Yesterday, a strong bearish momentum knocked the market out of the sideways range.reversal levels.
BTC / USD
Yesterday in the first half of the day, the price of BTC consolidated for a long time on the POC line (around 7900.00 USD).In the second half of the day, the bears increased the pressure so much that they were able to break through the target decline level of 7400.00 USD and set a low at 7293.55 USD.
Volumes on almost all exchanges were simply huge – about five times higher than the average level of trading.Before the end of the day, the price rebounded from the low points and consolidated above the support level of 7400.00 USD.
Today, the consolidation in this area will continue, and judging by the indicators on the daily timeframe, the fall in the price of BTC is not over yet.In the weekly review, we believed that 7400.00 USD is a reversal level fromwhich can be restored.
However, on the daily chart, the indicator lines are only entering the overbought zone and further decline is still possible.So far, it can be assumed that it will reach the level of 23.6% Fibo (7026.55 USD).
It is difficult to say whether the bears plan to reach this support this week or the decline will continue after some consolidation.
ETH / USD
In the morning, the price broke through the 61.8% Fib level (168.70 USD), and in the second half of the day, the bears were close to a retest of the 50% Fib support (151.94 USD).Buyers reversed the price at the low of 153.21 USD and recovered to the area of 160.00 USD.
Early in the morning, the price of ETH tries to gain a foothold inconsolidation in this area, but judging by the indicator readings on the daily time frame, we have yet to see a retest of the fifty percent Fibonacci level this week.
XRP / USD
Yesterday morning, still on small volumes, buyerswere able to push through the four-hour moving average EMA55, which had kept the pair in an ascending channel since the beginning of October. After lunch, the market faced such crazy pressure from the bears that the pair immediately broke through two fairly strong support levels of 0.280 USD and 0.260 USD. The minimum was recorded around 0.247 USD.
Until the end of the day, the XRP price rebounded to the 0 area.270 USD and is trying to gain a foothold in consolidation. It is most likely that consolidation in this area will continue today, but we believe that the decline will continue and some recovery can be expected from the level of 0.260 USD.
* All price values are based on data from the BitStamp exchange