Yesterday morning, the pressure from the bears began to grow, and in the afternoon the bitcoin price had already pierced the support of 11200.00 USD.
However, in the afternoon, after a retest of the two-hour EMA55, the bulls seized the initiative and formed a rather powerful bullish momentum. Bitcoin price has broken through the fifty percent Fibonacci level, which kept it in a sideways range over the weekend.
At the end of the day, the pair set a maximum around the level of 11730.00 USD, while at night the trading volumes decreased and the price fixed above the 50% fibo level (11394.15 USD).
Despite some pullback, on the daily time frame, the Stoch RSI indicator lines did not leave the overbought zone, and the market remains very overheated. If the bulls manage to form a second impulse, then the bitcoin price will test the psychological level of 12000.00 USD, but the pair will not be able to hold above the 50% Fibonacci level for a long time. Most likely, the pair will return to the area of ??average prices in the near future.
ETH/USD
In the first half of the day, the ether price rolled back to the two-hour moving average EMA55, and after the retest of the average price level, buyers formed a bullish impulse, which broke through the resistance of 380.00 USD and by the end of the day set a maximum at around 395.00 USD.
We failed to continue the growth to the psychological level of 400.00 USD at night. The volume of purchases fell sharply and in the morning the pair rolled back to the level of 380.00 USD. On the daily time frame, the Stoch RSI indicator has not yet left the overbought zone. Will the bulls be able to break through to the target level of 400.00 USD in the overheated market in the near future? This is quite possible, but the pair is unlikely to be able to stay in the zone of a new monthly maximum.
We believe that we will soon see a rollback to the support of 360.00 USD.
XRP/USD
Yesterday, the XRP / USD pair pulled back below the 2-hour EMA55 and pierced the yellow trendline. However, the price bounced off the 0.250 USD support and remained in the upward channel.
This morning the pair is consolidating in the area of ??average prices and may continue to rise above the resistance of 0.260 USD, provided that the market is dominated by positive sentiment.
However, overheating of the market will not allow it to gain a foothold in the ascending channel for a long time, and by the end of the week the pair may roll back below the POC line (0.244 USD).
- The given material for orientation objectives!
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I wish you successful trading!
