The price of Bitcoin surpassed key levels during yesterdays trading creating a more bullish outlook.
Many analysts were looking at $3840 as an area for its price to move to next.
However, the bullish price action failed to follow up, and the price dropped back below the $3684 level.
After failing to continue its bullish movements, the price dropped to the point of last weeks low and found support at this level.
Price bounced from this support level and has been consolidating around $3520 for the past few hours trading.
XRP was trading more bearishly during last weeks price action.
Price of XRP failed to overcome the $0.335 resistance level during yesterdays surge, and we noted in yesterdays article that it would be likely to drop to last weeks low if the market did not continue rising.
Price did drop to last weeks low, similarly to Bitcoin.
Last weeks low is around $0.31, but the price has since risen to $0.315 and has consolidated here for the past few hours.
The consolidation which is now taking place in Bitcoin and XRP increases the likelihood that the next significant will be to the downside.
When price consolidates after a drop, this is often followed up by another drop.
- Both Bitcoin and XRP have dropped to last weeks low over the past day of trading, and both have found liquidity at this point.
- Both surged yesterday with bitcoin looking far more bullish after overcoming the $3684 resistance.
- Both bounced from the point of last weeks low and have been consolidating for the past few hours.