Bitcoin Took a Hit Last Week But These Cryptos Fared Worse

Bitcoin hogged the limelight in the cryptocurrency markets last week as it fell to one-month lows below $8,000.

While the world's largest cryptocurrency by market capitalization suffered a 3.6 percent week-on-week drop in prices, it still outclassed other major names like bitcoin cash and EOS, which both reported double-digit losses.

Zilliqa dropped close to 20 percent in the week ended May 18, having rallied 13.8 percent in the previous week.

A break below the May 18 low of 0.00001608 BTC would establish a lower highs and lower lows pattern and allow a deeper drop to 0.00001430 BTC. The 10-day moving average is trending south in favor of the bears.

EOS fell to three-week lows below $12 last week, according to Bitfinex, indicating the excitement surrounding the coming mainnet launch is no longer boosting its price.

On the downside, acceptance below the rising trendline would signal a bearish trend reversal - i.e. the rally from the March 18 low of $3.87 has ended.

Bitcoin cash ran into offers around $1,500 on May 13/14 and fell to a low of $1,128 on Bitfinex on Friday - the lowest level since April 22.

Subsequently, the weekend's rally in bitcoin prices seems to have had a positive impact and BCH did regain bid tone, but it failed to cut through the key moving average, as seen in the chart below.

As a result, the recent low of $1,128 could again be put to test.

A daily close below that level would mean the rally from the April low of $600 has ended and could yield a drop to levels below the $1,000 mark.