Yesterday morning the bearish pressure intensified and the correction continued towards the support of 58000.00 USD. The daily low was set at 58100.00 USD.
In the afternoon, sales volumes declined and the bitcoin price consolidated sideways. Until this morning, the bears did not manage to test the support of 58000.00 USD, and the activity of buyers was sharply declining at the level of 59500.00 USD. This sideways trend may continue today.
If the bears manage to push through the strong support of 58000.00 USD, then the pair may drop to the level of 56740.00 USD. If the BTC price bounces off the 58000.00 USD level, then a recovery to the four-hour EMA55 is possible.
ETH / USD
Yesterday’s decline in the price of Bitcoin pulled the entire cryptocurrency market down. In the first half of the day, its capitalization fell from $ 2.6 trillion to $ 2.2 trillion. All liquid altcoins were in the red, breaking through the nearest support levels.
Ethereum price rolled back below the psychological level of 4000.00 USD, marking the daily low at 3935.00 USD. The bears pushed the price even lower tonight, to the level of 3890.00 USD.
In the morning, the pair recovered above the psychological level of 4000.00 USD, but there is no volume support. If the ether price fails to gain a foothold above four thousand, then there is a high probability that the correction will continue to a stronger support of 3800.00 USD.
Yesterday’s bearish momentum pierced the psychological 1.00 USD level and marked the daily low of the XRP price at USD 0.960.
During the day, the price bounced above one dollar and tried to gain a foothold in a sideways range, using psychological support. However, sellers have managed to push through this support level from time to time.
If the bears intensify the onslaught, the price will retrace to the 0.900 USD area.
* All prices are based on BitStamp data
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