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Bitcoin price recovered above 50,000.00 USD yesterday. Will the bulls be able to continue their recovery and break the local down trend?
Yesterday morning, the 2-hour EMA55 stopped the BTC price pullback and acted as support for the recovery. At the end of the day, the bulls broke above the psychological level of 50,000.00 USD, setting a weekly high around the level of 51,380.00 USD. In the morning, the maximum was renewed above the level of 51500.00 USD.
On the daily time frame, Stoch RSI indicator lines are going off scale in the overbought zone. If the bulls intensify the pressure today, the price will test the reversal level of 53400.00 USD.
Around the same area, the daily EMA55 is taking place, which is able to stop the growth and keep the bitcoin price in a local downtrend.
ETH / USD
Yesterday morning, sellers managed to break through the bulls’ defense at the 2-hour EMA55 level and mark the daily low around 3900.00 USD. However, in the afternoon the bulls were able to restore the pair to the previous level, and by the end of the day broke through to the two-week high of 4155.00 USD.
Over the past night, the price retraced slightly, but buyers are ready to continue the recovery. We believe that in the event of another bullish impulse, the ether price can test the resistance of 4300.00 USD.
Yesterday, XRP price traded sideways between 0.960 USD support and 1.00 USD resistance. During the day, the pair tested the lower boundary of the indicated corridor, and at the end of the day it pierced the psychological level of 1.00 USD, setting a maximum around 1.016 USD.
As of this morning, the pair continues to struggle in a sideways range, and in the near future will test the support of 0.960 USD. If the lower boundary of the sideways is broken, the pair will roll back to the area of the two-hour EMA55.
* All prices are based on BitStamp data
#Analysis #prices #Bitcoin #Ethereum #XRP