Tonight, the bearish impulse returned prices from the area of monthly highs to the area of average prices. Will support cope with the bearish onslaught?
BTC/USD
Yesterday morning the price of Bitcoin found support at the level of 38,000.00 USD. During the day, sellers tried to break through this support several times, but in the evening the volume of purchases increased and the bulls were able to update the monthly high around the level of 40580.00 USD.
The bears responded with harsh pressure and at night returned the BTC price to the 38.2% fib level (37150.24 USD). In the morning, the bearish pressure weakened, but the price continued to decline towards the hourly moving average EMA55. The level of average prices has stopped the decline, and perhaps buyers will try to return the pair to the July maximum.
However, it should be taken into account that on the daily chart the Stoch RSI indicator lines are in the overbought zone around the 100 mark. If the bulls do not have enough strength to drag the price to the 50% fib (42447.96 USD), then the bears will break through the lilac support at 36000.00 USD and roll the price back to the upper border of the blue one corridor.
ETH/USD
Yesterday, buyers took advantage of the support in the area of 2300.00 USD and tried to update the July high. Late in the evening, they managed to break the record from July 7, setting a new monthly high around 2435.00 USD.
Before the end of the day, the price of ether could not stay in the maximum zone and rolled back to the support of 2200.00 USD. In the morning, sales volumes decreased, but the price of ETH continued to decline towards the two-hour EMA55. The moving average has slowed its decline and is keeping the pair in short-term consolidation.
If buyers buy off the average price level, then prices will be restored. On the other hand, there is a high probability that the bearish onslaught will intensify and the pair will return to the psychological level of 2000.00 USD.
XRP/USD
Yesterday, during the day, the bulls tried to break through to the orange level of 0.700 USD, but the purchase volumes were at an average level, and in the end they managed to mark a local maximum only around the 0.680 USD mark.
At the end of the day, sellers seized the initiative and returned the pair to the average price area. As of this morning, the pair is consolidating in a fairly narrow range on the POC line (0.624 USD).
If buyers are persistent, then a re-test of the target level of 0.700 USD and a new July high is quite possible..
*All price values are based on data from the BitStamp exchange
Subscribe to ForkNews in Telegram
You May Also Like
Analysis of Stellar Lumen, Bitcoin Cash, EOS, and Litecoin as of 12/05/2018
The decline in altcoins is happening so far without any significant correction. Let's try to determine what level will be able to turn altcoins into a correction
Price analysis of Bitcoin, Ethereum, XRP as of 02/13/2021
Will the cryptocurrency flagship be able to break through the psychological level of 50,000.00 USD by the end of the week?
