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At the end of last week, buyers were unable to form a bullish momentum and test the target resistance levels. Will the breakthrough be realized early this week?
Last Saturday, the bitcoin price held in a narrow sideways range with support at 50500.00 USD, and on the night from Saturday to Sunday, the bears pushed through this support and rolled the pair back to the area of average prices.
The two-hour EMA55 passed just below the psychological level of 50,000.00 USD and stopped the pullback. Late in the evening, taking advantage of the support of this moving average, the pair returned to a narrow sideways range, the lower border of which was at the level of 50500.00 USD.
At the end of last week, buyers did not take the chance to break above 52,000.00 USD. We believe that in the near future they will still try to form a bullish impulse to test the resistance of 53,400.00 USD. Otherwise, in the first half of this week, the pair will return to the 61.8% fibo level (47745.25 USD).
ETH / USD
On the morning of last Saturday, the Ethereum price consolidated sideways, using the support of the two-hour EMA55. In the second half of the day, buyers tried to restore the pair to the area of weekly highs, but the trading volumes were below average and they failed to achieve significant growth.
On Sunday, sellers returned the ether price to the psychological support of 4000.00 USD, which turned the pair towards recovery.
The recovery was still going on without the support of large buyers and was stuck in the area of average prices for a long time. As of this morning, the price is slightly below 4100.00 USD. Perhaps, during the day, buyers will try to consolidate their efforts and break through to the target level of 4300.00 USD.
If it fails to form a bullish impulse, the pair will roll back below 4000.00 USD.
Over the weekend, the XRP price tried to continue its recovery, but the 2-hour EMA55 kept the pair from rising to the orange level of 0.960 USD.
Buyers may try to break through the average price level this morning and test the 0.960 USD resistance. However, if the recovery is not supported by large volumes, then the Ripple price should be expected to drop below the support of 0.900 USD.
* All prices are based on BitStamp data
#Analysis #prices #Bitcoin #Ethereum #XRP