The market continues to update its monthly lows. Bitcoin price pierced the psychological support of USD 40,000.00 yesterday.
BTC / USD
Yesterday sellers managed to form a bearish impulse and test the psychological level of 40,000.00 USD. The January low is set around 39560.00 USD.
Buyers reacted with large volumespurchases and the price of BTC recovered to the area of the two-hour EMA55. Today this moving average is right at the 50% fib (42447.61 USD). If the bulls lose momentum and cannot continue the recovery, then the market has not yet bottomed out.
Break above fifty percent levelFibonacci can serve as the first signal of a market reversal for recovery. At the same time, if the bitcoin price cannot gain a foothold above the average price level for a long time, then this signal is false.
ETH / USD
Yesterday morning buyers tried to break throughthe resistance of 3200.00 USD turned out to be unsuccessful and the price of Ethereum again rolled back to the psychological support of 3000.00 USD. This time, the bears renewed their monthly low at 2926.00 USD. At the end of the day, the sales volumes decreased and the ether price gradually recovered to the area of 3100.00 USD.
Today shoppers face againresistance at 3200.00 USD. It will not be possible to break through above this level at small volumes. If the bulls fail to form a powerful impulse, the pair will continue to fall to the area of 2800.00 USD.
XRP / USD
XRP price consolidated in a very narrow range at 0.750 USD yesterday morning. Buyers failed to form a bullish momentum and bears quickly seized the initiative in the market.
The price started to decline until it tested the support of 0.700 USD. The daily low is marked at 0.696 USD, and by the end of the day the pair was able to recover slightly.
Today the recovery may continue towards the average prices. If buyers are able to overcome the 2-hour EMA55, then the pair will reach the resistance of 0.800 USD.
Otherwise, the fall has not ended, and in the near future the Ripple price will drop to the level of 0.650 USD.
* All prices are based on BitStamp data
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