After yesterday's surge in volatility, the market's sideways movement resumed
BTC/USD
Yesterday morning, Bitcoin consolidated under the lower border of the purple triangle and after its re-test began to decline within the side corridor. Suddenly, there was a sharp increase in volatility, the price of BTC began to rise sharply and in just two hours reached a maximum of 6756.00 USD (on the Bitstamp exchange). On other exchanges the maximum reached even higher values, for example on:
- Coinbase - 6810.00 USD;
- Binance - 7680.00 USDT;
- Bitfinex - 7788.00 USD.
The sharp surge is associated with the dissemination of untrue information about the exclusion of USDT from the listing of the Binance exchange. The excitement and confusion around the value of stablecoins caused panic among market participants who tried to get rid of the coins losing value by buying Bitcoin and other altcoins, which provoked a sharp rise in prices.
Within three to four hours, market volatility returned to normal and the sideways movement of the market continued after the price rolled back from the maximum values to key support levels. On the Bitstamp exchange, the price rolled back to the level of 6427.16 USD and now continues to consolidate right on this line of the April Fool’s low.
Despite the rush, we believe that our general forecast for market dynamics still remains relevant. The BTC/USD pair has recovered to the upper border of the purple triangle and in the near future we are expected to fall to the support level of 6090.00 USD.
ETH/USD
A surge in volatility was observed on almost all altcoins, but had different momentum. Ethereum, for example, jumped in price to the level of 220.00 USD. After the price rolled back to the psychological support level of 200.00 USD, the pair continued to move sideways. The target reduction levels remain in effect for now. We believe that the new bottom for Ether will be determined in the area of 140.00 USD
XRP/USD
During the bullish impulse, Ripple broke through the zero fibonacci level of 0.450 USD and set the maximum at 0.465 USD. When the price rolled back to the support of 0.430 USD, the amplitude of price fluctuations began to fade and now Ripple continues to move sideways in the corridor $0.430 - $0.450 USD.. If in the future there are no force majeure events related to stable coins in the market, then the general dynamics of the XRP/USD pair will continue and the decline will resume in the near future.
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* All price values are based on data from the BitStamp exchange
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