October 25, 2020

Market review of the main cryptocurrency pairs for the current week (from 10/21/2019 to 10/27/2019)

Market review of the main cryptocurrency pairs for the current week (from 10/21/2019 to 10/27/2019)

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 10/21/2019 to 10/27/2019)

The main fundamental event of the outgoing week,probably you can name the statement by Chinese President Xi Jinping on the development of the blockchain industry, which is associated with a bullish momentum in the cryptocurrency market.

The day after the chapter’s statementof the Chinese Communist Party, the exchange rate of Bitcoin and other crypto assets began to rise, as a result of which the BTC / USD pair broke the psychological line of 10,000.00 USD. After a maximum near 10350.00 USD, the BTC price rolled back to the strong support level of 8900.00 USD, which stopped the rollback and turned the pair into consolidation.

We believed that the price will be able to gain a foothold in the narrow orange range, but the level of 38.2% Fibo (9441.98 USD) could not keep the pair yesterday in the side corridor.

After a surge in activity of market participants,trading volumes are gradually declining, and we believe that in the near future the pair will consolidate in a wide range between the support of 8900.00 USD and the resistance of the Fibonacci level of 38.2% (9441.98 USD).

We believe that continued growth is unlikely so far and next week the pair may return to the support of 8500.00 USD.

ETH / USDMarket review of the main cryptocurrency pairs for the current week (from 10/21/2019 to 10/27/2019)

Yesterday, the price of ether rolled back to the hourly movingaverage EMA55, and after a re-test of the POC line (174.00 USD), the pair fixed above the average price level. We believe that after the maximum on October 26 in the area of ​​200.00 USD, the pair will continue to decline.

At the end of next week, the price of ETH mayreach the support level of 61.8% Fibo (168.70 USD), and today a re-test of resistance of 186.00 USD is not ruled out. We believe that this resistance will limit the restoration of ether and deploy the price of a decline.

Price may be stuck in line-level consolidation in the first half of this week Control points (174.00 USD), and only then it will roll back to the support area of ​​61.8% fibonacci.

XRP / USDMarket review of the main cryptocurrency pairs for the current week (from 10/21/2019 to 10/27/2019)

On Wednesday, the price of Ripple indicated a weekly lowaround the level of 0.250 USD and began to recover in the ascending purple corridor. When the pair broke the resistance at 0.280 USD, a strong bullish impulse set the monthly maximum at 0.315 USD.

The wave of sales has rolled back the price to the lower borderthe yellow range, which kept the pair in lateral consolidation for quite some time. Yesterday, the pair returned to the rising purple channel and tested the middle line of the yellow corridor 0.300 USD this morning.

Today, during the day, the pair will continue to move inwithin the violet ascending channel, and on the decline it will test its lower boundary, and the recovery will be limited to the average line of the corridor 0.300 USD.

At the beginning of next week, the rollback will continue to support USD 0.280, which will try to suspend the decline until next weekend.

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