The popularity of cryptocurrencies has been unflagging in recent weeks, the entire market is worth over USD 300 billion. In daily analyses, we will look at the most popular currencies and you can use the opportunities that occur by trading on the Polish BitBay exchange.
Today we will look at the most popular currencies in the context of the last weekend and the end of the week on W1 charts.
BTC can not call last week as a successful one, the drop here was two-digit and amounted to 14%, quotes quickly approaching the support line extended on this year’s lows. The loss of these lows can turn into a longer bearish wave with a target at around $ 4,500-5,000. Only a more permanent breakout above 8,000 will allow us to think about increases.
Similar situation at the Ethereum chart, but here the declines were more substantial, ETH lost 20% last week. This was due to, among other things, breaking down from the 3-candle Shark32 formation, which I mentioned in the last weekly review. Currently, the price is responding to the round level of $ 500, which is adjacent to the long-term trend line, one hundred dollars below are this year’s minimums. Noticeable improvement of the bias for bulls will be possible after going over 700 dollars.
Litecoin is under strong pressure from sellers and dropped by 15% last week. There is not much left to test this year’s lows, breaking the bottom could lead to a fall in the region of up to $ 65. Then the harmonic structure would be formed, but there is still strong support around $ 100 that can not be ignored.
A review of events and analyzes from the world of cryptocurrencies is made in cooperation with the Polish BitBay stock exchange offering free accounts for trading on digital currencies. Acquaint yourself with the BitBay offer and start trading on BTC and altcoins now.