Overnight, the market's decline paused in consolidation, but the decline will soon continue.
BTC / USD
YesterdayIn the morning, market makers still could not resisttemptation and created a false bullish breakout. The price began to rise towards the resistance area of 8900.00 USD, but turned around at the high at 8820.00 USD.
The fall was rapid, there werelarge volumes are involved. The BTC price broke through the support of 8500.00 USD, and slowed down its decline only in the hourly EMA55 area. In the evening, the pair managed to consolidate a little in the support area of 8300.00 USD, and at night the price reached a local minimum at 8222.88 USD.
For some time the bears stopped pressing,Trading volumes have decreased and the price will be in a flat. We believe that until the end of the week the decline will continue below the psychological level of 8000.00 USD.
ETH / USD
Yesterday they reacted to the provocative surge of BTCprices of almost all cryptocurrency assets. The price of Ethereum showed the greatest correlation and in the morning jumped to a monthly high of around 198.00 USD, and a strong bearish impulse rolled back the ether to the area of 180.00 USD.
After a local minimum at 178.91 USD, buyers stopped the price decline, and the pair was able to recover slightly. On small time frames, indicators entered the oversold zone. It seems that in the first half of the day the price will gain a foothold in the current positions in the flat.
Towards the evening, the decline is expected to resume to the area of 174.00 USD. In the near future, the ETH price may reach support at 61.8% fibo (168.70 USD).
XRP / USD
The XRP/USD pair reacted weakly yesterday to the bullishBTC/USD momentum. The Ripple price, which was around the 0.270 USD mark, tested the hourly EMA55 level, after which it rolled back to the low point of 0.265 USD.
Even before lunch, the couple managed to stabilize andconsolidate in the area of 0.270 USD. The moving average EMA55 has moved to the same area. Buyers can take advantage of its support and continue some recovery.
However, until the end of the week the decline will continue and reach support at 0.065 USD.
* All price values are based on data from the BitStamp exchange