On Saturday morning the price of bitcoin was maintained above the upper boundary of the descending channel. During the day, the bearish pressure has increased. They broke through the support of the orange trend line and at the end of the day set month low around USD 8830.00.
The sellers failed to keep the price of BTC in the area of the June low and the pair has bounced to the top of the orange corridor. On Sunday, the price left the descending channel and rebounded to the area of the two-hour EMA55.
However, the average level of prices did not allow the buyers to continue recovery and still holds a few around 9100.00 USD. Today a possible re-re-test the upper boundary of the orange corridor.
If the price of Bitcoin will get support from the orange trend line, that continued above the level of average prices in the area of resistance 9300.00 USD.
If the bears will return the pair in downtrend, then further movement will pass within the orange corridor in the near future the pair will reach support 8600.00 USD.
Last Saturday, the sellers increased the pressure and broke the support 100% Fibo (222.98 USD). At the end of the day, the pair established the June low at point 215.79 USD in the Asian session, the price rebounded to the area one hundred percent Fibonacci level.
Sunday, on small volumes, customers continued recovery above that Fibonacci level, but to test EMA55 two hours and failed.
Currently, buyers are trying to hold the pair above 100% Fibo (222.98 USD) to continue restoring the resistance 233.33 USD.
If the bears again forced a strong support near one hundred percent Fibonacci level, the price drop Ethereum will continue and soon may reach the psychological mark of USD 200.00.
On Saturday, strong bearish pressure on the market, the price of Ripple has tested support at USD 0.170 and set the monthly minimum at the point 0.169 USD.
On Sunday, the buyers tried to restore a few in the area of medium prices, but the increase was not supported by large volumes and price were unable to test the two-hour EMA55, which is around 0.180 USD.
If buyers manage to increase the volume and continue the growth, the pair could overcome the resistance of moving average EMA55 and gain a foothold above the level of average prices.
However, we believe that today the pair may return to the area at least monthly and soon to revert to the descending purple channel.
* All prices shown are based on data exchange BitStamp