Reading time: ~ 2 m
Consolidation in the area of average prices continues. Will the bulls be able to continue their recovery by the end of the week?
Trading volumes were very low yesterday in the morning. Bitcoin price dropped below the psychological level of 50,000.00 USD, setting the daily low at 48656.00 USD.
This decline has awakened consumer demand and purchase volumes increased to an average level. The BTC price was able to recover to the 2-hour EMA55, however, the resistance of this moving average was not overcome.
As of this morning, the pair has again rolled back below the 50,000.00 USD mark and during the day the pullback may continue to the 61.8% fibo level (47745.25 USD). If the bears are able to push it, then we will expect a decline to the support of 46000.00 USD.
The negative scenario may not work if the bulls pick up the price in the area of 49500.00 USD and try to gain a foothold above the average price level.
ETH / USD
Sellers tried to push through the support of the two-hour EMA55 yesterday. During the day, the Ethereum price pierced the moving average and marked the daily low at 4226.00 USD.
In the evening, the pair recovered above the level of 4400.00 USD, and tonight buyers came close to the level of 4500.00 USD, but could not test it.
In the morning, the ether price returns to the area of average prices, and today we will again hope for the support of the two-hour EMA55. If the bears are unable to push through the EMA55 moving average, then we can count on a recovery above 4500.00 USD.
Buyers were unable to break through the resistance of the 2-hour EMA55 in the morning yesterday, and in the afternoon their attempt was more successful. Towards the night, the XRP price fixed a local maximum at the point of 0.885 USD.
If the pair consolidates above the moving average EMA55, then by the end of the week the recovery will continue to the level of 0.960 USD.
* All prices are based on BitStamp data
#Analysis #prices #Bitcoin #Ethereum #XRP