March 28, 2024

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, perhaps, can be called the statement of Chinese President Xi Jinping on the development of the blockchain industry, which is associated withbullish momentum in the crypto market.   

The next day, after the statement of the head of the Communist Party of China, the rate of Bitcoin and other crypto assets began to grow, as a result of which the BTC/USD pair broke through the psychological barrier of 10,000.00 USD.After a high of 10350.00 USD, the BTC price pulled back to a strong support level of 8900.00 USD, which stopped the pullbackand reversed the pair into consolidation. 

We thought that the price would be able to gain a foothold in a narrow orange range, but the 38.2% Fib level (9441.98 USD) failed to keep the pair in a sideways corridor yesterday. 

After a surge in activity of market participants, trading volumes are gradually decreasing, 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 38.2% Fibonacci level at 9441.98 USD. 

We believe that the continuation of growth is still unlikely and next week the pair mayReturn 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 moving average EMA55, and after re-testing the POC line (174.00 USD), the pair settled above the average price level.We believe that after the high of October 26 in the area of 200.00 USD, the pair will continuereduction. 

At the end of next week, the price of ETH may reach the support level of 61.8% Fibo (168.70 USD), and today a retest is not ruled outresistance at 186.00 USD.We believe that this resistance will limit the recovery of Ether and reversethe price of the reduction. 

In the first half of the coming week, the price may get stuck in a consolidation at the level of the lineControl 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 marked a weekly low around 0.250 USD and began to recover in the ascending purple corridor.When the pair overcame the resistance of 0.280 USD, a strong bullish momentum set a monthly high at 0.315 USD. 

A wave of sell-offs pulled the price to the lower border of the yellow range, which kept the pair in sideways consolidation for quite a long time.Yesterday, the pair returned to the ascending purple channel and this morning tested the middle line of the yellow corridor of 0.300 USD. 

Today, during the day, the pair will continue to move within the purple ascending channel, and on the decline it will testits lower boundary, and the recovery will be limited by the middle line of the corridor of 0.300 USD. 

At the beginning of next week, the market may continue pulling back to the support of 0.280 USD, which will try to stop the decline until next weekend. 

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