Analysis of cryptocurrency pairs
BTC / USD, ETH / USD and XRP / USD on 04.24.2020
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Analysis of cryptocurrency pairs BTC / USD, ETH / USD and XRP / USD on 04.24.2020 |
Yesterday the market showed growth and today we can hope for its continuation. Yesterday morning, the price of Bitcoin tested the support of 23.6% Fibo (7026.60 USD), after which the bulls went on the offensive. Daily price volatility exceeded 10%. During the day, buyers broke a narrow resistance zone in the area of 7600.00 USD with a powerful bullish impulse and set a new April maximum slightly above the level of 7750.00 USD.
In the evening, the volumes decreased, and the pair rolled back to the area of 7500.00 USD. At the end of the day, buyers tried to gain a foothold above the resistance zone of 7600.00 USD, but the second wave was not supported by large volumes and failed to break through the resistance zone. At night, the pair rolled back even deeper, to the area of 7450.00 USD. However, the depth of the rollback gives confidence in the continued growth. On the daily time frame, the Stoch RSI indicator lines are only on the way to the overbought zone of the market. There is still room for growth. We believe that in the medium term, the bulls can break through the two-day moving average EMA200 and fix a maximum just above the POC line (7987.38 USD).
The psychological mark of 8000.00 USD is another zone with a high probability of a reversal in a downtrend. Yesterday, the price of Ethereum supported the growth of the cryptocurrency flagship BTC / USD and set a daily maximum above the level of 78.6% Fibo (192.57 USD), at around 195.00 USD.
At night, the volume of purchases began to decline, the pair rolled back to the area of 185.00 USD. The rollback looks shallow and, judging by the Stoch RSI indicator, you can count on continued growth on the daily timeframe. The psychological mark of 200.00 USD is the level where the price of air can get in the near future. It is highly probable that the 100% fibonacci level (222.98 USD) will become a reversal level. Yesterday, the two-hour moving average EMA55 kept the Ripple price from a drawdown and the pair's recovery continued to the psychological mark of 0.200 USD.
After the daily maximum at 0.200 USD, the price rolled back a bit, but growth towards resistance 0.213 USD is possible in the near future. Whether the price will be able to gain a foothold above the level of 0.220 USD can be said a little later by analyzing the level of market overheating.
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