In today's review, as always, we summarize the outgoing week, analyze the general dynamics of prices.
BTC / USD
INearly this week sellers once againtested the lower border of the orange support area – 38.2% fib (9441.98 USD), but this time the price did not rebound. A strong bearish impulse broke through support and set a low of around eight thousand within two hours. After the rebound, the decline continued, and the weekly low was updated to 7733.99 USD.
In the second half of the week, the price consolidated in a sideways range at 8000.00 USD and began to show weak signs of life. At first, buyers managed to restore the price to the hourly EMA55.
Yesterday there was an attempt to test the levelControl points8406.53 USD, but the momentum was only enough for the maximum at 8356.40 USD. On the Bitfinex exchange, the maximum was the highest – 8390.00 USD.
This morning the pair rolled back below the hourly level againmoving average EMA55. The flat continues. We believe that in the region of eight thousand there is a psychological barrier that will keep the price sideways from drawing down to the area of the September minimum.
At the beginning of next week we can expect the pair to consolidate in the areaPoint of control(8406.53 USD) and re-test the resistance at 8500.00 USD. If buyers manage to break through this resistance, then by the end of the week the pair can test the level of 8900.00 USD.
ETH / USD
The current week began with a psychological breakthroughsupport 200.00 USD. The fall was intense and deep. After breaking through the powerful support level of 61.8% fib (168.70 USD), the pair set a monthly low near the 50% fib (151.94 USD). We managed to rebound below the POC level (167.64 USD) and gain a foothold there in consolidation.
In the second half of the week we managed to recoverto the two-hour EMA55, but it is not yet possible to overcome the resistance of this moving average. The pair is in a flat, and the price is forming a narrowing sideways range with support at the 61.8% fib level (168.70 USD). Resistance is the downward EMA55.
Today we expect a slight pullback, and nextthis week we can hope for a recovery to the resistance area of 186.00 USD. It is possible that in the area of 190.00 USD the recovery will slow down significantly and the pair will turn lower.
XRP / USD
Ripple's annual price minimum is set at thisTuesday at 0.220 USD. By the middle of the week, it was possible to recover to the hourly EMA55, and at the weekend the price broke through this resistance level, but it has not yet been possible to gain a foothold above the average price level. The pair is located in a narrow sideways pattern on the support line of 0.240 USD.
The Point is located approximately in the same areacontrol of the volume indicator according to the profile. We believe that next week, buyers will be able to use this POC level (0.241 USD) as support and recover to the 0.260 USD area. However, it is still unclear whether the pair will be able to gain a foothold in this area in consolidation.
* All price values are based on data from the BitStamp