At the end of last week, buyers tried to get out of the downward channel, but so far they have not been able to gain a foothold above the average price level. Can the bulls try again this week?
BTC/USD
On Saturday, the pair recovered to the area of average prices, and on Sunday, the price of Bitcoin tested the orange dotted line of the local downtrend. On small volumes, buyers were unable to overcome this resistance, and the price returned to the monthly low zone.
There was no strong pressure from the bears, and they were unable to test the 23.6% fib level (30595.44 USD). Over the past night, the pair recovered to the two-hour EMA55 area, trying to break through the orange downtrend line. But trading volumes are still below average and small purchases do not allow the BTC price to exit the downward channel.
If the bulls form a bullish impulse, they will overcome the resistance of the trend line and consolidate in the Point Of Control area (32794.10 USD) of the Volume Profile indicator.
ETH/USD
Last Saturday, the price of Ethereum consolidated in the area of average prices, and on Sunday, buyers formed a fairly strong bullish impulse and tried to test the psychological mark of 2000.00 USD. However, the bearish response brought the price of ether below the two-hour EMA55, and over the past night sellers returned the pair to the support area of 1860.00 USD on small volumes.
On the daily chart, the Stoch RSI indicator lines are in the oversold zone, near the zero mark. We still expect a bullish impulse that will restore the pair above the psychological level of 2000.00 USD.
On the other hand, indicator lines can leave the oversold zone as a result of consolidation of the pair in the side blue corridor.
XRP/USD
On Saturday, the XRP price tried to recover, and on Sunday morning, buyers managed to test the two-hour moving average EMA55. Buyers were unable to overcome this resistance near the 0.600 USD mark, and during the day the pair rolled back a little.
Now the price is trying to gain a foothold in the weak support area of 0.580 USD. If this works, the recovery will resume and the pair will reach the POC line (0.621 USD).
*All price values are based on data from the BitStamp exchange
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