The price consolidation, after the rate fell on Monday, lasted for the whole day. The fall will continue today
BTC/USD
The sharp price decline on Monday was expected to continue on Tuesday, after a short-term consolidation. But the consolidation of the BTC/USD pair continued throughout the day, and as a result, the price was able to consolidate above the support level of 6800.00 USD. This is the baseline of Bollinger Bands. We believe that today a daily high will be established in this area and the price will resume falling.
On the way to updating the April minimum (6,427.00 USD), there is another support in the price area of 6,500.00 USD. It will be able to dissipate the sales momentum laterally. Previously, we have already observed an increase in purchase volumes around this level. This time the situation may repeat itself.
ETH/USD
If the BTC/USD pair in a narrow consolidation range was only able to consolidate above the support level of 6800.00 USD, then the ETH/USD pair yesterday significantly recovered and tested key resistance level 420.00 USD. Thus, the price broke through the upper limit of the downward trend, the limits of which it has not left since February 27, 2018. Then it returned to the downtrend corridor only a week later.
We believe that this time the price will test the upper limit of this corridor today, but it is unlikely to break through it the first time. At the level of 400.00 USD, double resistance is visible at the point of intersection of the moving average EMA55 and the upper border of the purple corridor. Only after breaking it, the price will be able to consolidate near the support level of 380.00 USD. This is the front line of tasks for Ethereum in the near future, before the end of the work week. Tomorrow we will analyze the stages of forecast execution.
XRP/USD
Ripple was less dynamic than Ethereum yesterday. The consolidation of the ETH/USD pair was more reminiscent of the dynamics of BTC/USD. In a narrow range, the price fluctuated around the base line of the Bollinger Bands and in the afternoon it consolidated just above this average BB (Bollinger Band).
Today we expect a retest of the lower Bollinger Band, in the area of 0.477 USD, unless some positive fundamental news on Bitcoin triggers a bearish impulse. Therefore, we monitor the progress of events on our website.
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