A large part of the digital currency market has entered the price correction phase in recent days. The main question is whether we will see the completion of this phase soon or not.
To Report Youtudi, yesterday’s fluctuations of the top ten currencies in the market were in the red range. Meanwhile, the three major market currencies, Bitcoin, Ethereum and Ripple, also had a relatively bad day and were accompanied by lower prices.
Yesterday morning, the price of Bitcoin failed to maintain its trend and fell below the support of $ 17,600. During this time, market control was in the hands of sellers and we saw a drop to about $ 16,125. Bitcoin prices fell below the Fibonacci retracement level of 78.6% by the end of yesterday.
Last night, the upper side of the uptrend channel revived the price. During this time, buyers sought to recover lost prices. This effort eventually led to the price of Bitcoin reaching $ 17,400 with the support of high trading volume. Bitcoin currently trades in the $ 17,200 range. If the price is sufficiently supported in this area, it is likely that buyers can push the price up to $ 17,600.
Yesterday morning we saw an increase in downward fluctuations in the price of Ethereum. Market sellers were able to reduce the price to $ 480 during this period. In this area, which was also on the lower side of the downtrend channel, we saw price support and revival.
Given the current trading volume, we have to wait for the price stabilization phase. If buyers can increase the volume of their orders, it can be said that there is a possibility of price increases above EMA55 in the six-hour time frame.
If this area is broken, the price of Ethereum could fall to $ 475. Ethereum currently trades in the $ 513 range.
Yesterday morning, market sellers managed to break the price of Ripple to the range of $ 0.5. The downtrend finally stopped at $ 0.456. From midnight until now, we have witnessed a revival of the Ripple price.
Ripple trading volume is still low and the digital currency is looking to recover the EMA55 in hourly frame time, but if buyers can break the resistance, the way will be opened to reach $ 0.65. Otherwise, the next support will be in the range of $ 0.4 and target sellers. Ripple currently trades in the $ 0.54 range.