This week the market was unable to gain a foothold above the average price level. What can bulls do this coming weekend?
Yesterday morning, the bitcoin price was in short-term consolidation right at the 61.8% fibo level (47745.25 USD). However, this Fibonacci level could not contain the weak bearish momentum, and the BTC price continued to decline to the support area of 46000.00 USD. Sellers managed to pierce the blue support and mark a local minimum around 45500.00 USD.
As of this morning, the price has recovered above the support level of 46000.00 USD, but the recovery took place on small volumes, without the support of a large buyer. If the volume of purchases fails to increase at the weekend, the pair will continue to move in a negative scenario to the target level of 50% fib (42447.61 USD).
ETH / USD
Yesterday, buyers failed to hold above the average price level and the ETH / USD pair rolled back to the blue support of 3800.00 USD. In the evening, the bears pierced this support level, marking the daily low at 3700.00 USD, but until this morning, the price is still above 3800.00 USD.
Small volumes of purchases will not be able to restore the pair above the level of the two-hour EMA55. To do this, you need to form a sufficiently powerful bullish impulse, then the ether price could return to the psychological level of 4000.00 USD.
If buying activity remains at a low level this weekend, the decline will continue towards the support of 3400.00 USD.
Buyer activity was low yesterday and XRP price was unable to overcome the resistance of the 2-hour EMA55. The moving average pushed the pair back below the support of 0.800 USD. The bears pierced this level and marked the daily low at 0.776 USD.
By the end of the day, the pair hovered in a tight consolidation right at the support of 0.800 USD, and today it again recovered to the area of average prices.
On the weekend, the bulls will make another attempt to gain a foothold above the resistance of the two-hour EMA55. If purchases are not supported by large volumes, the growth will stop around the 0.840 USD mark.
With low trading volumes, there is a high likelihood of a negative scenario, which provides for a rollback to the orange support of 0.700 USD.
* All prices are based on BitStamp data
#Analysis #prices #Bitcoin #Ethereum #XRP