June 19, 2024

Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 02/02/2019

Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 02/02/2019

After some pullback, buyers will be able to continue to recover prices to the target bullish levels.

BTC / USDAnalysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 02/02/2019

Over the weekend, the bulls failed to overcome the resistance of the eight-hour EMA55.Buyers lost the initiative and the pair did not hold in consolidation at the level of average prices. 

On Saturday, trading volumes decreased and the price of BTC rolled back to the support of 7400.00 USD, and on Sunday it sank even below the support level. 

Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 02/02/2019

Yesterday, buyers tried to correct the situation several times and recovered above the level of 7400.00 USD, but failed to gain a foothold above it on small volumes. 

Today, the price of Bitcoin may sink to the support area of 7166.00 USD, and if the selling pressure increases, then a pullbackwill stop only at the level of 23.6% Fib (7026.59 USD).After a re-test of this support level, by the end of this week, the bulls will againtry to reach the target area of $8000 – $8160.

ETH / USDAnalysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 02/02/2019

At the end of the week, market activity was low, but the price of Ethereum could not stay in consolidation above the 50% Fib support (151.94 USD). 

On December 1, the pair rolled back to the area of 146.00 USD, and buyers tried to restore the price to the 50% Fibonacci level.The recovery was not supported by large volumes, and we believe that today the pair will not be able togain a foothold in the area of the hourly EMA55. 

Possibly, the price will drop to the area of 144.00 USD and after a short-term consolidation, the bulls will be able toresume storming the resistance at 160.00 USD. 

XRP / USDAnalysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 02/02/2019

At the beginning of last week, buyers recovered the price of Ripple to the hourly EMA55, and since Wednesday, the pair has been steadily holding above the level of this moving average.However, by the end of the week, the trading volumes decreased significantly, and the pair rolled back below the average price level to the support of 0.220 USD. 

It should be noted that there was no selling pressure and buyers were able to restore the pair to the previous level, but it has not yet been possible to gain a foothold in the area of average prices.This week may start with a pullback to the area of 0.215 USD, and then the bulls will resumeattempts to break through the descending blue trend line.  

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