Yesterday, the market continued to decline, but soon prices will reach a turning point and the pair will be able to consolidate in the side corridor.
BTC / USD
Yesterday sales continued and the bears pierceda very important support level is 23.6% Fibo (7026.00 USD). The daily low was set at 6785.00 USD, after which the pair rebounded to the resistance of 7400.00 USD. The price failed to gain a foothold under this resistance level, and this morning it is consolidating in the area of 7220.00 USD.
If you look at the daily chart, you cansuggest that the long-term consolidation of the BTC price can take place in the violet range, as it was in October last year. Yesterday, the pair already tested the upper limit of this range.
We believe that by the end of this week the bears willtry to break through the support of 6800.00 USD, and at the beginning of next week, the decline will finally stop, and the pair will be in the purple side range.
ETH / USD
Yesterday, the bears broke through support, which nocould not overcome last month. The level of 50% Fibo (151.94 USD) has repeatedly reversed the price of the ether for recovery, and yesterday sellers set a minimum at 137.71 USD.
It should be noted that for the first time in a week the rebound was quite high and the price returned above 50% of the Fibonacci, but still could not gain a foothold over it.
We believe that soon the pair will have to test support for 38.2% Fibo (135.17 USD). We hope that this price range may be a suitable consolidation range for the ETH / USD pair.
XRP / USD
After a weak rebound, the price of Ripple continueddecrease in the minimum zone. Yesterday, the minimum price value was fixed at 0.222 USD. Recall that the annual minimum was set on September 24 at 0.220 USD.
If the bears don't stop before the end of the weekpressing, the pair can update the annual minimum in the region of 0.215 USD, and a wide range with support at the level of 0.230 USD can be a possible range for the consolidation of the Ripple price.
* All price values are based on data from the BitStamp exchange