September 19, 2020

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)

AT At 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 gain a foothold over the support of 8100.00 USD, and on Wednesday broke through the level of 8500.00 USD and consolidated above it until Friday.

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

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

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

With a bearish breakthrough, we can expect a fall in prices 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 organize both of these scenarios. First, the re-test is 8500.00 USD, and then a sharp decrease by 7900.00 USD. According to our forecasts, next week the bears can 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 fromthe support level is 61.8% FIBO (168.70 USD), and on Friday it was close to the psychological mark of 200.00 USD. The reversal occurred in the area of ​​198.00 USD, and the pair immediately rolled back to the area of ​​180.00 USD.

Tonight shoppers tried to break higherhourly moving average, but the level of average prices limited the recovery of the pair. 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 down to the neutral zone to around 50%. It is likely that the decline will continue. We believe that next week the price may return to the starting level of 168.70 USD (61.8% Fibo). If the bears increase the pressure, then a re-test of 50% fibo (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 a powerful bullish momentumpushed the Ripple price out of a narrow corridor in which the pair consolidated over the past three days. On Monday evening, the pair already tested a fairly strong resistance level of 0.280 USD. However, to gain a foothold over him did not work.

During the week, the bulls took several timesattempts to test the lower border of the yellow corridor at the level of 0.290 USD, but each time the price rolled back to the support area of ​​the watch EMA55. In the middle of the week, the XRP price set a weekly maximum in the immediate vicinity of the lower border of the corridor, at the point of 0.288 USD, but after that the bear pressure forced the pair to test the level of 0.265 USD.

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