BTC hit a new October high over the weekend, but growth is hindered by an overbought market.
BTC / USD
Last weekend bitcoin priceconsolidated in a sideways range with support around 54000.00 USD. At the end of last week, there were several attempts by the bulls to break above the resistance of the 78.6% fibo (55288.19 USD), but all of them ended with a pullback to the support area of $ 54,000.
Late Sunday night at Bitstampthere is a sharp increase in volatility. In a short period of time, the BTC price breaks out to a monthly high around the 56500.00 USD mark, and then a rather large transaction takes place at a price of 51000.00 USD. Such a low price is not a market price, and is not recorded anywhere on other exchanges.
Bitcoin price again this morningrecovered above the 78.6% Fibonacci level, but buying volumes are very low. If the bulls manage to unleash the rush demand, then the re-test of the resistance of 58000.00 USD remains, as before, relevant.
Chances are early this weekbears are planning big sales, and if the price spikes into the area of the next monthly high, sellers may drop the price below the orange support of 53400.00 USD.
ETH / USD
Over the weekend, the price of ether was gradually decreasing, and tonight the pair broke through the support at 3400.00 USD, setting a local minimum at 3370.00 USD.
In the morning, the price recovered to the area of 3500.00 USD and may continue to rise to the level of 3600.00 USD, if there is support from a large buyer.
In the area of 3550.00 USD, sellers can seize the initiative, and then the price will return to the area of the local minimum.
XRP / USD
Last Saturday, the four-hour EMA55 heldthe price of XRP from the decline and the pair added quite well in price. The daily maximum was recorded in the area of the level of 1,200 USD. On Sunday, the October high was updated to the level of 1.222 USD. The final growth over the weekend was about 18%.
In the afternoon, the volume of purchases decreasedand the price rolled back below the support of 1.150 USD. A positional battle for market dominance is taking place in this area this morning. If buyers manage to seize the initiative, then on large volumes, growth may continue to a new monthly maximum in the area of 1.250 USD.
Otherwise, the bears will continue to decline in price to the POC indicator line (1.073 USD).
* All prices are based on BitStamp data
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