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After some decline, the market returned to the area of average prices, but will the bulls have enough strength to continue the recovery?
Yesterday morning, the price of bitcoin consolidated slightly above the 50% fibo level (42447.61 USD). To take a dominant position in the market, the bears tried to push through the support of the fifty percent fibonacci level.
In the afternoon, the price managed to be squeezed to the area of 41780.00 USD, but in the second half of the day the volumes of purchases exceeded the average level and the price returned above the double hourly EMA55. Tonight, trading volumes have significantly decreased and the price of bitcoin is again consolidating in a narrow range.
Over the weekend, the probability of a successful attempt by the bulls to restore the price to the resistance of 46000.00 USD remains.
On the other hand, a strong bearish impulse towards the psychological support of 40000.00 USD will cross out the efforts of the bulls to get the pair out of the local downtrend.
ETH / USD
Yesterday, sellers pressed the price of Ethereum to the level of 3200.00 USD, but he reversed the pair for recovery. Until the end of the day, buyers restored the price of ether above the two-hour EMA55, however, it has not yet been possible to fully return the pair to the previous resistance level of 3400.00 USD.
Over the coming weekend, buyers will resume their attempts to break above the green resistance of 3400.00 USD and test the level of 3800.00 USD.
But in case of a repeated bearish impulse, there is a possibility of a break through the support of 3200.00 USD and a rollback to the psychological level of 3000.00 USD.
Yesterday, the bearish momentum pushed the XRP price back below the EMA55 moving average. Despite this, in the second half of the day the pair returned to the area of average prices and tried to gain a foothold at this level in the lateral consolidation.
As of this morning, the lateral corridor has narrowed significantly and the price has literally “subsided” to the two-hour EMA55. If the market is dominated by optimistic moods, then the price of Ripple will be able to continue to recover above the resistance of 0.800 USD.
Otherwise, by the end of the week we should expect a decline to the orange support of 0.700 USD.
*All price values are based on BitStamp exchange data
#Bitcoin #Ethereum #XRP #price #analysis