Denys Serhiichuk

Can Bitcoin (BTC), Ethereum (ETH) or XRP bounce back this week?

The rates of the coins keep setting new local lows, according to CoinMarketCap.

BTC/USD

The price of Bitcoin (BTC) has dropped by 2.71% over the last 24 hours.

On the daily chart, the rate of BTC remains rather more bearish than bullish. However, one should pay attention to the nearest resistance level of $56,500. 

If the candle closes near it or above, bulls may locally seize the initiative, which can lead to a test of the $57,000 area.

Bitcoin is trading at $56,246 at press time.

ETH/USD

Ethereum (ETH) has followed the drop of BTC, going down by 2.58%.

From the technical point of view, the price of ETH is looking more bullish than BTC. If the daily bar closes far from the support of $2,817 and with no long wick, the upward move may continue to $3,100 soon.

Ethereum is trading at $2,984 at press time.

XRP/USD

XRP is not an exception to the rule, falling by 3.27%.

On the daily chart, the price of XRP remains bearish until it is below the $0.46 mark. Thus, the volume is low, which means bulls have not accumulated enough energy to seize the initiative.

XRP is trading at $0.4327 at press time.

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Denys Serhiichuk