After a one-month low, the market has recovered slightly, but will buyers be able to continue today?recovery?
BTC / USD
On Saturday morning, the price of Bitcoin held abovethe upper boundary of the downward channel. As the day progressed, bear pressure increased. They broke through the support of the orange trend line and at the end of the day they set a monthly low around 8830.00 USD.
Sellers were unable to keep the BTC price in the zoneJune low and the pair rebounded to the upper border of the orange corridor. On Sunday, the price left the descending channel and recovered to the area of the two-hour EMA55.
However, the level of average prices did not allowbuyers will continue to recover and for now keeps the pair around the 9100.00 USD mark. Today, a repeated re-test of the upper border of the orange corridor is possible.
If the Bitcoin price receives support from the orange trend line, then the recovery will continue above the average price level, to the resistance area of 9300.00 USD.
If the bears return the pair to the downward channel, then further movement will take place within the orange corridor, and in the near future the pair will reach support at 8600.00 USD.
ETH / USD
Last Saturday, sellers intensified their pressure andbroke through the support of 100% fib (222.98 USD). At the end of the day, the pair set the June low at 215.79 USD, and at the Asian session the price rebounded to the area of the 100% Fibonacci level.
On Sunday, on small volumes, buyers continued to recover above this Fibonacci level, but failed to test the two-hour EMA55.
Currently, buyers are trying to hold the pair above the 100% fib (222.98 USD) in order to continue the recovery to resistance at 233.33 USD.
If the bears again push through the strong support in the area of the 100% Fibonacci level, then the fall in the price of Ethereum will continue and may soon reach the psychological level of 200.00 USD.
XRP / USD
On Saturday, under the influence of strong bearish pressure in the market, the price of Ripple tested the support at 0.170 USD and set a monthly low at 0.169 USD.
On Sunday, buyers tried to restorea pair to the area of average prices, but the growth was not supported by large volumes and the price was unable to test the two-hour EMA55, which is located around the 0.180 USD mark.
If buyers manage to increase volumes and continue to grow, then the pair can overcome the resistance of the moving average EMA55 and consolidate above the average price level.
However, we believe that today the pair may return to the monthly low zone and in the near future roll back into the descending purple channel.
* All price values are based on data from the BitStamp exchange