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The struggle at the level of average prices continues. Will the bulls be able to pull the market out of the local down trend?
Yesterday, the bitcoin price moved mainly in a side channel, the upper border of which was the 61.8% fibo level (47745.25 USD). During the day, the price pierced this resistance, but managed to gain a foothold above it only tonight. Buyers were able to form a weak bullish momentum that faded around the 2-hour EMA55.
For more than a month now, the bulls have not been able to truly gain a foothold above this level of average prices. Each time, the bears control weak breakout attempts and pull the BTC price back below the EMA55 moving average. It seemed that at the end of November the pair was able to securely gain a foothold above the average, but at the beginning of this month, a strong bearish momentum pushed the price back into the September lows zone, to the support of 50% fibo (42447.61 USD).
If this time the bulls can gain a foothold above the two-hour EMA55 and continue the recovery to the level of 53,400.00 USD, then in the near future it will be possible to avoid re-testing the 50% Fibonacci level.
If the level of average prices again works out for a reversal of the pair, then by the end of this week the BTC price will return to the support of 50% fibo (42447.61 USD).
ETH / USD
Over the past day, the Ethereum price managed to gain a foothold above the blue level of 3800.00 USD, but still has not been able to recover above the level of the two-hour EMA55. Weak recovery not supported by large volumes.
If the bulls fail to break above the average price level, then until the end of this week, the ether price will continue to decline towards the support of 3400.00 USD.
Yesterday the XRP price was trying to gain a foothold above the 0.800 USD resistance. By the end of the day, through the joint efforts of market participants, the price pierced the level of the two-hour EMA55, which keeps the pair in a local downtrend for a month.
If the Ripple price recovers above the average price level with the support of a large buyer, then an increase to the resistance of 0.900 USD is possible.
If buyers fail to gain a foothold above the moving average EMA55, the monthly down trend will continue below the support of 0.700 USD.
* All prices are based on BitStamp data
#Analysis #prices #Bitcoin #Ethereum #XRP