The bearish pressure eased yesterday and the market decline slowed down. Around current levels support, short-term consolidation is possible.
BTC / USD
Yesterday, the decline in the BTC price slowed down significantly, but the bears did not stop pressing and by the end of the day tested the level of 37700.00 USD.
Buyers were actively buying Bitcoin tonight. Trading volumes exceeded average and the bitcoin price 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 morning, the bears pushed the Ethereum price back below the 2-hour EMA55. After retesting the support of 2440.00 USD, the decline stopped and the ether price 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 to support 2300.00 USD.
XRP / USD
The XRP price decline has stalled in the orange support area of 0.700 USD. The pair has set an August low at 0.701 USD and recovered to the 2-hour EMA55 this morning.
Chances are buyers won't be able toincrease the volume of purchases, 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 will continue to decline to the POC line (0.623 USD).
* All prices are based on BitStamp data
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