This morning the price continued to rise above the psychological level of 12000.00 USD. Will the bulls manage to update the annual maximum?
BTC / USD
Yesterday, the price of bitcoin was able to continue to grow and broke through the upper border of the expanding blue range, and late in the evening it set a maximum around the 12060.00 USD mark.
An interesting feature of yesterday's growth isthe fact that the rest of the altcoins not only "did not support the cryptocurrency flagship", but quite the opposite, showed a reverse correlation, as if its growth was due to the "overflow" of funds. This is confirmed by the rise in Bitcoin's dominance ratio.
At night, the pair returned to the upper border of the bluerange and groped for support. Growth resumed early in the morning and the price has already managed to update its two-month high to the level of 12,250.00 USD. Growth is taking place at low volumes, but given the explosive feature of the thin market, the price could well update the annual maximum of 2020, which was set on August 18 at around 12,473.00 USD.
It is very likely that after the October high around 12,500.00 USD, the pair may begin a sharp decline and return to the average price area.
ETH / USD
Yesterday, the Ethereum price did not support the growth of Bitcoin and rolled back below the average price level. The rise in Ether only started this morning as the bulls are trying to refresh the annual high of the cryptocurrency flagship.
Let's see if today's buyers canovercome the strong resistance of 380.00 USD, and test the psychological level of 400.00 USD. We believe that in this zone there is a high probability of a reversal into a pullback, below the support of 360.00 USD.
XRP / USD
Ripple's price, like most other altcoins, failed to demonstrate growth yesterday. The pair rolled back below the average price level, to the light green trend line and only there found support.
This morning the XRP price has consolidated abovemoving average EMA55 and has a chance to continue to rise above the resistance of 0.250 USD, but recovery to the monthly highs is still in doubt.
* All price values are based on data from the BitStamp exchange
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