Price Analysis of BTC, ETH, XRP for May 31, 2021
Last Saturday, buyers were unable to form a bullish momentum and break through the resistance of the 38.2% fibo level (37150.24 USD). By the end of the day, the price of BTC rolled back to the area of 33500.00 USD. On Sunday, buyers tried to restore the pair to the previous level, but it is not yet possible to overcome the resistance of 36000.00 USD. The market activity is quite low, and if it is not possible to increase the volume of purchases, the pair will not be able to recover above the three-hour moving average of EMA55. Today, the decline may continue to the psychological level of 30000.00 USD.
On Saturday, in the first half of the day, trading volumes fell to a minimum. After lunch, sellers formed a bearish momentum and the price fell back to the area of 2200.00 USD. Despite a fairly strong momentum, the bears failed to test the purple downtrend line. By the end of the week, the pair recovered slightly, but it is not yet possible to gain a foothold above the POC indicator line (2330.17 USD). There is pressure from sellers, which may increase, and then the price of ether will test the downward trend line around the 2000.00 USD mark.
At the end of last week, trading was sluggish and buyers on small volumes tried to stay above the red downward trend line. On Sunday, a weak bullish momentum helped the pair recover to the area of average prices, but buyers did not have enough strength to break through the three-hour EMA55. The resistance of this moving average limits the growth to the psychological level of 1.00 USD. There is a chance that today the price of XRP will again fall back below the red trend line.