September 19, 2020

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

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

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

Yesterday, buyers tried to break through the upper limit of the consolidation range. The maximum was set at 8352.00 USD, but failed to test 8400.00 USD.

From the maximum point sellers significantly increasedvolumes and try to return the pair to the medium price range. However, it is not yet possible to sell the POC line (8172.91 USD). Roughly speaking, the price of BTC stuck somewhere in the region of 8200.00 USD. Yesterday, we noted that this is a key milestone from which it is possible to both restore to the region of 8400.00 USD and fall below 8000.00 USD.

So far, the market has not decided on furthermotion vector. The indicators indicate the possibility of reducing prices in the near future, and on the daily time frame, the indicator lines only crossed the border of the neutral zone and entered the overbought zone, that is, a rollback signal is only 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 believe the level of 8500.00 USD is a too optimistic recovery option.

ETH / USD

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

Yesterday, the average price level kept the ETH / USD pair fromreduction. Buyers in the area of ​​the watch EMA55 increased volumes and restored the price to a daily maximum of 178.19 USD. The price did not manage to test the resistance of 180.00 USD - sellers seized the initiative and rolled back the price below the moving average EMA55.

However, for a long time sellers failed to seize the advantage. At night, the bearish pressure eased, 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

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

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

Today early in the morning the pair tested the midline of the corridor 0.300 USD, but this resistance stopped the attempt of rapid growth. We believe that today the price will be held within the side corridor.

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