Yesterday morning, buyers managed to renew the weekly high to 48505.00 USD, after which they lost the initiative. Sellers were able to push the bitcoin price below the 61.8% fibo level (47745.68 USD), and by the end of the day, the pair tested the two-hour moving average EMA55.
The sales volumes did not exceed the average level, therefore, over the past night, buyers easily bought back the 61.8% Fibonacci level, but they do not have enough strength to continue the recovery to the weekly high zone. If the volume of purchases increases, then a re-test of the 49600.00 USD mark is possible.
In case of an intensification of the bearish onslaught, it will not be possible to avoid the breakout of the two-hour EMA55 and the price of BTC will roll back to the support of 46000.00 USD.
ETH / USD
Yesterday, early in the morning, the Ethereum price renewed its weekly high at 3677.00 USD, but even before lunchtime, the bears slowed down the growth rate and began to put pressure. As a result, sellers were able to push back the ETH price below the weak support of 3530.00 USD, setting a daily low around 3485.00 USD.
Tonight the pair returned above the support of 3530.00 USD, but if the sellers’ pressure intensifies, the ether price will drop to the two-hour EMA55. We look forward to support in the mid-price area and a recovery to a weekly high.
Trading volumes were pretty low yesterday. The buyers were unable to maintain the advantage and lost the initiative. As a result, XRP price rolled back below the 2-hour EMA55, marking the daily low at 1.085 USD.
Today, a slow decline in the pair may continue to support 1.050 USD.
If buyers form a bullish impulse, then the price will recover to the zone of the weekly high and will continue to rise to the area of 1,200 USD until the end of the week.
* All prices are based on BitStamp data
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