Yesterday's decline updated the annual minimum. After a short correction, the decline will continue, but not as dynamically.
BTC/USD
Yesterday, trading volumes were much higher than average and the decline in the price of BTC was quite intense. Currently, the pair has broken through the zero fibonacci level (3474.73 USD) and has stopped declining in a narrow consolidation in the area of 3330.00 USD.
Will there be any significant correction this time? There is a certain probability that the price will recover to the zero fibonacci level resistance. But, as we are often accustomed to seeing, bearish pressure does not weaken for long. The correction is usually quite modest. We believe that while the target level of 3230.00 USD has not been reached, there is a high probability that after a short-term correction the decline to this level will continue.
However, in our case, a psychological factor may play a certain role. After all, the annual minimum has updated to the round mark of 3300.00 USD. For some time it can serve as a kind of “addiction level”, as it was at the key mark of 6000.00 USD, and then at four thousand.
XRP/USD
During yesterday's decline, Ripple broke through the target level of 0.300 USD and set a low at 0.289 USD. We believe that today the XRP price can recover to the resistance of 0.300 USD, consolidating below this level. On the eight-hour chart, the stochastic has entered deep into the oversold zone, but on the daily chart there is still potential for a decline.
You can see how in September of this year, the price of Ripple consolidated around 0.280 USD for about two weeks. We believe that this time the pair will drop to this level for consolidation.
ETH/USD
Yesterday Ethereum broke through the zero Fibonacci level (98.11 USD) while declining and continued to fall until it entered the pink corridor of the downtrend. The fall stopped after fixing the minimum at 81.19 USD. In the correction, the ether is trying to recover, but it is not yet possible to break through the upper border of the pink corridor. Now trading volumes have fallen and the price will continue to decline in this corridor, towards the support of 77.00 USD.
* All price values are based on data from the BitStamp exchange
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