Reading time: ~ 2 m
Yesterday the bulls were unable to continue their recovery and the pairs were stuck in the mid-range.
Yesterday in the morning, the bitcoin price tried to hold above the two-hour EMA55. The volume of purchases did not exceed the average level and the bulls could not break above the resistance of 52000.00 USD.
In the evening, trading volumes decreased even more and the price rolled back below the moving average EMA55. As of this morning, the pair is holding in the area of average prices and cannot yet continue to recover to the orange resistance of 53400.00 USD.
We believe that the psychological level of 50,000.00 USD can play the role of support, and after a short-term consolidation in the sideways direction, the pair will continue to rise to the target level of 53400.00 USD.
ETH / USD
Ethereum trading was rather sluggish yesterday morning and price volatility was low. In the afternoon, the ether price slowly reached the level of 4430.00 USD, but in the second half of the day, the growth did not work. Weak bearish momentum brought the pair back to the mid-range, and at the end of the day, the ETH price rolled back just below the green support of 4300.00 USD.
Last night, the two-hour EMA55 managed to limit the decline in the pair, and today we expect a recovery to the area of 4500.00 USD.
However, it should be borne in mind that if the bearish onslaught intensifies, sellers may break through the support of the EMA55 moving average and roll back the pair to the area of 4150.00 USD.
During the day yesterday, buyers failed to break through the level of the two-hour EMA55. By the end of the day, the volume of purchases decreased, and the price of XRP fell back to the support of 0.800 USD.
Until this morning, the pair is holding above the blue level of 0.800 USD, and if buyers increase in volume and repeat their attempt to break above the average price level, then a recovery to the resistance of 0.960 USD is possible.
If it is not possible to break through the EMA55 moving average, then the Ripple price will roll back to the 0.720 USD area.
* All prices are based on BitStamp data
#Analysis #prices #Bitcoin #Ethereum #XRP