Analysis of the prices of Bitcoin, Ethereum, XRP for 09/11/2021

Pressure from sellers continues, but the slow decline in prices will soon stop.

BTC / USD

Yesterdaysupport 46000.00 USD failed to contain the onslaught of sellers, and the price of bitcoin continued its slow decline to the weekly low set at 42900.00 USD on Tuesday. Until the end of the day, the pair rolled back to the level of 44125.00 USD.

The sales volume decreased tonight and the price settled in a narrow sideways range above the level of 45000.00 USD. On the daily time frame, this level corresponds to the position of the EMA55 moving average.

 

If it keeps the pair from falling further, thenthe upward trend will maintain its structure and the BTC price will begin to recover. Stoch RSI indicator lines in the oversold zone form a buy signal. 

We believe that by the end of the week the pair will return above 46000.00 USD, and by the beginning of next week it will overcome the resistance level of 61.8% fib (47745.68 USD). 

ETH / USD

Yesterday in the morning, the ETH price consolidated at 3400.00 USD, but sellers managed to push it, and by the end of the day the pair reached support at 3200.00 USD.

Selling pressure eased overnight.During this time, the price of ether recovered to around 3260.00 USD. If today buyers are able to increase their purchase volumes, they will return the pair to the green level of 3400.00 USD, and by the beginning of the week the bulls can break through the resistance of 3600.00 USD. 

Intensifying bearish pressure is possible, butunlikely. The Stoch RSI indicator lines on the daily time frame are already near the zero mark in the oversold zone. The most pessimistic forecasts are limited to support at 2800.00 USD. 

XRP / USD

Yesterday morning the XRP price returned to the POC line (1.119 USD), but was unable to gain a foothold there in the sideways consolidation. The pair was under pressure from sellers all day, and by the end of the day they rolled back the price to the area around 1.030 USD. 

At night, trading volumes decreased and the decline stopped. 

If buyers can restore the price to the linePOC, then before the end of the week the pair will recover above the level of average prices. Otherwise, the bears will try to roll back the Ripple price below the psychological level of 1.00 USD.

* All prices are based on BitStamp data

Subscribe to ForkNews on Telegram