Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 01/31/2020

Following Bitcoin, the price of Ethereum also updated the annual maximum. Will the updates continue today?

BTC / USD

Yesterdayin the morning, from the level of 9200.00 USD, buyers began to restore the price of BTC and in the evening came close to the 38.2% fib level (9441.98 USD). At the end of the day, the bulls managed to form an impulse that broke through the resistance of the lower border of the orange area. 

At the end of the day we expected a re-test of the topborder at 9630.00 USD, but at night, in the area of ​​9570.00 USD, the bulls’ strength dried up, volumes decreased, and in the morning the pair rolled back below the 38.2% fib level (9441.98 USD). 

Today the rollback may continue to the average levelprices If the hourly EMA55 can keep the Bitcoin price from falling, then buyers will probably try to break through the orange resistance area again. 

If the bears increase pressure at the level of the moving average EMA55, then the price may drop to the support of 9200.00 USD.   

ETH / USD

Yesterday, the price of Ethereum consolidated for a long time atlevel of 176.00 USD, but in the evening buyers were able to organize a fairly powerful bullish impulse, supported by volumes three times higher than the average level. 

As a result, the price of ether was able to testresistance 186.00 USD and fix a new annual high at 186.40 USD. In the morning, the pair rolled back a little from the maximum zone, but we believe that the rollback will continue in the first half of the day. 

The price may be supported by the hourly EMA55 orstill the same key level of 176.00 USD, which for a long time did not allow the maximum to be updated. If the bulls are able to form another strong impulse in this area, the pair will test the 78.6% fib level (192.57 USD). 

XRP / USD

Yesterday, buyers managed to fully restoreXRP price to the level of 0.240 USD. At the end of the day, the bulls made a hesitant attempt to break into the 0.252 USD area, but it failed around the 0.245 USD mark. The bears repulsed the confused offensive of buyers and returned the Ripple price to the support of 0.240 USD. 

We assume that level is 0.240 USD will not keep the pair in consolidation and the price will sink to the hourly EMA55. This moving average can stop the decline and contribute to the consolidation of the pair in a sideways range. 

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