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At the beginning of the new year, the market is kept in the area of average prices. Will the bulls be able to start an intensive price recovery in the near future?
On the last day of the outgoing year, the bearish onslaught was so strong that it was able to push the bitcoin price out of the area of average prices to the support of 46,000.00 USD. The price pierced the support and set a local minimum around 45655.00 USD.
On New Year’s Eve, the pair recovered and on January 1 returned to the two-hour EMA55. Till the end of the week the trading volumes decreased and the price lazily consolidated in the area of average prices. The descending moving average was the upper border of the corridor, but for the entire time the pair has not yet dropped below the level of 46660.00 USD.
Trading volumes are still below average this morning and the price continues to consolidate in a fairly narrow range. In the near future, there is a likelihood of a bullish break above the 61.8% fibo level (47745.25 USD).
If buyers are unable to overcome the resistance of the average price level, then the pair will return to the zone of December lows.
ETH / USD
On December 31, the Ethereum price rolled back to the weekly low zone, and on the night of January 1, the pair was able to recover to the two-hour EMA55.
On Sunday, January 2, the ether price was able to break through the moving average and consolidate in a narrow consolidation in the support area of 3800.00 USD. If today buyers are able to take advantage of the support of the average price level, they will try to bring the pair back to the psychological level of 4000.00 USD.
Otherwise, if the price falls below the two-hour EMA55, then our negative scenario for the pair’s decline to support at 3400.00 USD may come true.
At the end of December, sellers pushed the XRP price back to the support of 0.800 USD, but in the new year, buyers were able to return the pair above the two-hour EMA55. However, the pair failed to consolidate above the moving average and sank to the 0.840 USD mark.
Today, the decline may continue to the POC line (0.828 USD). If buyers manage to stop the pullback in the Point Of Control area, then the negative scenario of a decline in the Ripple price can be avoided. We would like to remind that in case of the prevalence of pessimistic sentiments on the market, we predicted a decline in the pair below the support of 0.800 USD.
* All prices are based on BitStamp data
#Analysis #prices #Bitcoin #Ethereum #XRP