Market overview of the main cryptocurrency pairs for the current week (from 11/12/2018 to 11/18/2018)

In today's review, as always, we summarize the results of the outgoing week and analyze the overall price dynamics

BTC/USD

The main event of this week is considered to be the collapse of the crypto market, which began on November 14 with a rapid drop in prices. The peculiarity of such a fall was that it was impossible to identify at least any serious fundamental reason for the fall. Various ideas were expressed. Some associated the fall with a prolonged decrease in volatility and a protracted sideways trend, which, purely technically, should have ended someday and disrupted stop losses like an avalanche. Some believe that the negative impact on the crypto market in the global financial market is to blame. There was even an opinion that the market fell due to the BCH hard fork. All these are just events, against the backdrop of which we observed a decrease in the total capitalization of the crypto market from $210 billion to $182 billion.

As a result of two bullish impulses, the BTC/USD pair updated the annual minimum to a value of 5199.80 USD and the Bitcoin capitalization, for the first time since the beginning of the year, fell below one hundred billion US dollars, amounting to $95 billion.

After a rebound from the annual minimum, the pair consolidated near the support level of 5500.00 USD. On the four-hour chart, you can see how the narrowing of the fluctuation amplitude forms a triangle pattern. Until the end of the current week, the price of BTC will remain within this narrowing range. We believe that the nearest support level, if the lower boundary of the triangle is broken, is at 4920.00 USD. 

XRP/USD

An important event for Ripple this week was the victory in the dispute for second place in terms of capitalization in the CoinMarketCap ranking. Despite the overall market decline, the XRP price found support at 0.400 USD and was able to recover quite easily to the zero fibonacci level of 0.450 USD. By the end of the week, good trading volumes allowed the pair to test the psychological level of “fifty cents per ripple.” As a result, Ripple confidently outperformed Ethereum and is gradually increasing its lead, reaching a capitalization volume of $21 billion.

Judging by Saturday’s activity of market participants in this instrument, growth may continue today and the pair will try to break through the resistance of 0.513 USD. 

ETH/USD

On Wednesday, the fall in the price of Ethereum reached a new global low at 165.01 USD. The repeated bearish impulse was unable to push the price even lower and the pair rebounded into consolidation above the level of 170.00 USD. However, this did not help Ethereum regain second place from Ripple. Quite small trading volumes and unsuccessful attempts to gain a foothold above 175.00 USD leave the level Ethereum's capitalization is at $18 billion, which allows us to expect only third place in the CoinMarketCap list. We believe that until the start of the new week, the pair will remain in a sideways range, around 170.00 USD.

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