Analysis of Bitcoin, Ethereum, XRP prices for 08/03/2020

Over the weekend, the price of Bitcoin broke through the level of 12,000.00 USD, but the immediate reaction of the bears did not allow the marketgain a foothold in the zone of the annual maximum.

BTC / USD

On Saturday morning, shoppers were able to overcomeresistance is 50% fib (11394.15 USD), and at night continue to grow to the target level of 12000.00 USD. On Sunday morning – Bitcoin price set a yearly high at 12100.00 USD, after which it collapsed below the fifty percent Fibonacci level. 

The daily minimum point was recorded in the areamark 10560.00 USD, but almost immediately the pair rebounded to the area of ​​11200.00 USD. In the first half of the day, the recovery continued until buyers ran into resistance at the 50% fib (11394.15 USD), which was never overcome. 

In the afternoon – trading volumesbegan to decline, and the pair tried to gain a foothold in the side corridor in the area of ​​average prices. Overnight, the BTC price rolled back below the two-hour EMA55 and as of this morning, buyers cannot yet overcome the resistance of this moving average. 

Currently, the Stoch RSI indicator lines are aton the daily time frame have left the overbought zone and indicate an upcoming continuation of the decline towards the blue trend line (the area of ​​the psychological mark of 10000.00 USD). 

However, if buyers are able to gain a foothold above the 50% fib, then the bullish breakout to the yearly high could be repeated. 

ETH / USD

On Saturday, already in the first half of the day, customersmanaged to test the target level of 360.00 USD. In the evening, the bulls intensified their pressure and accelerated their dynamic growth. The run continued all night until the next morning the price of Ethereum broke through the 400.00 USD mark, ending its rise at a new yearly high of 415.67 USD. 

Over the next half hour, volatilitythe pair rose sharply and the price was expecting a sharp bearish impulse. In the fall, the price of ether broke through the level of average prices and marked a daily minimum at 325.00 USD. 

Despite large sales volumes, the rebound wasquite high, around the 380.00 USD mark, but then trading volumes began to decline and the pair tried to gain a foothold in the sideways corridor, using the support of 360.00 USD. 

Thanks to this support, buyers recovered to the area of ​​380.00 USD, where the price of ETH is currently in a narrow sideways consolidation. 

If buyers manage to continue their recovery today, the pair will be able to return to the level of 400.00 USD. 

If the bears stop the price in the area of ​​390.00 USD, then the pullback may break through the support of 360.00 USD and in the near future the price will return to the psychological mark of 300.00 USD. 

XRP / USD

Last Saturday, buyers were able to continueXRP price growth to the target bullish level. In the evening, the pressure from buyers intensified and they broke through the resistance of 0.280 USD, and by the end of the day the first August maximum was set at 0.298 USD. 

On Sunday morning, the bullish impulse renewed the monthly high to 0.326 USD, which caused a response from the bulls, who tested the level of 0.250 USD with huge sales volumes. 

 A fairly high rebound allowed the pairconsolidate above the level of 0.280 USD and recover to the psychological mark of 0.300 USD, but buyers are not yet able to continue the recovery on small volumes. 

Assuming that the bulls manage to increasevolumes, the pair will recover to the area of ​​the recent maximum of 0.330 USD. However, we believe that the efforts of the bulls' strength have been exhausted, and on small volumes, the pair will roll back to the area of ​​average prices.

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