The popularity of cryptocurrencies has been unflagging in recent weeks, the entire market is worth over USD 400 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 the W1 chart.
In the previous week, the BTC exchange rate decreased by 10 percent, although the drops were sometimes bigger and led to a test of 50% of the previous uptrend. Ultimately, however, we managed to close over $ 9,000. On the Monday session, the sellers try to cover the resulting wick, but the support is still valid. In the case of deepening the declines, we can see up to 7,000 / btc, where the lower limit of the forming triangle runs.
The sequence of the five bullish weeks has been interrupted, but on the plus for the bulls is the defence of the weekly minimum at $ 630. The formation of the inside bar is created, it does not yet mean the capitulation of demand but only a break. Only the loss of $ 620 / eth could lead to profits taking and sell off.
Monero’s values are clearly weaker than the other coins on the market, this cryptocurrency, famous for its anonymity, falls for the third week in a row and has lost over 12% in the last 7 days. The levels from April this year have entered the game when on the chart appeared a spool, that is, the zone of USD 200-190. Loss of these levels will put into question the growth impulse and possible fall of price lower than 50 dollars. Alternatively, the demand reaction in this place will encourage to fight for a return of 300 $ / XM.
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.