Yesterday in the morning, buyers were able to hold the initiative and the bitcoin price recovered to the 50% fibo level (42447.96 USD). During the day, the volume of purchases was gradually decreasing, so the pair was unable to overcome this resistance level.
In the evening, sellers seized the initiative and by the end of the day the pair returned to the weekly low zone. The pullback stopped tonight and the bulls repeated their attempt to break above the 50% Fibonacci level (42447.96 USD). The volume of purchases slightly above the average level ensured a 50% Fibo breakout and a recovery to the area of 43200.00 USD.
If the bulls manage to continue to rise above the $ 45,000 – $ 46,000 resistance area, the downward wave structure will be broken. In this case, our forecast for a price decline to the 38000.00 USD area will lose its relevance.
If today sellers manage to stop the bull run and reverse the pair into a pullback, then by the end of the month we will get a new September low around the 38,000.00 USD mark.
ETH / USD
Yesterday morning, the price of Ethereum recovered to the 3-hour EMA55 area, but in the afternoon, sellers returned the pair to support at 2800.00 USD.
Tonight, buyers tried to repeat the breakout of the EMA55 moving average and came close to the psychological level of 3000.00 USD. If they are able to support the rally above the 3200.00 USD resistance, then the bearish target level of 2500.00 USD will not be reached anytime soon.
If the bulls fail to continue their growth, then the decline to a new monthly minimum of 2500.00 USD will remain relevant.
The XRP price recovered in the mid-range yesterday morning. In the evening, buyers formed a rather strong bullish momentum and tried to test the psychological level of 1.00 USD. However, after the daily high at 0.994 USD, the price began to fall rapidly until it rolled back below the three-hour EMA55.
At night in the support area of 0.910 USD, the pullback stopped and until this morning the pair was able to recover above the level of average prices. If the bulls continue to rise above one dollar, then the re-test of support for 0.800 USD is postponed indefinitely.
If the bears intensify the onslaught today, then the decline to a new monthly minimum in the support area of 0.800 USD will look quite realistic.
* All prices are based on BitStamp data
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