Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 03/09/2020

On the weekend, the cryptocurrency market crashed below January support levels. Where the drop in prices will stop?

BTC / USD

On Saturday evening, shoppers punctured the topthe border of the orange range of 9200.00 USD and caused a counter wave of sales. Despite the sharp increase in volumes, the BTC price was able to stay within the orange corridor until the end of the day.

Sellers broke through support on Sunday night8800.00 USD, but for some time the pair consolidated below the lower border of the orange range. In the afternoon, the bearish pressure increased and before the beginning of the current week, the Bitcoin price tested the support of 8160.00 USD.

Bears pushed through during the Asian sessionpsychological mark of 8000.00 USD, and today the decline will continue to the support zone of 7610.00 USD. We believe that this narrow gray zone will be able to briefly stop the decline and the pair will consolidate in the sideways range. The first signs of BTC price recovery can be observed from the 23.6% Fibonacci level (7026.60 USD).

   

ETH / USD

On Saturday, the Ethereum price updated its weekly maximum in the region of 253.00 USD and began a rollback to the support area at 240.00 USD.

On Sunday the decline continued, and the bearseasily pushed through 100% Fibonacci (222.98 USD), and by the end of the week they overcame the orange support level of 212.00 USD, which did not allow sellers to break through to the psychological level of 200.00 USD.

Today the bears reached two hundred dollarsmarks, and signs of price recovery began to appear in the morning. However, we believe that the decline is not over yet, and after the rebound is complete, the price of ether will drop to the 78.6% Fibonacci level (192.57 USD), where it will try to stay in the sideways range.

XRP / USD

Ripple price failed to update over the weekendweekly maximum and began to decline in sync with the cryptocurrency flagship. On Sunday evening, the pair tested the support of 0.200 USD and now the price has rebounded to the area of ​​0.205 USD.

We believe that at the beginning of this week the bears may break through the psychological level of 0.200 USD and test the area of ​​0.188 USD.

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