Yesterday's bearish momentum knocked the Bitcoin price out of the rising channel and forced it to test support at the level of 48000.00 USD.
BTC / USD
Yesterday morning Bitcoin pricerolled back to the support of the two-hour EMA55 (to the area of 54000.00 USD). During the day, the pressure of the bears increased. They pushed the moving average and pulled the pair back to the uptrend line (52500.00 USD).
According to our forecasts,published last Friday, another bearish impulse knocked the pair out of the upward channel and tested the support of 48000.00 USD, setting a local minimum at 47400.00 USD. As we expected, the BTC price bounced above the blue trend line, but until the morning the pair was unable to stay in the upward channel.
Today the price is trying to gain a foothold in the area of 52500.00 USD, but if the bearish pressure increases, the price will return to the area of yesterday's low. Support of 48000.00 USD will be able to stop the decline and reverse the pair to recover.
ETH / USD
The onslaught of sellers intensified yesterday morning, and induring the day they rolled back the pair below the support of 1800.00 USD. In the afternoon, the ether price pierced the blue trend line, setting a minimum around 1540.00 USD. Before the end of the day, the price bounced into an ascending channel, but it has not yet been able to gain a foothold in it.
Sales are down this morning, buteven at low trading volumes, the pair may return to support around 1500.00 USD. We believe that this level will stop the decline and allow the pair to consolidate sideways.
XRP / USD
Yesterday morning, strong bullish momentum tried to restore the XRP / USD pair to an upward channel. The price broke through the resistance of 0.600 USD and set a new February high at 0.649 USD.
Nevertheless, the price could not stay higherrising trend line and in the afternoon returned to the area of average prices. It seemed that the four-hour moving average EMA55 would be able to stabilize the increased volatility, but the trading was quite active, at large volumes, and price fluctuations in a wide range continued until the end of the day.
Volumes decreased overnight, and XRP price consolidated around the 0.540 USD mark. This morning, the decline may continue to the psychological support of 0.500 USD.
* All prices are based on BitStamp data
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