0
📈 Price Predictions
235 views

Bitcoin Ready For Correction; Ripple, Monero and Litecoin on Their Way Down

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Dmitry Cake
    📈 Price Predictions

    Do you believe in eternal growth? Neither do Ripple, Monero and Litecoin investors as altcoins show first signs of decline

Bitcoin Ready For Correction; Ripple, Monero and Litecoin on Their Way Down
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Once again, the middle of the week risks becoming a local turning point in the market. Sooner or later, such rapid growth has to be paid for and we are sympathetic towards those who bought Bitcoin at, say, $9,700. They may still be able to break even within the next few days, but this kind of recklessness is not the best companion in cryptocurrency trading and may eventually lead to ruin.

BTC dominance achieves stability

In the meantime, the capitalization grew by a modest seven bln over 24 hours and is now $433 bln.

Bitcoin dominance, as we predicted earlier, has stabilized around 38 percent and may start growing again in the event of a correction, since decline rates are usually higher for altcoins.

Red daily values are already cropping up amidst assets: first of all, this is Bitcoin Cash, IOTA, Dash- everything that had been growing most actively in the past few days.

A few altcoins still growing but not for long

Continuing to climb are EOS, rising by 20 percent with the news of a main net launch in June, and Bitcoin with an increase of six percent. TRON burst into the top 10 with an impressive 30 percent of growth, but here we are dealing with pure speculation. According to experts, the project is fundamentally weak, so we believe it will leave the top 10 as quickly as it came in.

card

BTC/USD

Despite its weight, Bitcoin seems to have overcome the laws of gravity and grew by another $250 after reaching the goal of $9,500, which we discussed yesterday. At the moment, we have seen growth without fallbacks for seven days.

Meanwhile, the bulls are already beginning to slow down, and we are seeing candles with rather long shadows on the four-hour graph. Under different circumstances, we could suppose that this is a forced stop before continued growth, but given the previous movement, the loss of momentum is threatening a fall.

The first stop in the course of the correction, which is forming a clearer outline, will be made at $9,175, but the price will not linger there. The next cascade of targets is represented by the set of $8,800 - $8,400 - $7,800.

The achievement of the first goal, located at the upper boundary of our formation of ascending channels, leaves no doubt, while the realization of the second and third targets will depend on the appetite of the bears.

In the current situation, growth is only possible by means of a miracle, for instance, if a big player will support purchases with a huge volume. In this unlikely scenario, $10,000 could become the next goal, but it would be reckless to build a trading strategy based on this assumption.

card

XRP/USD

On Monday, we congratulated our readers on the achievement of the third medium-term growth target with a slight error, but in the course of the past day the bulls managed to conquer $0.95- we promised and our forecast came true. This was followed by the expected fallback, which continues now. Its depth fully depends on the efforts of bears in the trading pair BTC/USD.

The first decline target is the level of $0.85, which coincides with the 0.236 value of the Fibonacci retracement, followed by $0.8, the level of the previous local "piercing" down. Finally, the third target is located at $0.77 and is denoted by the 0.382 value of the same grid.

First of all, given the amount of capital that went into Ripple in the last two weeks, we assume that big players will actively defend their positions. Second, a deeper correction will break the ascending channel, which will create problems for buyers in the future.

However, in the case of such a negative scenario, we will indicate a fourth goal- it is defined by powerful mirror levels, as well as by the 0.5 value of the Fibonacci grid and is located at $0.71.

XMR/USD

After reaching the goal of $300, Monero has already corrected to $265, which coincides with the 0.236 value of the Fibonacci grid, but we believe that this is far from being the limit. With a high degree of probability, this first stage of decline will be followed by a return to the lower register of the ascending channel and correction to at least $245.

At this level, we expect a surge in buyer activity, but pressure from the falling Bitcoin can erase all efforts to protect long-term positions. In that case, the pain limit for investors at the moment is located at the value of $230, which coincides with a powerful mirror level of support-resistance. A deeper correction will undo all previous successes of buyers and greatly damage the reputation of the asset.

card

LTC/USD

Of all the assets listed in the review, Litecoin, as per an unfortunate tradition, is doing the worst. It's not even that the rate of its decline was higher than that of other coins. It’s just that the price failed to form an expanded price channel, so any more or less significant downward fluctuations will break the current one.

In this case, a fall is likely to the 0.382 level of the Fibonacci retracement- namely, to $145. The second target is $137 and, given the presence of a mirror level, can become the final one.

No matter how the situation develops in the LTC/USD pair, after the correction is completed, we still do not recommend trading this asset. A month ago we wrote that Litecoin looked pale compared to more promising competitors- nothing has changed since then.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Dmitry is a professional trader fascinated by the opportunities that crypto industry provides. His experience is backed by writing skills and the Master's degree in Economics. Dmitry's passion is to show crypto enthusiasts how beautiful and precise the technical analysis can be.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
112 views

Binance CEO Changpeng Zhao Denies Opening Office in Beijing

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    No, Binance doesn't plan to open a Beijing office despite China warming up to crypto

Binance CEO Changpeng Zhao Denies Opening Office in Beijing
Cover image via yotube.com

During a recent Bloomberg interview, Binance CEO Changpeng Zhao said that the Malta-based exchange didn't have plans to open an office in Beijing. 

"We don't have an office in Beijing. That's a rumor. That's not true."    

When it comes to their strategy in China, CZ says that they will focus on research and development while helping "wherever they can."

"Our strategy is very simple. I think we want to follow the recommendations very closely and we want to promote the Blockchain technology research and development."    

👉MUST READ

Bitcoin Price Predicted to Go to $16,000 "Soon-ish" by Binance CEO Changpeng Zhao

Bitcoin Price Predicted to Go to $16,000

Binance's homecoming

On Oct. 31, Coindesk reported that Binance was opening a new office in the Chinese capital, citing two anonymous sources. However, Binance didn't confirm this information. 

This came after Binance launched peer-to-peer trading against the Chinese yuan (CNY) on Oct. 9, which signaled that the country might be finally ready for homecoming after leaving China after that crypto clampdown that took place in Sept. 2017.

Back in August 2019, Binance barred its citizens from using more than 100 foreign exchanges, including Binance. 

👉MUST READ

Binance Adds Support for Euro

Binance Adds Support for Euro

Throwing weight behind blockchain

As reported by U.Today, Chinese President Xi Jinping endorsed blockchain, the technology behind the vast majority of cryptocurrencies, which sparked a major crypto rally. 

Following President Xi's comments, the People’s Daily, the mouthpiece of the Communist Party of China, called blockchain a "breaking point" while the country's military newspaper suggested that Chinese soldiers could be rewarded with crypto tokens. 

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings