Bitcoin price has pierced the upper border of the downtrend, but can buyers break the local a downtrend that has been going on for more than three weeks?
BTC / USD
Yesterday, the market saw a wave of excitement purchases caused by the publication of the usual Bitcoin hashtag in the Twitter header on Elon Musk's page.
BTC price breaks the resistance of the descending linetrend and pierced the level of 36000.00 USD, setting the daily high at 38620.00 USD. However, by the end of the day, the pair just rolled back to the trend line and returned to the area of average prices.
If today the two-hour EMA55 keeps the pair fromfurther decline, then the recovery dynamics may form a new bullish trend. For this, the pair must consolidate above the resistance at 37300.00 USD. Then, next week, we can expect the Bitcoin price to return to the area of the absolute maximum and continue the bull run.
Otherwise, the bears can push the price to the psychological level of 30,000.00 USD and push through this rather strong support.
ETH / USD
The correlation component of the ether price forcedyesterday the ETH / USD pair broke through the resistance of 1400.00 USD and mark a local maximum at 1440.00 USD. However, following the rollback of the cryptocurrency flagship, the Ethereum price also returned to the average price area.
If the two-hour EMA55 stops the pair's decline, then by the beginning of next week the price may set a new high around the 1500.00 USD mark.
If sellers push through the level of average prices today, then by the end of the week the pair will again test the strength of the support of the upward blue trend line.
XRP / USD
Yesterday buyers overcame the level of average prices and consolidated in a sideways corridor of $ 0.280 - $ 0.310. In the evening, the price tested the upper border of the channel, which kept the pair from further growth.
At the moment, the XRP price is consolidating in the area of the lower border of this corridor, and most likely, the pair will remain within the specified sideways range until the end of this week.
* All price values are based on data from the BitStamp exchange
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