Analysis of Bitcoin, Ethereum, XRP prices for 08/07/2020

Yesterday, the market continued to form ascending lows, but it has not yet been possible to update monthly highs.

BTC / USD

Strong selling pressure yesterdaywas absent, and the price found weak support at the level of 11600.00 USD. The pair managed to continue its recovery, but there was no particular activity among buyers. Everything that was achieved by the end of the day – this is to test the level of 11900.00 USD. 

Overnight, sellers retraced the day's recovery, and the price of Bitcoin fell back to almost the same weak support, but rising lows can be seen on the two-hour time frame. 

Forecast for updating the annual maximum inarea of ​​12300.00 USD still remains valid. If we manage to form a powerful bullish impulse, the pair will be able to cover the August 2019 high, which was set at 12325.00 USD. 

ETH / USD

Ethereum trading volumes yesterday were below average and buyers failed to overcome the psychological barrier at around 400.00 USD. 

At the end of the day, the two-hour EMA55 kept the price fromweak bearish impulse. It looks like attempts to break through the resistance of 400.00 USD will continue today again and if buyers are successful, they will update the yearly maximum around the 420.00 USD mark. 

If sellers push through the average price level, then the nearest support may be the level of 360.00 USD. 

XRP / USD

Yesterday, in the morning, the price of Ripplewas balancing at around 0.300 USD. In the second half – buyers tried to continue the recovery, but they failed to gain a foothold above the level of 0.310 USD. 

We still hope for your supporttwo-hour EMA55 and we are counting on updating the August maximum. If buyers are able to form a bullish impulse, it will be possible to set a new annual high in the area of ​​0.350 USD. 

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