a rising channel marked by consistent higher levels and higher peaks. Since the cryptocurrency continues to hold this model impenetrable, it is likely to move higher up to a potential exit from the upper boundary of the channel.
The relative strength index (RSI) and the traditional RSI then show bullish signs, emphasizing that cryptocurrency is a marketable place to grow.
Bitcoin is currently trading on key creeping averages, such as the 50-week simple moving average and 89-week exponential moving average.
Finally, as suggested in previous reports, there was an unprecedented accumulation of Bitcoin slings, which led to postulating.
All of this adds to the idea that a strong correction, may not happen, and the Bitcoin may soon achieve the threshold of 6,000 USD.
Ethereum price analysis
Recently, there was a decent move upwards of the Ethereum toward 165 USD.
The Ethereum jumped to 170 USD but failed to keep profits. There was no clear breakthrough over the resistance zone of 168-169 USD. As a result, there was a downward correction below the 165 USD and 163 USD levels. The Etherium price even broke the 160 USD level and the 100-hour simple moving average. However, the 156-157 USD support area was a strong buy-in area.
The price was recently traded above 162 USD and a 23.6% Fibo retracement rate from the last move from 169 USD high to 157 USD low. There are signs of recovery, but it appears that the 163 USD level is acting as a strong resistance.
The price moves lower and trades just above the key support of 156-157 USD. If bulls fail to protect the 156 USD support zone, there is a risk of a sharp downturn. The next key support is close to 155 USD, below which the Ethereum price may fall to 150 USD. On the upside, the price should clear the 163 USD level to begin a decent upward move. There is also a short-lived downward channel with resistance close to 163 USD.
The price of Ethereum may range above the support of 157 USD for some time before the next breakthrough. The chances of a new increase are high while the cost of Bitcoin is gaining momentum. If there is a break below 155 USD, this can put a lot of pressure on bulls in the near future.
Microsoft partners with JP Morgan for a blockchain project
Microsoft partners with JP Morgan Chase in development of the blockchain technology Quorum.
Quorum, which is available through Microsoft’s Azure service, is the corporate version of JP Morgan’s Etheric and is designed to power interbank payments.
The partnership makes JP Morgan the first distributed platform available through the Azure Blockchain Service.
It will enable Microsoft and JP Morgan customers to deploy and manage scalable blockchain networks in the cloud space.
Together, the platform will enable businesses in all industries to redirect their focus from infrastructure management to application development, which will ultimately boost the business value of transformation. The customers will be able to quickly deploy their networks by taking advantage of lower costs, simplified deployment, and built-in management enabled through the Azure Blockchain Service.
In October, the company revealed that Quorum will be used to tokenize gold bars in the Eterium network.