Market overview of the main cryptocurrency pairs for the current week (from 03/19/2018 to 03/25/2018)

In today's review, we summarize the results of the past week, remember how fundamental events developed and combine them with the extremes of price charts

BTC/USD

When Bitcoin set its March low at $7325.00 last Sunday, the relative strength indicator (RSI) was bordering on the oversold zone. The price could have gone even lower, but the head of the Bank of England, Mark Carney, spoke in support of the cryptocurrency, repeating the already well-known thesis that cryptocurrency does not yet pose a threat to the global economy due to small capitalization. But for investors, these words from the lips of Mark Carney sounded like an inspiring speech by a leader before storming the fortress. 

The Bitcoin rate on Sunday evening began to intensively recover lost positions and on Monday set a maximum at 8718.00 USD. On Tuesday, the preliminary results of the meeting of heads of state at the G20 summit became known, which added positivity to the news background. The market reacted by continuing to rise in the main cryptocurrency pairs and on Wednesday a weekly high was set at the top of 9188.00 USD. We believe that this was the biggest achievement of the bulls this week. Because the next series of fundamental news dropped Bitcoin to the level of 8265.00 USD. 

In our publications we highlighted three main reasons why the price of Bitcoin on Friday recorded this minimum, these are:

- information hype around the Binance exchange;

- increased censorship pressure on cryptocurrency advertising from outside Snapchat messenger;

- Edward Snowden’s confession about tracking and identification of cryptocurrency wallets by the US National Security Agency. 

After the hurricane of news was “digested and assimilated” by the market, the Bitcoin rate was able to recover to Wednesday’s level, but just like on Wednesday, the price was unable to break through the resistance, which is the moving average EMA55 on the eight-hour time frame. As a result, the last day of the outgoing week will be spent searching for the next support level and trying to consolidate near it. We believe that the price area of ​​8400.00 USD could be a quite suitable level for the BTC/USD pair. If the mood of traders is “very sad”, then the price may again test the upper limit of the purple corridor of the downward trend.. 

ETH/USD

At the beginning of this week, following the general positive trend, Ethereum was able to recover significantly, and on Wednesday recorded a maximum at 590.00 USD. And on Friday, “in company” with all the altcoins, it fell to the minimum level of the week 506.00 USD and then recovered a little. Considering that, according to our calculations, the ether exchange rate on Sunday will again reach Friday’s low, such price fluctuations can easily be taken as an attempt to consolidate in a narrowing sideways range. An update to Friday's low will be considered a continuation of the downtrend and a search for support at the level of 480.00 USD.

XRP/USD

“Didn’t break away from the team” and Ripple. When it was necessary to recover, the ripple obediently grew. Only it set its weekly maximum ahead of schedule, on Monday, and not on Wednesday, like all “normal” altcoins. The whole variety of price dynamics from Tuesday to Sunday can be described, perhaps, in two words: “Ripple was declining.” Currently, Friday's low is 0.607 USD, after Saturday's bounce, has not yet been updated, but we believe that today it will still happen.

Subscribe to our Tradingview profile and never miss another review! https://ru.tradingview.com/u/FilFox/