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📈 Price Predictions
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BTC, ETH, XRP Price Analysis — Bitcoin Is Facing a Downtrend Against Slowly Falling Altcoins

  • Denys Serhiichuk
    📈 Price Predictions

    After a bull run, the cryptocurrency market is red again. Our price analysis explains whether the top coins have found their bottoms or not


BTC, ETH, XRP Price Analysis — Bitcoin Is Facing a Downtrend Against Slowly Falling Altcoins

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

The past week was eventful for the cryptocurrency market. Bitcoin updated the highs of the previous months several times. The first update was on June 25; the second one occurred on the day after. As a result, the leading crypto reached $13,764. After achieving these highs the next day, Bitcoin fell by almost 20% to $10,388.

Thus, the market capitalization of Bitcoin rose from $186.3 bln to $246.8 bln. At the time of writing, we are at the level of $197 bln.

Top 10 coins by CoinMarketCap

Many people associate the growth of Bitcoin and the whole crypto market with the launch of the Libra cryptocurrency, which was announced by Facebook. However, now, most of the coins are facing a correction against the US dollar, while all top assets are in the green zone in correlation to BTC. 

BTC/USD

Despite the spectacular growth, which pushed the price to almost $14,000, a reasonable correction is taking place now. Currently, Bitcoin is following our recent scenario, and, if the downtrend continues, the rate might drop to the area of $10,000-$10,300, as we predicted before.

BTC/USD chart by TradingView

On the hourly time frame, Bitcoin is likely to locate in the yellow corridor trading in the range between $10,000 and $12,600. In addition, the trading volumes are far away from their peaks when BTC was almost $14,000. The lines of the MACD indicator are neither going up no down, confirming our suggestions.

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Artur Dzhalilov, CEO at Vexel, has a similar point of view:

We expect a flat in the $11000-$13500 corridor, a good time for short trading. When BTC reaches the $13500 price level again, we will be waiting for the next high at $15600.”

The price of BTC is trading at $10,972 at the time of writing. 

ETH/USD

Ethereum needs only $10 to reach $285 and justify our forecast made a few days ago. Even a record of achieving 1 mln transactions per day could stop the leading altcoin from a fall below $300.

 ETH/USD chart by TradingView

On the 4-hour chart, Ethereum is following BTC’s price movements, showing a decline from June 26. However, one should not expect a dump to $250, as the RSI pattern is moving to the oversold zone. MACD is going downwards, suggesting a fall to around $270 shortly.

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The price of ETH is trading at $295.68 at the time of writing.

XRP/USD

Ripple is the only coin out of the top 3 which has not followed our earlier prediction, and its quotes have dropped to the $0.40 mark. However, against the background of Bitcoin and Ethereum, Ripple is doing much better, showing only a 3% decline.

XRP/USD chart by TradingView

Even though Ripple is not decreasing as fast as other major coins, the current level is not the bottom. According to the 4-hour chart, XRP is moving to the support zone and is about to reach it at $0.38. The RSI indicator confirms such movements, as its lines are located closer to the oversold area.

The price of XRP is trading at $0.4095 at the time of writing.

Cover image via 123rf.com
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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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