Yesterday, the Bitcoin price broke through the level of 40,000.00 USD, and the market capitalization exceeded a trillion dollars.
BTC / USD
Yesterday in the morning, the BTC price correction took place at smallvolumes, and was within the support of 36300.00 USD. In the afternoon, the bulls resumed their race and by the evening they broke through the level of 40,000.00 USD, setting a historical maximum around 40,400.00 USD.
Yesterday, the cryptocurrency market capitalization exceeded one trillion dollars for the first time, with the Bitcoin market dominance index exceeding 70%.
By the end of the day, there was a strong bearishthe momentum that forced the bitcoin price to test the 36300.00 USD morning support zone, but the pair was able to recover pretty quickly to the 40,000.00 USD mark.
Despite the fact that the volume of sales decreased,sellers dominated the market tonight, pushing the price back to the hourly moving average, which stopped the decline at the turn of 36600.00 USD. Early in the morning, buyers tried to retrace the price but ran into resistance at 38800.00 USD and it looks like they will have to start all over again, starting from the average price level.
At the moment, trading volumes are significantlydecreased, and it is not yet clear whether today the bulls will be able to return to the zone of absolute maximum, continuing the race. Most likely, at the end of this week, the market will move to consolidation in a sideways range between the support of EMA55 and the border of 40,000.00 USD.
ETH / USD
Yesterday morning, the Ethereum price held above 1150.00 USD, and during the day, buyers were able to come close to the level of 1300.00 USD, setting a new January high at 1291.00 USD.
In the high zone, sellers have formed a bearishan impulse that knocked down the growing dynamics of the pair and pushed prices back to the hourly EMA55. Tonight, the bears managed to push through the average price level and set a local minimum at the point of 1065.00 USD.
In the morning, the couple is trying to recover, butthe resistance of the hourly EMA55 does not allow buyers on small volumes to gain a foothold above the average price level. If during the day the trading volumes remain at a low level, then the pair will fight in a wide sideways range, which will narrow significantly by the end of the week.
XRP / USD
Yesterday morning shoppersfixed above the level of 0.280 USD and continued to rise to the level of 0.400 USD. However, before the end of the day, the XRP price was unable to test this target level, setting the daily high at 0.372 USD.
In the evening there was a wave of sales in the marketwhich caused the XRP / USD pair to test the initial support of 0.280 USD. The recovery took place quite quickly, but on decreasing volumes, and now the pair is consolidating in the resistance area of 0.310 USD. It is still impossible to break through higher.
We believe that the rest of the week the pair will be in the sideways channel of $ 0.280 - $ 0.310.
* All price values are based on data from the BitStamp exchange
Subscribe to ForkNews on Telegram