Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 03/03/2020

Yesterday's slow decline in prices ended with a high rebound. Will the market recovery continue?

BTC / USD

Yesterday the bears came close to level 23.6% fib (7026.59 USD), and late in the evening they 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 turn the pair into recovery. 

The rebound is quite high at the moment– the price returned to the 23.6% fibonacci level, but purchase volumes continue to grow and the pair will test 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 couldconsolidate in a sideways range, in which it spent quite a lot of time at the end of 2019. Before the end of this week, bears may resume strong pressure, and the decline in BTC price will reach the December low of 6425.00 USD. 

ETH / USD

Yesterday during the day trading volumes on Ethereum did notexceeded the average level, and the price gradually decreased until in the evening it reached the support of the Point Of Control line (127.12 USD). At night, sellers managed to push through this support, but in the morning the price rebounded to the two-hour EMA55. 

Today, the recovery may continue to the area of ​​132.00 USD, but if it is not supported by volumes, the pair will return to the area of ​​December lows by the end of this week. 

  

XRP / USD

Yesterday, sellers pushed through the support of the downward trend line and set a local minimum around 0.185 USD. 

In the morning the pair rebounded to the area of ​​average prices, andMost likely, growth will continue to the area of ​​0.195 USD. The lack of large volumes will not allow the Ripple price to test the resistance of 0.200 USD. There is a high probability 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