Market overview of the main cryptocurrency pairs for the current week (from 10/29/2018 to 11/04/2018)

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

BTC/USD

Since October 15, near the resistance level of 6427.16 USD, for two weeks, one could observe the Bitcoin price moving in a narrow sideways range. Early this week, on October 29, a sharp bearish impulse brought the BTC price out of a narrow range and the pair settled in the green corridor, which is an area of ​​support. Until the middle of the week, the BTC price tried to break through the lower border of the green area, but having established a minimum in the area of ​​6200.00 USD, the price recovered, first to the upper border of the support area, and at the end of this trading week, the pair consolidated above its upper border. 

In general, the market is under bearish pressure. During the recovery, the price was unable to return to the previous level of 6427.16 USD, but only tested the moving average passing around 6380.00 USD. Yesterday, the pair was kept from declining by the upper border of the green corridor, acting as a support level. Today, a repeated re-test of the average price level of 6380.00 USD and a return to the green support area is possible. Low trading volumes will continue to contribute to a sideways trend. 

Unlike the BTC/USD pair, the price of Ethereum, after a bearish impulse that knocked the pair out of a narrow range, was able to fully recover to the previous level, to the mark 200.00 USD. The reduced market activity contributed to the fact that the price of ETH at the end of the current week is consolidating in the same corridor as two weeks later. Thus, the two-week consolidation in a narrow corridor continues this week, after a small surge in volatility this Monday. 

XRP/USD

At the beginning of the week, a surge in market volatility slightly pushed the Ripple price away from the zero fibonacci level of 0.450 USD, near which the pair consolidated for two weeks in a row. Support for Ripple was the level of 0.430 USD, which returned the pair to its previous level, in a narrow corridor. Until the start of the new week, the XRP/USD pair will be in this corridor - at the level of average prices, which is facilitated by low market activity and extremely low trading volumes.

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