Is the current decline a prerequisite for the continued market drop?
Bulls could not hold the initiative, and all of the top 10 coins have come back to the red zone.
Top coins by CoinMarketCap
BTC/USD
Yesterday morning, the POC indicator line stopped the BTC price decline. For some time, the pair held in a narrow sideways channel, but in the second half of the day, the selling pressure intensified and the fall continued to the $47,745 level.
BTC/USD chart by TradingView
This morning, a recovery took place in decreasing volumes. We believe that, in the near future, the price can get stuck in a sideways range using the support of the $47,745 level.
The Point of Control line of the Volume Profile indicator can serve as the upper border of the short-term consolidation. By the end of the week, the Bitcoin price might continue to decline to the support of $46,000.
Bitcoin is trading at $47,884 at press time.
ETH/USD
Yesterday, the Ethereum (ETH) price decline continued and reached the support of $3,800. At night, the volume of sales decreased and, by morning, the pair held out in a narrow sideways consolidation.
ETH/USD chart by TradingView
One believes that today, some recovery of the Ether price is possible, but soon the fall may continue to the area of $3,600. By the end of the week, the pair may reach the support at $3,400.
Ethereum is trading at $3,782 at press time.
XRP/USD
Buyers were unable to achieve any significant recovery in the XRP price yesterday morning, and the decline continued in the afternoon. At the end of the day, the pair tested the level of $0.85.
XRP/USD chart by TradingView
The fall stopped at night. Today, one can expect the XRP price to drop to the POC line area, and by the end of the week, the pair might reach the support of $0.80.
XRP is trading at $0.8421 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.
