Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 01/08/2020

Bulls were able to test target levels, and now, in the near future, we should expect a decline.

BTC / USD

Yesterday morning, while the BTC price was consolidating in a narrow sideways trend, buyers were preparing for a responsible assault on the resistance of 8160.00 USD.In the evening, a strong bullish impulse broke through the psychological level of 8000.00 USD and at the end of the day the pair tested the resistance of 8160.00 USD. 

The bears managed to repel the first attack and by midnight the price retraced below 8000.00 USD.Tonight, the bullish momentum was repeated and BTC price broke through the resistance of 8160.00 USD, setting a January high near the 8460.00 USD mark.  

In the morning, after a slight pullback, the pair settled in a narrow range at 8330.00 USD. 

If you look at the daily chart, you can see that at night the bulls broke through the resistance of the two-hundred-day moving average and are trying to continue the race.However, judging by the Stoch RSI indicator lines, which are off the scale in the overbought zone, we can say that the market is quite overheated. 

If buyers manage to break above the night high today, we believe that the price will growmay end at the resistance area of 8800.00 USD.Pullbackof the updated January high, it will stop in the area of the POC line (7971.01 USD). 

ETH / USD

Yesterday, after a slight pullback from the resistance of 144.00 USD, the bulls resumed their strong onslaught and set a high at 148.00 USD.This morning, the price settled in a narrow corridor around 145.00 USD. 

If the overheated market manages to continue growing, then the maximum is possible in the area of 150.00 USD.Strong excitement among buyers may force the pair to test the 50% Fib level (151.94 USD).However, we believe that the price of ether will not be able to stay in the area of the maximum and will soon roll back below the level of 144.00 USD. 

XRP / USD

Buyers were unable to continue growing the price of XRP yesterday.The pair rolled back during the day and tried to gain a foothold at the level of the daily moving average EMA55.However, it managed to consolidate only this morning in the area of 0.215 USD. 

Today the price may retest the resistance of 0.220 USD, and in the near future it will beexpect a pullback to the support of 0.200 USD. 

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