On Saturday morning, the price of bitcoin was held above the upper boundary of the downward channel. During the day, the pressure of the bears increased. They broke through the support of the orange trend line and at the end of the day set a monthly minimum at around 8830.00 USD.
Sellers could not keep the BTC price in the zone of the June low and the pair rebounded to the upper border of the orange corridor. On Sunday, the price left the downward channel and recovered to the two-hour EMA55 area.
However, the average price level did not allow buyers to continue the recovery and so far keeps the pair in the region of 9100.00 USD. Today, a re-test of the upper boundary of the orange corridor is possible.
If the Bitcoin price receives support from the orange trend line, then the recovery will continue above the average price level, to the resistance area of 9300.00 USD.
If the bears return the pair to the downward channel, the further movement will take place within the orange corridor, and in the near future the pair will reach the support of 8600.00 USD.
Last Saturday, sellers stepped up the onslaught and broke through the support of 100% Fibo (222.98 USD). At the end of the day, the pair set the June low at 215.79 USD, and at the Asian session, the price rebounded to the area of one hundred percent fibonacci level.
On Sunday, on small volumes, buyers continued to recover above this Fibonacci level, but failed to test the two-hour EMA55.
Currently, buyers are trying to keep the pair above 100% Fibo (222.98 USD) in order to continue the recovery to the resistance of 233.33 USD.
If the bears again sell strong support in the region of the 100% fibonacci level, then the Ethereum price decline will continue and may soon reach the psychological mark of 200.00 USD.
On Saturday, under strong bearish pressure in the market, the Ripple price tested support at 0.170 USD and set a monthly minimum at 0.169 USD.
On Sunday, buyers tried to restore the pair to the average price range, but the growth was not supported by large volumes and the price was not able to test the two-hour EMA55, which runs around 0.180 USD.
If buyers manage to increase volumes and continue to grow, then the pair can overcome the resistance of the moving average EMA55 and gain a foothold above the level of average prices.
However, we believe that today the pair may return to the zone of the monthly minimum and soon roll back into the descending purple channel.
- The given material for orientation objectives!
- I shall forgive for my English - I use the translator!)