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Yesterday's slow price decline ended in a high rebound. Will market recovery continue?
BTC / USD
Yesterday, the bears came close to level 23.6% fibo (7026.59 USD), and late in the evening managed to push it through. At night, the decline continued to support 6860.00 USD. As in November last year, this level of support was able to deploy a couple of recovery.
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At the moment, the rebound is quite high - the pricereturned to the level of 23.6% Fibonacci, but purchase volumes continue to grow and the pair is testing the Point Of Control line (7201.87 USD). In November, the recovery led to a re-test of the gray resistance area of 7600.00 USD, we believe that this time the bullish momentum may fade in the resistance area of 7400.00 USD.
It is possible that the price of Bitcoin will be able toconsolidate in the lateral range, which spent quite a lot of time at the end of 2019. Until the end of this week, bears can resume strong pressure, and the decline in BTC prices will reach the December low of 6425.00 USD.
ETH / USD
No Ethereum trading volumes during the day yesterdayexceeded the average level, and the price gradually decreased until by evening it reached the support of the Point Of Control line (127.12 USD). At night, sellers managed to push this support, but in the morning the price rebounded to a two-hour EMA55.
Today, the recovery may continue to the area of 132.00 USD, but if it is not supported by the volumes, then the pair will return to the area of December lows by the end of this week.
XRP / USD
Yesterday, sellers sold support for the downtrend line and set a local minimum around 0.185 USD.
In the morning, the pair rebounded into the middle price range, andmost likely, growth will continue to the area of 0.195 USD. The lack of large volumes will not allow the price of Ripple to test the resistance of 0.200 USD. It is highly likely that at the end of the day the pair will return to the blue trend line.
* All price values are based on data from the BitStamp exchange