Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 10/22/2019

Market consolidation at key levels continues. Where market participants will be able to shift the price?

BTC / USD

Yesterday, buyers tried to break through the upper limit of the consolidation range. The maximum was set at 8352.00 USD, but tested 8400.00 USD – it didn't work out. 

From the maximum point, sellers increased significantlyvolumes and try to return the pair to the area of ​​average prices. However, it is not yet possible to push the POC line (8172.91 USD). Roughly speaking, the price of BTC is stuck somewhere around 8200.00 USD. Yesterday we noted that this is a key milestone, from which either a recovery to the area of ​​8400.00 USD or a fall below 8000.00 USD is possible. 

The market has not yet decided on the futuremotion vector. Indicators indicate the possibility of a price decline in the near future, and on the daily time frame the indicator lines have just crossed the border of the neutral zone and entered the overbought zone, that is, a signal for a rollback is just being formed. In such a situation, there is a possibility of a decline to the area of ​​8100.00 USD, and then a re-test of 8400.00 USD. We assume the level is 8500.00 USD – This is an overly optimistic recovery option.

ETH / USD

Yesterday, the average price level kept the ETH/USD pair fromreduction. Buyers in the hourly EMA55 area increased volumes and restored the price to the daily high of 178.19 USD. The price did not have time to test the resistance of 180.00 USD – sellers took the initiative and rolled the price below the moving average EMA55. 

However, sellers will gain an advantage for a long timefailed. At night, the bearish pressure weakened, and on small volumes the pair recovered to the fair price area – just above the POC line (174.14 USD). 

Until the market has decided on a local trend,it’s very clear whether today buyers will be able to organize a second attempt to test the resistance of 180.00 USD. Now the probability of a price reversal in the region of 176.00 USD and a continued decline to the support of 170.00 USD remains.

XRP / USD

Yesterday morning, the lower border of the yellow corridor kept the Ripple price within the sideways range, and buyers, taking advantage of its support, firmly established themselves above the hourly EMA55 level. 

Early this morning, the pair tested the middle line of the 0.300 USD corridor, but this resistance stopped the attempt at rapid growth. We believe that today the price will remain within the side corridor. 

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