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Until the end of the week, the bulls will try to continue the recovery, but it will be limited by the nearest resistance levels.
Yesterday, the volume of purchases did not exceed the average level. During the day, the price of bitcoin remained in a sideways range with support around 50500.00 USD. In the evening, there was a lonely attempt to test the level of 52000.00 USD, but the growth broke off at the level of 51865.00 USD.
Today, an attempt to break through to the resistance area of 53400.00 USD may be repeated, but given the strong overbought market, one should assume that this level will become a reversal level. Before the end of the week, we expect the pair to return to the average price area.
ETH / USD
Buyers were unable to form a bullish momentum yesterday. All day, the Ethereum price was under weak but constant bearish pressure. As a result, the pair returned to the area of the two-hour EMA55.
We believe that in the area of average prices, buyers will be able to seize the initiative and they will try to restore the ether price to the zone of the weekly high.
If on the weekend the trading volumes are traditionally low, then the bulls will not be able to break through to the target level of 4300.00 USD. The recovery may complete in the area of the level of 4200.00 USD.
Yesterday morning, XRP price tested the lower boundary of the sideways range of 0.960 USD, and in the afternoon the bears broke this orange support and pulled the price back into the 2-hour EMA55 area. The moving average was able to slow down the decline, but tonight the pullback continued to the support of 0.900 USD.
In the morning, with decreasing volumes, the price bounced to the area of the 0.920 USD mark. It is possible that the Ripple price will try to continue its recovery over the weekend, but most likely the 2-hour EMA55 will hold back the growth towards the orange level of 0.960 USD.
* All prices are based on BitStamp data
#Analysis #prices #Bitcoin #Ethereum #XRP