Bitcoin, Ethereum, XRP price analysis for 08/05/2020

The market was flat yesterday. Will the bulls be able to continue the race today?

BTC / USD

Yesterday the sellers pushed back thethe price of BTC to the level of 11000.00 USD, but the bears could not push through this psychological support.As a result, the bitcoin price spent the entire day in a sideways range at the level of the two-hour EMA55.

It should be noted that yesterday buyers lost the initiative and failed to organize a single attempt to break through the resistance of 50% Fib (11394.15 USD).Perhaps these attempts will resume today, in which case a breakthrough to a new annual high is still relevant.

Strengthening the position of sellers in the fieldeleven thousand– may trigger a pullback to the support of 10500.00 USD.

ETH / USD

Yesterday, the trading volumes on Ethereum decreased significantly.The pair consolidated in a narrowing sideways range around 390.00 USD.The bears could not push through the support of 380.00 USD, and the buyers could not restore the price to the psychological resistance of 400.00 USD.

If today the bulls are able to increase volumes above the average level, then they will overcomeThe Four Hundred Dollar Milestoneand will update the annual maximum around 420.00 USD.

The strengthening of the bears will knock the price out of the sideways consolidation and pull the pair below the average price level to the support of 360.00 USD.

XRP / USD

Yesterday, sellers pushed the XRP price below 0.300 USD, but the pair held above the two-hour EMA55.Thus, since the second half of July, Ripple continues to be in an upward corridor above the level of average prices.

If buyers manage to maintain this dynamics in early August, then by the end of this week the price will updateannual maximum in the area of 0.350 USD.

If the bears manage to push through the two-hour moving average EMA55, the pair will roll back below the support of 0.280 USD.

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