Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 11.16.2019

Will buyers be able to seize the initiative and begin recovery today?

BTC / USD

Yesterday in the firsthalf of the day, buyers did a good job and restored the pair from the support of 8500.00 USD to the average price level. However, in the second half of the day the bears continued to press and broke througheight and a half. In the morning, the price of BTC was fixed in a narrow corridor, immediately below the mark of 8500.00 USD.

Stoch RSI indicator lines have entered the zoneoversold, but today we can hardly expect a significant recovery. In theory, the level of 8500.00 USD is turning into a powerful resistance that will restrain growth attempts. 

We believe that despite the oversold market, in the medium term, the price of BTC may smoothly roll back to the zone indicated by the yellow dotted line and consolidate there in a sideways range.  

ETH / USD

It seemed that shoppers yesterday morning were able to...find support around the 180.00 USD mark, and restore the price of ether to its previous level. But in the evening, a fairly strong bearish impulse dispelled longists’ hopes for growth and marked a minimum at 177.11 USD. 

Volumes decreased overnight, and with low market activity, the ETH price slowly recovered to the level of 180.00 USD. 

This morning the couple manages to stay in a narrowconsolidation at this level, and since indicators indicate that the market is oversold, there is reason to believe that the recovery may continue to the linePoint of control(183.14 USD). 

However, with a strong local trend, the indicator lines may go off scale in the oversold zone for a long time, and sellers will continue to decline the pair towards the support of 176.00 USD. 

XRP / USD

Yesterday morning the downward trend line was quitekept the pair from declining for a long time, and even allowed buyers to recover to the area of ​​average prices. But in the evening, a strong bearish impulse broke through the support of the trend dotted line and the price set a minimum at 0.252 USD. 

Overnight volatility decreased and the pair smoothlyrecovered to the level of 0.260 USD. On larger time frames, indicators are in the oversold zone; perhaps this level can provide support for further recovery of the pair. 

However, if the bearish pressure does not stop today, the price of Ripple will roll back to yesterday’s low. 

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