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BTC, ETH, EOS Price Prediction — Can the Market Remain Green Until Summer 2019?

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  • Denys Serhiichuk
    📈 Price Predictions

    The situation has almost⚠ ✔️ not changed since yesterday. What scenario is more 🎲likely: a correction or further 📈growth?

BTC, ETH, EOS Price Prediction — Can the Market Remain Green Until Summer 2019?
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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.

Contents

After the cryptocurrency market bull run over the weekend, the expected correction has not occurred. If yesterday Bitcoin was growing faster than altcoins, today, the rates of top cryptocurrencies have increased in correlation to BTC. All major assets are in the green zone, except Binance Coin, whose rate has reduced by 1%, while the biggest gainer is EOS, the price of which has skyrocketed by more than 10% overnight.

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Against all this, the market is approaching the $100 bln trading volume mark; currently, it constitutes $93 bln. As altcoins have started to grow faster than the leading crypto, the BTC domination index has slightly reduced and is now 56.8%.

Now, let’s switch to the technical forecast of the top coins to understand their movements and predict the possible future rate.

BTC/USD

It seems that Bitcoin is not going to follow yesterday’s scenario as the expected rollback has not happened.

On the weekly chart, one can notice that an increase in CMF values has accompanied the continuous highs for four weeks in a row.

BTC/USD 1-week chart

MA at intervals of 5 and 10 are also directed upwards, and a significant distance between the lines indicates a vital movement force. The RSI indicator is in the overbought zone, located above the 70 mark.

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An obstacle on the way to $10,000 is the mark of $9,442, corresponding to the level of 38.2% of the Fibonacci retracement, stretched from the maximum of December 2017 to the minimum of December last year. Before reaching the mark of $9,442, the price can be adjusted in the short term to the range of $8,000 - $8,390.

The price of BTC is trading at $8,736 at the time of writing.

ETH/USD

If yesterday Ethereum quotes traded similar to XRP’s price movements, today, the situation has changed. Now, the leading altcoin is following BTC’s patterns, as it usually happens.

ETH/USD 1-hour chart

On the hourly chart, the ETH short-term scenario does not look promising, even though the coin is in the green zone now. In terms of the technical indicators, RSI is located in its neutral zone, moving closer to the oversold area, while MACD shows a bearish wave, suggesting the further price decline.

All this is backed up by the decreasing trading volume, and traders should expect ETH to be in the yellow corridor shortly as it is outlined on the chart.

The price of ETH is trading at $267 at the time of writing.

EOS/USD

After a continuous battle against Litecoin, EOS was finally able to enter the top 5 coins in the cryptocurrency ranking. Today, holders of the coin can be happy as the price has soared by 11% at the time of writing.

EOS/USD 1-hour chart

Concerning the technical analysis, the current price is not the peak, and EOS has the strength to grow further. However, after today’s bull run, the quotes are likely to be adjusted to the previous support level at $7.50. Such a scenario is expected to happen due to the MACD indicator, which is about to change the trend for a while. There is no need to panic as in the long-term forecast, EOS is supposed to surpass $8.

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The price of EOS is trading at $7.86 at the time of writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

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  • Joseph Young
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    The so-called “China fever” on crypto like bitcoin has noticeably declined since President Xi’s speech on October 28.

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
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Contents

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell back to “pre-Xi” levels in a relatively short period.

Global markets analyst Alex Krüger said:
“Have mainland China investors increased their demand for bitcoin? BTC volumes quickly dropped back to pre Xi news levels; online searches in China are back down to pre Xi news levels; website traffic for exchanges catering to China barely changed since the news.

The ‘Chinese tokens,’ NEO, ONT and TRX, have all done well since the aftermath of the news, while VET (a supply chain oriented blockchain) has been cruising on China news. Don't think though this is a sign of a ‘speculative fever’ of any kind.”

The analyst emphasized that prior to the statement of President Xi on the focus of China to facilitate the development and implementation of blockchain technology, the penetration of cryptocurrencies in the region was already high.

Also, most mainland Chinese cryptocurrency investors are said to have been trading digital assets through overseas markets like Hong Kong, purchasing stablecoins like Tether with the Hong Kong dollar.

Hence, it is possible that the public already anticipated the government of China to eventually reiterate its plans to encourage blockchain development with the People’s Bank of China (PBoC) consistently stating that its plans for a state-operated digital currency is in the works.

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” Dave Chapman, BC Technology Group executive director, said.

Is this the end of the Xi-effect?

Some technical analysts have suggested that the upside movement of bitcoin to $10,600 in late October may have not been primarily fueled by the optimism around China’s blockchain development initiative, and that a cascade of short liquidations amidst a build up of sell pressure caused the rally.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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