Analysis of prices for Bitcoin, Ethereum, XRP for 08/04/2021

Yesterday, bearish pressure eased and the market decline slowed. Around current levelssupport, short-term consolidation is possible.

BTC / USD

Yesterday, the decline in the price of BTC slowed down significantly, but the bears did not stop pressing and by the end of the day they tested the level of 37700.00 USD. 

Last night, buyers actively bought Bitcoin. Trading volumes exceeded the average level and the price of Bitcoin recovered above 38,000.00 USD. 

Stoch indicator lines on the daily time frameRSI has left the overbought zone and is now in the neutral zone, around the 50 mark. It is possible that in the support area of ​​38000.00 USD, the pair will be able to hold in a short-term consolidation, but we believe that soon the price will continue to decline and test the 38.2% Fibo level (37150.24 USD ).

ETH / USD

Yesterday in the first half of the day, bears pushed the price of Ethereum below the two-hour EMA55. After a re-test of the support at 2440.00 USD, the decline stopped and the price of ether consolidated in sideways consolidation. 

Over the past night, buyers restored the pair above the average price level (2500.00 USD), but in the morning the volume of purchases decreased and it is not yet possible to continue the recovery. 

If the onslaught from the bears resumes, the price decline will continue towards the support of 2300.00 USD. 

XRP / USD

The decline in the XRP price has stopped near the orange support of 0.700 USD. The pair set the August low at 0.701 USD and as of this morning has recovered to the two-hour EMA55. 

Most likely, buyers will not be able to todayincrease purchase volumes, and during the day the pair will consolidate at the level of average prices. And if the bears push through the orange support level, then in the second half of this week the price decline will continue to the POC line (0.623 USD). 

* All prices are based on BitStamp data

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