June 19, 2024

Market review of the main cryptocurrency pairs for the current week (from 07.10.2019 to 13.10.2019)

Market review of the main cryptocurrency pairs for the current week (from 07.10.2019 to 13.10.2019)

In today's review, as always, we summarize the outgoing week, analyze the general dynamics of prices.

BTC / USDMarket review of the main cryptocurrency pairs for the current week (from 07.10.2019 to 13.10.2019)

INat the end of last week, the BTC price reached support in the area of ​​7800.00 USD, and this week buyers tried to restore the pair to the target level of 8900.00 USD. 

On Monday, the price was able to consolidate above the support of 8100.00 USD, and on Wednesday it broke through the level of 8500.00 USD and consolidated above it until Friday. 

Our weekly forecast suggested a reversal from the resistance level of 8900.00 USD, but the pair turned slightly lower around 8800.00 USD and very quickly rolled back to the 8300.00 USD area. 

Over the weekend, trading volumes decreased, the price in the flat felt in the comfort zone, and yesterday even tried to break through the hourly EMA55. 

Thus, the end of the week the price of BTC is innarrow consolidation between support at 8300.00 USD and moving average resistance EMA55. If today buyers want to organize a bullish breakout, then the local maximum of such “efforts” will be located in the resistance area of ​​8500.00 USD.    

With a bearish breakout, we should expect the price to fall below the psychological support of 8000.00 USD. In this case, the pair will test the area of ​​7900.00 USD. 

As a bonus for ordinary market participants,market makers can orchestrate both of these scenarios. First, a re-test at 8500.00 USD, and then a sharp decline at 7900.00 USD. According to our forecasts, next week the bears may reach the target level of 7400.00 USD. 

ETH / USDMarket review of the main cryptocurrency pairs for the current week (from 07.10.2019 to 13.10.2019)

Earlier this week, the price of Ethereum started fromsupport level 61.8% fib (168.70 USD), and on Friday it was close to the psychological mark of 200.00 USD. The reversal occurred around 198.00 USD, and the pair immediately rolled back to the area of ​​180.00 USD. 

Buyers tried to break higher tonighthourly moving average, but the level of average prices limited the pair's recovery. Today, an attempt to break through to the resistance of 186.00 USD may be repeated. 

On the daily time frame, indicator lines from the zoneoverbought levels dropped into the neutral zone to 50%. There is a possibility that the decline will continue. We believe that next week the price may return to the starting level of 168.70 USD (61.8% fib). If the bears increase pressure, then a re-test of the 50% fib (151.94 USD) is possible. 

XRP / USDMarket review of the main cryptocurrency pairs for the current week (from 07.10.2019 to 13.10.2019)

Last Monday there was a strong bullish impulsepushed the price of Ripple out of the narrow corridor in which the pair had been consolidating over the last three days. On Monday evening, the pair already tested a fairly strong resistance level of 0.280 USD. However, it was not possible to gain a foothold over him. 

During the week, the bulls attempted several timesattempts to test the lower border of the yellow corridor at 0.290 USD, but each time the price rolled back to the support area of ​​the hourly EMA55. In the middle of the week, the XRP price set a weekly high in close proximity to the lower border of the corridor, at 0.288 USD, but after that bearish pressure forced the pair to test the level of 0.265 USD. 

By the end of the week, we predicted a price rollback tosupport at 0.260 USD, but buyers were able to seize the initiative and gain a foothold above the average price level. Today a re-test of the resistance at 0.280 USD is possible. It can be assumed that the bulls will not be able to break above this level.  

If the bears resume pressure before the end of the week, then the pair may again roll back below the hourly EMA55, and next week test the level of 0.260 USD.

* All price values ​​are based on data from the BitStamp exchange