The crypto market seems unlikely to recover so fast as all of the top 10 coins are under bearish pressure. Bitcoin Cash (BCH) is the top loser, falling by 26%.
Top 10 coins by CoinMarketCap
BTC/USD
Yesterday morning, the Bitcoin (BTC) price rolled back to the support of the two-hour EMA55 (around $54.000). During the day, the pressure of the bears increased. They pushed the moving average and pulled the pair back to the uptrend line ($52,500).
BTC/USD chart by TradingView
Another bearish impulse knocked the pair out of the ascending channel and tested the support at $45,000. The BTC price bounced above the trend line, but the pair could not hold out in the upward channel until morning. If bulls hold the $45,000 level, there are chances of seeing a short-term rise to $50,000.
Bitcoin is trading at $46,590 at press time.
ETH/USD
The onslaught of sellers intensified yesterday morning, and during the day, they pulled the pair back below the support of $1,800. In the afternoon, the Ethereum (ETH) price pierced the trendline, setting a minimum of around $1,540.
Before the end of the day, the price bounced into an ascending channel, but it has not yet been able to gain a foothold in it.
ETH/USD chart by TradingView
As of this morning, the volume of sales has decreased. But even at low trading volumes, the pair may go down to the support around $1,300. One believes that this level will stop the decline and allow the pair to consolidate sideways.
Ethereum is trading at $1,472 at press time.
XRP/USD
Yesterday morning, strong bullish momentum tried to restore the XRP/USD pair to the upward channel. The price broke through the resistance of $0.60 and set a new February high at $0.649.
XRP/USD chart by TradingView
XRP looks more bullish than Bitcoin (BTC) and Ethereum (ETH) in the short-term scenario. The selling trading volume is high, which means that most bears may have already closed their positions. In this case, there is a chance for a bounce-off to the vital mark at $0.50.
XRP is trading at $0.44 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
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