Over the vast majority of the coins, the bears dominated the week with a strong momentum from the bulls needed to break the trend. Market capitalization remained below the 210 USD mark indicating little activity from the same level last week. Chart patterns indicate a possibility of dropping rather than rebounding for Bitcoin, Ripple and EOS.
The pair has enjoyed a long run of little to no activity with a possibility of dropping lower more likely than rebounding. Prices ranged between $6300 and $6500. This slow inactivity can be attributed to low investor confidence at a time of reduced volatility and increased stability. As seen on one day charts, prices seemed less likely to breach the $6800 resistance.
Prices have been rallying towards a contracting triangular pattern indicating a bearish trend. The 21-day EMA crossed over the 7-day EMA midweek (point A), this also signaling a bearish trajectory. The trend took a rebound however from October 26 before taking a slow increase. This can be attributed to a Chinese court’s declaration that holdings in BTC are legal.
The pair was dominated by a bullish trend with price rallying above both the 7-day and the 21-day moving averages. A slight 0.69% increase was recorded as prices pushed upwards. The upwards consolidation set resistance at the $0.4450 mark and resistance at the $0.4550 mark.
However, the latter resistance level was breached as prices pushed further up on one hour charts
The pair was dominated by a bearish trajectory with the bulls needed to increase momentum if a breakout from the resistance level of $6.3 is to be attained and sustained. Price for the pair oscillated at between the 7 day moving average and the 21 day moving average, indicating that consolidation is ongoing. Price rallied in a contracting triangular pattern with support laying at the $4.7 mark.
On average, price was at the $5.4 mark throughout the week with the charts indicating a negligible percentage drop in the pair’s price. This can be attributed to the prolonged periods of stability and low volatility that pushes investors to withhold their investments.
Periods of consolidation indicate that were the bears to add momentum, prices will rally below the $4.7 support. However, a bullish trend is expected with the $6.3 support level expected to be breached.