BTC, ETH, XRP Price Analysis — Bitcoin Is Below $11,000. Can the Top Coins Update Their Maximums?

Price Predictions
Mon, 06/24/2019 - 07:39
Denys Serhiichuk
The market is fixing its gained positions after a recent bull run. Our price analysis explains what levels to expect in the near future
Cover image via U.Today
Contents

The events of last week may be the last argument in favor of the statement that the bottom levels are in the past. Thus, Bitcoin made an impressive leap up, the culmination of which was Saturday’s capture of the bar, first at $10,000 and then at $11,000. At the same time, at the beginning of the week, the first cryptocurrency was trading at levels just below $9,000.

Top coins by CoinMarketCap

Bitcoin has set growth as has the rest of the market, the cumulative capitalization of which now exceeds $324 bln.

Among the most popular altcoins, Monero has stood out from the crowd, which has risen in price by more than 18% and is now trading at around $114.5. The same situation may be applied to Ethereum, which managed to overcome the psychological barrier of $300. Also the previous week, Binance Coin rose to record levels against the US dollar, retarding growth in the close approaches to $40, while XRP came closer to $0.50.

BTC/USD

After a strong rally, BTC was below $11,000 and $10,800. However, the level of $10,400 acted as decent support, and the minimum level was formed at the zone of $10,363.

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The price is currently moving higher, and BTC is trading at around $10,700. It is above the Fibonacci retracement level of 23.6% of the recent correction, from a maximum of $11,234 to a minimum of $10,363. However, it seems that levels of $10,800 and $10,950 are currently the obstacles.

BTC/USD chart by TradingView

On the 4-hour chart of the BTC/USD pair, a key bullish trend line is being formed with support around $10,550. If Bitcoin falls below the trend line, it can return to support levels of $10,200 and $10,000.

The price of BTC is trading at $10,727 at the time of writing.

ETH/USD

If $10,000 is the critical level for Bitcoin, then $300 is the psychological point for Ethereum. Our earlier ETH price prediction came true, and the top altcoin could lift above the $300 mark.

ETH/USD chart by TradingView

Even the recent news about the upcoming transition to the Proof-of-Stake (PoS) consensus mechanism could not stop the price from falling.

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On the hourly chart, Ethereum is facing a slight rollback after a bull run since June 20. The correction may continue until the quotes reach $290, as the asset needs to fill this gap before the price goes higher. The MACD indicator supports such a scenario, located in the descending channel.

The price of ETH is trading at $304.66 at the time of writing.

XRP/USD

Ripple followed the scenario outlined in our recent forecast, as the $0.46 mark was reached. Even though the price of XRP is falling now by around 2%, it has shown an enormous 13% growth over the last 7 days.

XRP/USD chart by TradingView

XRP is looking much stronger than Ethereum or Bitcoin on the 1-hour chart. After breaking the level of $0.40, Ripple quickly achieved $0.45 and could even surpass this mark. According to the technical indicators, the uptrend continues until the rate reaches $0.50, which may happen until the end of June. The lines of RSI are looking downwards, suggesting that the asset is located closer to the oversold area rather than to the overbought one.

The price of XRP is trading at $0.4597 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 makes 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, can be contacted at denys.serhiichuk@u.today.

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