Market overview of the main cryptocurrency pairs for the current week (from 05/07/2018 to 05/13/2018)

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

BTC/USD

The past week was eventful and dramatic. This means that last week, after the Bitcoin price set a maximum at 9950.00 USD on May 5, it was unable to overcome the psychological maximum of 10,000.00 USD and rolled back into a correction for the second attempt. This attempt was to culminate in the capture of Hill Ten Thousand this week. However, this week the optimistic expectations were not met.  

On Monday and Tuesday, the dynamics of the BTC/USD pair demonstrated a technical pullback and consolidation, and on May 9, when the price growth weakened and took place on volumes below average, it became clear that the bulls were exhausted! On May 10, after the frankly “far-fetched” maximum of 9,393.00 USD, the Bitcoin rate began to collapse catastrophically. This is the result of another wave of sales of the remains of the bankrupt Mt. Gox. The bankruptcy trustee, at the end of April, withdrew about 16 thousand BTC from cold storage to pay off accounts payable. As a result of the sale of approximately half of this amount, the Bitcoin price set a weekly minimum yesterday at 8,208.00 USD.

However, Bitcoin sales are not the only reason for the fall in the BTC/USD rate. According to insider information, funds in the amount of about 3 billion US dollars collected by the EOS fund in cryptocurrency during the ICO period were not spent on the project. About half of all funds lost value as a result of the February market decline. The withdrawal of crypto into fiat for the EOS project increased the decline in market capitalization. The total capitalization of the cryptocurrency market this week decreased from 455 billion to 367 billion US dollars.

Negative Fundamental events added to the mood in the crypto market - these are investigative actions against the Korean UPBIT exchanger.   It is believed that pressure from the state regulator is associated with unfair competition and organized by another cryptocurrency exchange, Bithumb, which has long been waging a corporate war with Upbit for its place in the sun.

ETH/USD

Ethereum after the weekly high on May 10, at 767..00 USD, which, by the way, was also set at scanty volumes, carried away by sales of the flagship cryptocurrency BTC, entered the stage of a technical rollback. The price was able to “catch” onto the support level of 61.8% fibonacci (688.16 USD) and despite the bears’ attempts to push lower, ether marked a weekly minimum of 638.00 USD, after which it “proudly returned” to the support of 61.8% fibonacci. We have already noted that the fall of the ETH/USD pair was less dynamic than BTC/USD and paused in the average price area indicated by EMA55 on the eight-hour time frame.

XRP/USD

Ripple, unlike Ethereum, on the contrary, did not try to resist for long and, from the level of average prices, fell like a stone into the yellow consolidation area, breaking through two Fibonacci support levels at once during the fall. Now the price of Ripple is consolidating precisely in this yellow range, alternately testing its upper and lower limits for strength. If a second wave of sales begins, the XRP price will very soon reach the 23.6% fib level (0.600 USD)

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