How long is the bounceback of the coins going to last?
|Bulls are trying to keep the short-term growth going as most of the coins have come back to the green zone.
Top coins by CoinMarketCap
BTC/USD
Buyers took advantage of the support at $36,000 yesterday and tried to gain a foothold above the two-hour EMA55.
Great difficulties were caused by the resistance of the 38.2% fibo ($37,150). At the end of the day, this level held back the rise in the price of BTC.
BTC/USD chart by TradingView
Today, the bulls can try to break through the defense of the bears and test the level of $38,600. The most optimistic recovery option involves a retest of the psychological mark of $40,000.
Bitcoin is trading at $37,818 at press time.
ETH/USD
Yesterday, buyers were able to continue the recovery of the Ethereum (ETH) price to the two-hour EMA55 area. The daily high was fixed at $2,511. However, the decrease in volumes at the end of the day did not allow the pair to consolidate above the level of average prices.
ETH/USD chart by TradingView
If bulls can hold the rate above the EMA, there are chances to see ETH's test of the $2,800 level shortly.
Such a scenario is relevant until the end of the week. In another case, the return to $2,400 might be a short signal with a potential target of $2,200.
Ethereum is trading at $2,639 at press time.
XRP/USD
Yesterday, there was no strong pressure from the bears, and at the end of the day, the price of XRP was able to test the two-hour EMA55.
XRP/USD chart by TradingView
By this morning, the pair has not yet been able to overcome this moving average. If during the day, buyers manage to break through to the $0.65 area, then by the end of the day, the XRP/USD pair will be able to gain a foothold above the average price level.
XRP is trading at $0.6363 at press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.