Yesterday morning, the price of bitcoin rolled back slightly below the level of 11900.00 USD and we believed that in the afternoon, the level of average prices would be able to stop a further pullback.
However, the bears increased the pressure and pushed through the 2-hour EMA55. The bearish momentum was so strong that the pair broke through the 50% fibo (11394.15 USD), pierced the support of 11200.00 USD and stopped the decline, bouncing off the blue trend line.
Although the price has recovered to the 50% Fibonacci level this morning, further recovery towards the average price level is possible, but looks less likely.
In case of low activity of market participants, the price may continue to move in a narrow sideways range at the 50% fibo level (11394.15 USD), and if the selling pressure resumes, the nearest support may be the level of 10500.00 USD.
Selling volumes did not decrease yesterday morning, and during the day sellers formed a strong bearish impulse, which broke our support at the two-hour EMA55 (440.00 USD).
The decline only stopped after the low at 420.00 USD. In the morning, the Ethereum price has recovered above the moving average EMA55 and is already trying to overcome the 450.00 USD mark, but the volume of purchases is still very low. Without volume support, further recovery is impossible.
During the day, the pair may settle in a sideways range at the level of average prices, and if selling resumes, the decline will continue to psychological support of 400.00 USD.
Yesterday sellers held the defense of the psychological level of 0.300 USD and were able to go on the offensive, seizing the initiative on the POC line (0.294 USD).
As a result, the Ripple price broke through the immediate support at 0.280 USD and set a local minimum at 0.263 USD. In the evening, sales volumes gradually decreased and the pair slowly recovered to the 0.277 USD mark.
We believe that it will not be possible to gain a foothold above the level of 0.270 USD today and the decline will continue to the support of 0.250 USD.
- The given material for orientation objectives!
- I shall forgive for my English - I use the translator!)
I wish you successful trading!