Bitcoin, Ethereum, XRP price analysis on 05/11/2020

Last weekend, the bears collapsed the market. Will they be able to continue the decline?

BTC / USD

Saturday priceBitcoin rolled back to the hourly EMA55, and on the night ofSunday the decline continued to the 38.2% fib level (9441.92 USD). During the Asian session, market makers managed to form a powerful bearish impulse, which broke through the support of the green dotted trend line and set a minimum around 8109.00 USD. 

On Sunday morning the price rebounded to an upward trendtrend line, but the BTC price was unable to return to the green corridor. Price volatility almost halved, but still remained quite high. The trading was nervous and tonight buyers tried to return the price to the ascending green channel. 

In the morning, trading volumes began to decline, andnear the POC indicator line (8833.44 USD), buyers are exhausted. Bitcoin price settled sideways in a narrow consolidation. If during the day, buyers try to continue the recovery, their efforts will be limited by the resistance of the dotted trend line. 

On small volumes – consolidation in the areathe Point Of Control line will continue until the end of the day, and if the bears resume pressure, the price will drop below the psychological level of eight thousand. We believe that the strongest onslaught of bears can be stopped by the gray support area of ​​7600.00 USD. 

ETH / USD

On Saturday, the price of Ethereum was under pressure from sellers, but until the end of the day, the hourly moving average EMA55 managed to cope with support. 

At the Asian session everything changed.The bears increased the pressure and pushed the price below the psychological level of 200.00 USD. The pressure was so strong that the price of ether broke through the support of 78.6% fib (192.57 USD) and set a low around 180.00 USD. 

Buyers tried to save the situation andrestored the price to the 78.6% Fibonacci level, but the price could not stay in this area. On Sunday, price volatility decreased, but sellers repeated Sunday's low around one hundred and eighty dollars. 

If buyers continue to try to restoreprice, then they are unlikely to be able to overcome the resistance of 78.6% fibo (192.57 USD). And if the bears increase their pressure today, then the price of ether may drop to the 61.8% fib level and hang in consolidation around 170.00 USD. 

 

XRP / USD

At auction on Saturday, the price of Ripple failedbreak above the green dotted line and roll back to the average price area. At night, a strong bearish impulse knocked the pair out of the ascending green corridor and set a minimum at 0.179 USD. 

The rebound was quite high, but the price failedreturn to the ascending channel. On Sunday, sellers did not stop pressing, but the POC line (0.188 USD) stopped further slide of the XRP price. 

Today buyers will try to restoreprice, but they will not be able to return the pair to the green corridor of the uptrend. If the bearish pressure on the market does not stop, then the price of Ripple will continue to decline towards the support of 0.170 USD. 

* All price values ​​are based on data from the BitStamp exchange