Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 02/20/2020

Tonight the price of Bitcoin dropped significantly. The fall may continue until the end of the day.

BTC / USD

Yesterday inThroughout the day, trading was calm, with average volumes, and the Bitcoin price consolidated in a sideways range of $10,050 – $10300. 

At midnight the pair began to decline sharply.During the Asian session, a powerful bearish impulse knocked the BTC price out of the green ascending channel, and panic selling set a local minimum at 9312.00 USD. The orange side corridor stopped the fall. Now the BTC/USD pair is located below its upper limit (9630.00 USD) in a narrow consolidation. 

Trading volumes fell below average.Perhaps, after analyzing the situation, buyers will begin to restore the price of BTC. At night, the price broke through the lower boundary of the orange range and now buyers are in no hurry to make large purchases. If the market is again captured by a wave of sales, then the price fall may continue to support 9200.00 USD. 

ETH / USD

Yesterday, the price of ether freely consolidated in the area of ​​the yearly maximum, using the upper border of the purple corridor (274.00 USD) as support. 

After midnight, a strong bearish impulse broke throughsupport of the purple corridor and set a minimum in the area of ​​251.00 USD. In the morning, the price rebounded to the lower border of the corridor (264.00 USD), but failed to stay in the purple range. 

Most likely today the decline will continue to support 233.00 USD. An optimistic option – is the restoration of the pair within the violet side corridor.

XRP / USD

Yesterday afternoon, buyers took advantage of the support from the lower border of the yellow corridor and tried to test its upper border. 

However, at night the bears managed to knock the price of Ripple out of the yellow range. Sellers tried to roll back the pair to the support of 0.266 USD, but in the morning the price remained in the green ascending channel. 

If buyers restore the price above support 0.280 USD, then the pair will be able to gain a foothold in the sideways range for a short time. If pressure from the bears resumes, they will be able to break through the lower border of the green corridor, then the price will reach the POC line (0.236 USD). 

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