Analysis of prices for Bitcoin, Ethereum, XRP for 07/02/2021

The market is slowly declining towards the nearest support levels.

BTC / USD

Yesterday morning the bears pushed through the lowerborder of the side corridor (34000.00 USD) and the price rolled back to 33000.00 USD. During the day, the selling pressure weakened and the pair moved sideways, and at the end of the day the price marked the daily low at 32700.00 USD. 

Tonight, buyers tried to return the price to the blue corridor, but its lower boundary turned the price downward. In the near future, the pair will test the level of 32500.00 USD. 

Currently trading volumes are below averagelevel, so we believe that weak support at 32500.00 USD may keep the price consolidated. However, if the sales volumes start to grow, the pair will continue to decline to the 23.6% fibo level (30595.44 USD).

ETH / USD

Yesterday in the first half of the day, the Ethereum price returned to support 2100.00 USD. During the day, this level could not cope with the pressure of sellers and the price sank to the area around 2066.00 USD. 

This morning the pair rolled back even deeper –to the level of 2040.00 USD and will soon reach 2000.00 USD. On small volumes it will be difficult to push through this psychological support, but if volumes increase, the bears will be able to roll back the price below two thousand dollars.

XRP / USD

Yesterday, the decline in the XRP price stopped around the 0.650 USD mark. By the end of the day, the bears tried to break through this level, and this morning the price had already reached 0.639 USD. 

If selling pressure intensifies during today, the pair will roll back to the support of 0.600 USD, and by the end of the week it will test the downward trend line. 

* All prices are based on BitStamp data

Subscribe to ForkNews on Telegram