Analysis of prices BTC, ETH, XRP (02.10.20)
BTC/USD
Bitcoin price continued its recovery yesterday morning and reached a zone of weekly highs in the area of 10,940.00 USD. However, in the afternoon, sellers managed to form a strong bearish momentum, which broke the sequence of upward lows.
The pair pierced the support of 10500.00 USD, setting a weekly low around 10,440.00 USD. Over the night, the price of BTC bounced to the level of 10600.00 USD and the trading volume fell below the average.
In the morning, the pair is consolidating in a very narrow range, and it is not yet clear whether buyers will be able to return the price to the two-hour EMA55 area. If the bears intensify the pressure and break the psychological mark of 10000.00 USD, they will test the support of 9800.00 USD by the end of the week.
ETH/USD
Yesterday, in the first half of the day, the weak recovery dynamics continued and the ETH price renewed its weekly high around 370.00 USD. The bears reacted with big sell-offs, which pushed the price back below the 2-hour EMA55.
In the evening, the decline stopped at 345.00 USD, and the ether price bounced to the region of three hundred and fifty dollars. At night, the volumes fell and until the morning the pair settled in a narrow side corridor.
If buyers try to restore the price today, they will not be able to overcome the resistance of the EMA55 moving average, and sellers could well repeat the bearish momentum and return the pair to the support of 320.00 USD.
XRP/USD
Buyers failed to consolidate above the POC line yesterday morning. After lunch on the cryptocurrency market, bearish sentiment intensified and the price of Ripple repeated a decrease of more than 4% for the cryptocurrency flagship. From the level of 0.234 USD, the XRP price bounced into short-term consolidation.
On shorter time frames, buyers' intentions to continue the recovery and return to the previous level are visible, but whether they can break through the resistance of the two-hour EMA55 today will depend on the buying volume. Small to medium volumes will prevent the pair from returning to the POC line.
If the bears continue yesterday's sales, the pair will roll back to the support of 0.230 USD.