The market has made a reversal as all coins from the top 10 list are in the green zone again. Binance Coin (BNB) is the biggest gainer, rising by 27% since yesterday.
Top 10 coins by CoinMarketCap
Yesterday morning, the bearish onslaught broke through the rather strong support at $48,000. The pair’s decline began to slow down only around the $46,000 mark. The sellers managed to pierce this support level as well, while the daily low was fixed at $44,845.
BTC/USD chart by TradingView
In the afternoon, trading volumes dropped below average, and late at night, the pair began to recover, bringing the Bitcoin (BTC) price back above the psychological $50,000 mark. This recovery has not been supported by large volumes, so it is unlikely to see further price increases this morning.
However, if the pair can hold above the support of $48,000, then in the second half of this week one can count on the return of the BTC price to the upward channel. At the same time, the two-hour EMA55 and the rising trendline will act as serious resistance levels.
Bitcoin is trading at $51,165 at press time.
Yesterday morning, the bears increased the pressure and broke through the strong support at the level of $1,500. The local minimum was set at around $1,353. During the day, the volatility of the ETH price remained quite high.
ETH/USD chart by TradingView
At night, when the volume of sales declined, the pair was able to recover above the level of $1,600. If buyers are able to continue the recovery today, then the price could test the blue trend line. A breakthrough of this resistance will allow the altcoin to consolidate at the level of $1,800 before the end of the week.
Ethereum is trading at $1,693 at press time.
The rate of Binance Coin (BNB) has recovered faster than that of Bitcoin (BTC) or Ethereum (ETH) as the price has rocketed by 28% since yesterday.
BNB/USD chart by TradingView
Despite the sharp growth today, Binance Coin (BNB) has made a false breakout of the $275 mark. The buying trading volume is low, which means that there are chances to see a restest of the liquidity around $119 shortly.
Binance Coin is trading at $262.35 at press time.