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BTC, ETH, XRP Price Analysis — The Market Is Stagnating. Are Bulls Accumulating Their Efforts?

Price Predictions
Wed, 06/19/2019 - 10:15
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Denys Serhiichuk
Bears are fighting against bulls for short-term dominance. Our price analysis describes where the crucial levels of the top coins are located
BTC, ETH, XRP Price Analysis — The Market Is Stagnating. Are Bulls Accumulating Their Efforts?
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Contents

If yesterday most of the coins were in the red zone, today, the situation is vice versa. Only the rates of Litecoin, Bitcoin SV, and Binance Coin are going up. The biggest loser is Ripple, whose price has dropped by more than 3% over the past 24 hours.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The cryptocurrency market did not respond to the launch by Facebook of its cryptocurrency, Libra. The prices of the top assets are located in their previous positions, or some of them have even declined. The same situation is applied to the total market capitalization, which has frozen at around $286 bln.

BTC/USD

The leading cryptocurrency is still in the uptrend, as long as its quotes are located above the psychological $9,000 mark.  

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Our earlier Bitcoin forecast came true, as its price rocketed above $9,000 where it keeps located now. Analyzing the future rate of the world’s top cryptocurrency, BTC is likely to face a minor correction before conquering $10,000. In this case, the quotes should retest the previous levels and come back to the corridor of $8,800-$9,000 soon. The bearish MACD indicator confirms such a scenario.

The price of BTC is trading at $9,167 at the time of writing.

ETH/USD

Ethereum is moving within the ascending channel amid average volumes. Our recent ETH prediction is about to justify itself, as the rate has almost reached $270.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the hourly time frame, the price twice tried to break through the level of support, but buyers kept the onslaught. At the moment, a bullish pin bar pattern has formed, which indicates the inability of the price to move in a downward direction. In the near future, Ethereum will test an area of $280, from which it was previously rebound.

The price of ETH is trading at $268.41 at the time of writing.

XRP/USD

Over the last week, the medium-term trend of XRP has not changed much: quotes are still within the wide side corridor between the support of $0.3575 and the resistance of $0.479.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

On the 1-hour chart, one can see that the quotes broke through the resistance line of the primary growth channel, indicating the potential for further development of the short-term trend. Local support is at the fractal at $0.4310. The next momentum of short-term growth will be directed to the level of
$0.4680. Then traders should expect a rebound and a corrective decline to the main support level -
$0.42. The divergence on the Stochastic indicator supports the development of such a scenario.

The price of XRP is trading at $0.43 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, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.