The correction has continued in the cryptocurrency market, with all top 10 coins remaining in the red.
The key information on Bitcoin (BTC), Ethereum (ETH), and XRP:
Yesterday morning, the Bitcoin (BTC) price was unable to stabilize in a sideways range with support at $17,600. The bears amped up pressure, and the pair continued to fall. By the end of the day, sellers pushed the price close to the 78.6% Fibonacci level ($16,125), renewing the weekly low at $16,218.
The upper line of the ascending channel pushed the pair towards recovery, and over the last night, buyers tried to reclaim the lost price level. However, the recovery was not supported by large volumes and stopped at around $17,400, and in the morning the price rolled back to $17,000. If this weak level provides support for the price, buyers may try to resume the uptrend above the $17,600 resistance.
Bitcoin is trading at $17,012 at press time.
Several strong bearish impulses pushed the Ethereum (ETH) price back to $480 yesterday morning. The bears did not manage to go any lower, and the price gained footing above the lower line of the ascending channel.
The buying volumes that keep the pair in consolidation are still very small and do not exceed the average level, but if buyers are able to increase them, then the price can continue to recover above the six-hour moving average EMA55.
If this moving average fails to hold the pair, then the $475 level might be breached.
Ethereum is trading at $513.75 at press time.
Yesterday morning, the bears continued pressing and broke through the psychological support of $0.50. In the evening, the decline stopped at the point of the local low of $0.456, and over the last night, the pair recovered to the area of average prices.
The trading volume is still small and the XRP price is struggling to reclaim the hourly EMA55, but if buyers break through the resistance of the moving average, the pair may recover to the $0.65 mark. Otherwise, the bears can push the price back to the $0.40 support.
XRP is trading at $0.5445 at press time.