Yesterday in the first half of the day, prices continued their local downtrend, marking new lows. The market has retreated to the support area, which could become the bottom of a downtrend.
BTC/USD
Yesterday, double support at the level of 58000.00 USD could not contain the powerful bearish impulse. During the day, the price of Bitcoin broke through the 78.6% fibo level (55287.64 USD) and set a new November low in the orange support area of 53400.00 USD. Sellers were unable to test this level, stopping at 53524.03 USD.
In the second half of the day, sales volumes decreased and the price of BTC hovered in sideways consolidation above the expected bottom of the local downtrend. A weak price recovery is taking place on small volumes and today may continue to the 78.6% fibonacci level.
Over the weekend, bears may try to close the gestalt in the form of a re-test of the level of 53400.00 USD. In this case, the monthly minimum may shift to the area of 52800.00 USD, and next week we expect intensive growth to the area of the psychological mark of 60000.00 USD.
ETH/USD
Yesterday morning, sellers broke through the weak support of 4400.00 USD and rolled back the ETH/USD pair below the average price level. After this, sales volumes began to grow like a snowball, sweeping away the powerful support of 4300.00 USD and the psychological level of 4000.00 USD. The monthly minimum is set at 3917.00 USD.
In the afternoon, the price rebounded to the area of 4100.00 USD and this morning is trying to continue its recovery to the area of average prices. If trading volumes are below average this weekend, the pair will consolidate in a sideways range with support at the POC line.
XRP/USD
Yesterday morning, buyers were unable to restore the pair to the area of average prices. The beginning of pressure from the bears dropped the price of XRP below the psychological level of 1.00 USD. Sellers broke through the orange support at 0.960 USD and marked a low at 0.910 USD.
In the second half of the day, the price tried to recover, but the level of 0.960 USD now acts as a fairly strong resistance that keeps the pair in a sideways corridor. If this resistance can be overcome, then buyers will restore the price to the psychological level of 1.00 USD.
*All price values are based on data from the BitStamp exchange
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