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At the end of last week the trading volumes did not exceed the average level and the market continued to consolidate in the area of average prices. Is there any hope for a bullish breakout?
BTC/USD
Over the weekend, the bitcoin price consolidated in a wide sideways range between support at 46000.00 USD and resistance at 61.8% fibo (47745.25 USD).
On Sunday, the bulls tried to leave the side range and were able to pierce its upper border several times, however, sellers kept the BTC price below the two-hour EMA55.
The pair returned to the lower border of the range tonight, but has not yet tested the support of 46000.00 USD. We believe that at the beginning of this week the bulls will not stop trying to break through the resistance at the 61.8% fibo level (47745.25 USD). If the volume of purchases can be increased significantly, then the price of bitcoin will gain a foothold above fifty thousand dollars.
If the level of average prices continues to keep the pair in a local down trend, then this week the bears will roll back the Bitcoin price to the 50% fibo support (42447.61 USD).
ETH / USD
Over the weekend, the Ethereum price mostly held above the two-hour EMA55, but due to low trading activity, the pair was unable to gain a foothold above the psychological level of 4000.00 USD.
Buyers will continue to test the orange resistance at $ 4,000 today. If the bulls succeed, the ether price will recover to the green level of 4300.00 USD.
If the bears manage to push the price below the blue support of 3800.00 USD, then sellers will test the level of 3400.00 USD this week.
XRP/USD
On Saturday, XRP broke above the 2-hour EMA55 and stayed above this moving average in a tight consolidation all weekend.
Buyers formed a rather strong bullish momentum tonight, which allowed the pair to test the level of 0.900 USD. On the daily time frame, the Stoch RSI indicator lines entered the overbought zone, but if the bulls manage to continue to rise, the pair will test the resistance of 0.960 USD.
On the other hand, in the near future the indicator lines should leave the overbought zone, therefore, we expect a return below the blue support of 0.800 USD.
* All prices are based on BitStamp data
#Analysis #prices #Bitcoin #Ethereum #XRP
