Yesterday, the price of bitcoin was held in a narrow side corridor in the area of the two-hour EMA55. During the day, buyers tried to overcome the resistance of the average price level, but the bears did not allow the pair to gain a foothold above the moving average EMA55.
Today, with low activity of market participants, the pair will continue to consolidate in the field of average prices, while buyers still have a chance to break through to the resistance of 9300.00 USD.
In conditions of market uncertainty, market makers can pull the market with false breakthroughs. We believe that the upper limit of the orange downward channel may be the nearest support. The more time the price spends in consolidation, the deeper the bears will be able to roll back the price.
If sellers drive the pair into the orange corridor of the local down trend, then the price may test stronger support at 8600.00 USD.
In response to yesterday's attempt by buyers to break through the resistance of the two-hour EMA55, sellers responded with a bearish impulse, which rolled back a pair below weak support around 225.00 USD and tested the level of 100% Fibo (222.98 USD).
In the afternoon, trading volumes decreased, and the pair settled in a rather narrow corridor at the level of weak support of 225.00 USD.
Today, with small volumes, consolidation may continue, while the probability of a breakthrough to the resistance of 233.33 USD remains. The closest support is a 100% fibonacci level, but with a strong bearish momentum, market makers will be able to pull the pair back to the June low of 215.79 USD.
Yesterday in the morning, the price of Ripple was under pressure from the bears. As a result, before the end of the day, the pair sank to the area of 0.174 USD, and only in the morning was able to recover slightly above the support of 0.175 USD.
Today, trading takes place on small volumes, and if such a low market activity persists throughout the day, then the price will continue to move in the lateral range. The upper border of this range will be the two-hour EMA55, and the lower - weak support of 0.175 USD.
The increased bearish pressure will lead to a re-test of a strong support level of 0.170 USD.
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