March 28, 2024

Analysis of prices for Bitcoin, Ethereum, Ripple for 11/02/2020

Analysis of prices for Bitcoin, Ethereum, Ripple for 11/02/2020

The Bitcoin price has retreated from its annual high and market participants have reduced trading volumes in anticipation of furthermessages from market makers.

BTC / USDAnalysis of prices for Bitcoin, Ethereum, Ripple for 11/02/2020

Last weekend, the bulls were able to continue to rise in the price of Bitcoin and updated the two-year high at 14100.00 USD. 

Immediately after the high, the pair rolled back tosupport 13600.00 USD and so far buyers are trying to limit the decline, but if pressure from bears increases in the near future, then we can expect a continued rollback to the 61.8% fib level (13346.30 USD). 

The absence of significant support outside the blue ascending channel may lead to an avalanche-like decline into the area of ​​average prices and a breakthrough of the level of 12000.00 USD.  

If we assume that the bulls will be able to keep the pair in the upward channel and continue to grow in the overheated market, then a retest of the level of 14400.00 USD is possible.

ETH / USDAnalysis of prices for Bitcoin, Ethereum, Ripple for 11/02/2020

On Sunday, the price of Ethereum consolidated around the POC line (385.40 USD), and tonight buyers restored the pair to the area of ​​400.00 USD. 

While the growth is not supported by large volumes and on a thin market the price may continue to recover to the level of 420.00 USD. 

If, at the psychologically important boundary (400.00 USD), the bears reverse the price to decline, the pair will break through the support of 380.00 USD and slow down the decline somewhere around 360.00 USD.

XRP / USDAnalysis of prices for Bitcoin, Ethereum, Ripple for 11/02/2020

Over the weekend, the Ripple price rolled back below the POC line (0.242 USD), but yesterday low trading volumes contributed to the consolidation of the pair around the 0.240 USD mark. 

Tonight, small purchases began to move the priceup and slightly restored the price to the moving average area. However, the XRP price cannot yet gain a foothold above the Point Of Control level (0.242 USD). A bullish break above the six-hour EMA55 will help the pair consolidate above the green ascending trend line. 

If the bears keep the pair below the indicatorline Volume Profile (0.242 USD), then at the beginning of the week the price will break through the support of 0.230 USD and roll back to the area of ​​the September minimum – around the 0.220 USD mark.  

* All price values ​​are based on data from the BitStamp exchange

Subscribe to ForkNews on Telegram