Bitcoin, Ethereum, XRP price analysis on 05/16/2020

Will buyers today be able to strengthen their position and continue to restore prices?

BTC / USD

Yesterday morningit seemed that the price of bitcoin could stay atgreen ascending channel, but in the second half of the day sellers pushed through the support of the dotted trend line and rolled the pair below the 38.2% fib level (9441.99 USD). The onslaught of sellers was stopped by the two-hour EMA55. 

Overnight the bears broke this moving average,but in the morning the pair recovered above the average price level and is trying to continue its recovery to the green trend line. The purchase volumes are not too large yet, so there are certain doubts that the price of Bitcoin will be able to return to the ascending channel. 

We believe that by the end of the week it is possibleconsolidation at the 38.2% fibonacci level (9441.99 USD) with support at the level of average prices, and if the bears push it, then there is a high probability of a rollback below eight thousand, into the gray zone of 7600.00 USD. 

ETH / USD

The price of Ethereum yesterday consolidated for a long time at the psychological level of 200.00 USD, but late in the evening sellers pressed the price to the support of 78.6% fib (192.57 USD). 

Over the past night the price was able to recover bythe previous level, and this morning buyers are trying to continue the recovery. However, the growth takes place on small volumes, and the expected growth level is slightly above the 210.00 USD mark. From this level, the price fell by about 15% the day before the Bitcoin halving. 

If it is not possible to increase the volume of purchases, then the ETH price will not be able to gain a foothold in the local maximum zone, and most likely will return to the support of the 78.6% fibonacci level (192.57 USD). 

 

XRP / USD

Ripple price yesterday consolidated attwo-hour moving average EMA55. By the end of the day, sellers managed to push through the psychological support of 0.200 USD and roll back the price to the area of ​​0.194 USD. 

During the Asian session the pair returned to the areaaverage prices. This morning, buyers will try to continue growing towards the descending purple trend line, but small volumes of purchases do not yet allow them to gain a foothold above the moving average. 

If the bearish pressure intensifies, by the end of the week the pair may roll back to the POC line (0.188 USD).

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