Two Winning Crypto Signals after Interesting Price Action in Cryptocurrencies - Forex News by FX Leaders

Two Winning Crypto Signals after Interesting Price Action in Cryptocurrencies

Posted Thursday, November 9, 2017 by
Skerdian Meta • 1 min read

Yesterday we saw some nice price action in the cryptocurrency market. Bitcoin jumped to another record high yesterday at $7,770, but then it turned sharply lower again and ended up at $7,100. 

But the interesting price action wasn’t limited only in Bitcoin: we saw some nice moves in the rest of the crypto market as well. Ripple Coin (XRP) and Dash Coin also moved considerably higher yesterday. 

But, Ethereum stole the show, if we don’t count Bitcoin, of course. Ethereum jumped from around $292 to above $318, according to my broker’s platform.  

We caught most of that move yesterday.

Bitcoin is introducing SegWit2x, which is supposed to be a good thing, hence bullish for Bitcoin in theory, but in practice, the crypto market is somewhat worried how well it will be received by the users.

There some more rumors about this topic yesterday, whether it will be a good thing or a bad thing, so Bitcoin went sort of mental. It jumped and then it dived even harder.

Ethereum also managed to put up an impressive rally. We had a buy forex signal here which we closed manually for a hefty 140 pip profit. The take profit level was much higher and the price climbed another 80 pips after we closed that cryptocurrency signal, so there was potential for a bigger profit, if you went the extra mile.

We are pretty happy with what we made in Ethereum. We also made some nice profit on Litecoin the day before, so we’re doing well with cryptocurrencies I think. It hasn’t been that difficult thus far, since the trend is bullish. So, we will wait for a retracement lower in order to look for longs again.  

   

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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