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 candlelight W1.
Last week, the price of Bitcoin dropped over 14 percent, thus going back to the region of fairly wide support (in the chart marked in green). At the Sunday session, the price dropped quite quickly and then it completely recovered, so that the weekly candle closes exactly on the fibo 61.8% with the lower shadow, which gives a chance to recover at least to 9500-10000 usd this week.
Trading on ETH was much worse, its value dropped by 1/4 during the last week, thus breaking the February bottom. Sellers were stopped at the round level of $ 500 and the base created after breaking the triangle in November last year. I estimate the potential for growth to be lower than in the case of Bitcoin, because ETH is relatively weaker.
With a declining market, also a 20-percent decline on Ripple can not be surprising, especially with the relative weakness compared to Bitcoin. Here, too, we are dealing with the breaking of the last low, which is not a positive sign, but an interesting reaction of demand at the low. Looking more broadly, the bearish layout fits into the wedge, so that a reflection in the area of 0.80 would not be surprising. On the other hand, there is still a possible test scenario for the long-term 0.4-0.5 $ base.
A review of events and analyses 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.