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.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
