Yesterday, a strong bearish impulse knocked the market out of the side range. Today we’ll try to identify possible reversal levels.
BTC / USD
Yesterday morning BTC price longconsolidated on the POC line (in the region of 7900.00 USD). In the afternoon, the bears increased their pressure so much that they were able to break through the target level of decline of 7400.00 USD and set a minimum at 7293.55 USD.
Volumes on almost all exchanges were simply huge- about five times higher than the average level of trading. Until the end of the day, the price rebounded from the low and consolidated above the support level of 7400.00 USD.
Today, consolidation in this area will continue,and judging by the indicators on the daily time frame, the drop in the BTC price has not yet ended. In the weekly review, we assumed that 7400.00 USD is a reversal level from which recovery is possible.
However, on the daily chart, indicator lines only enter 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).
Whether the bears are planning to get this support already this week or whether the decline will continue after some consolidation is hard to say.
ETH / USD
Yesterday, the ETH / USD pair continued to decline. In the morning, the price broke through the level of 61.8% Fibo (168.70 USD), and in the afternoon the bears were close to the re-test of supporting 50% Fibo (151.94 USD). Buyers turned the price at a minimum point of 153.21 USD and restored the mark of 160.00 USD to the area.
Early in the morning the price of etconsolidation in this area, but judging by the indicator on the daily time frame, we still have to see a re-test of a fifty-percent fibonacci level this week.
XRP / USD
Yesterday morning, still on small volumes, buyerswere able to push the four-hour moving average EMA55, which since the beginning of October kept the pair in the upward channel. After lunch, the market faced such crazy bear pressure that the pair broke through at once two fairly strong support levels of 0.280 USD and 0.260 USD. The minimum was fixed at around 0.247 USD.
By the end of the day, the XRP price rebounded to area 0.270 USD and is trying to gain a foothold in the 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