Bitcoin, Ethereum, XRP price analysis on 07/08/2020

The overnight price recovery does not yet inspire much optimism among market participants. Will the bulls be able toto overcome the nearest resistance levels?

BTC / USD

Yesterday morning, purchase volumes decreased, and before the end of the day, the bears pushed the BTC price to the two-hour EMA55. 

Late night average purchase volumescontributed to the price recovery to the resistance area of ​​9300.00 USD. The growth dynamics look quite sluggish, and the pair cannot yet consolidate above this key resistance. Due to the fact that there is no clear signal to continue growth above the 38.2% fib level (9441.98 USD), the price of Bitcoin may roll back below the two-hour EMA55. 

However, if large buyers take part in the auction today, the couple will be able to test the POC line (USD 9490.06).

ETH / USD

Yesterday in the morning the bears triedpush the price of Ethereum to the level of 233.33 USD, however, buyers were able to seize the initiative, and until this morning, returned the pair to the July maximum zone. 

Despite the fact that the recovery looks quite dynamic, this morning the price of ether was unable to consolidate above the POC line (243.34 USD) and rolled back to the area around 240.00 USD. 

If growth can be resumed during the day, the pair will test the resistance at 247.00 USD. Otherwise – ETH price may roll back below the two-hour EMA55. 

XRP / USD

Yesterday buyers were unable to overcomeresistance 0.190 USD. During the day, the XRP price rolled back to support around the 0.183 USD mark, and in the Asian session, the bulls formed a powerful impulse that tested the psychological level of 0.200 USD. 

Despite the fairly large volumes of purchases,This morning the price of Ripple has not yet been able to gain a foothold above the level of 0.200 USD. If the bullish attack is repeated, the pair will test the POC line (0.203 USD). 

If market volumes decrease to yesterday’s level, then the price will return to the support level of 0.190 USD. 

 

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