Yesterday, the market went flat from the downside. Will nearby support levels deter further decline??
BTC / USD
Bitcoin price exited consolidation yesterday and starteddecrease to the target mark of 8500.00 USD. Today, in the early morning, the pair reached a minimum around 8490.00 USD. On the hourly time frame, you can see a rather sluggish rebound to the area of 8550.00 USD, the BTC price is trying to consolidate at this level.
On the daily chart, the price broke through the support of a two-day moving average and we can only observe whether the level of 8500.00 USD will deploy, a pair of recovery.
If the bulls can seize the initiative, the price will recover to the level of 9200.00 USD. If the level eight and a half will be weak support, as we have already mentioned in our medium-term forecasts, the decline will continue to the area of 7950.00 USD.
ETH / USD
Yesterday morning, the bears broke through the support level.hourly EMA55 and reached the POC line (183.03 USD). Until the end of the day, the Point of Control line of the Volume Profile indicator kept the pair from falling, but this morning the sellers increased the onslaught and indicated a minimum at 180.00 USD.
Bounce to area 182.00 USD looks pretty weak. For some time, the price of ETH will try to stay in consolidation under the POC line, but if the bears resume the increased pressure, the immediate support may be the level of 176.00 USD.
XRP / USD
Yesterday, buyers were unable to break through the resistance of the EMA55 and the pair went out of the narrowing range of consolidation to the downside.
The level of 0.260 USD is the closest target level of the bears, but so far the pair has not reached this zone. Sellers could not break through the blue downtrend line yesterday.
Today the price will reach support of 0.260 USD and will try to consolidate in this area.
* All price values are based on data from the BitStamp exchange