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BTC, ETH, XRP Price Prediction — Daily Trading Short-Term Signals. A Dump on the Market

  • Denys Serhiichuk
    📈 Price Predictions

    After a few days of stagnation, bears are back again. Our price prediction analyzes how to act on the bearish market

BTC, ETH, XRP Price Prediction — Daily Trading Short-Term Signals. A Dump on the Market
Cover image via 123rf.com

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

June 4 has started with the general dump on the cryptocurrency market; the total market capitalization has been reduced by $30 bln just overnight.

Cryptocurrency market capitalization by CoinMarketCap

Over the past day, the price of the first cryptocurrency fell by more than 10%, for the first time in the last week, dropping below $8,000.

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The overall negative trend, which could be observed throughout Monday, was continued on Tuesday night when the price of Bitcoin fell from $8,500 to $7,750. Earlier, the cryptocurrency was trading at around $8,700.

Together with Bitcoin, the rest of the cryptocurrency market went into the deep red zone, while among the leading altcoins, EOS suffered the greatest losses in the last 24 hours, the price of which fell by 12% to $6.70.

BTC/USD

Nobody expected that Bitcoin would lose around 10% of its value overnight; however, it happened. On the other hand, the amount of trading volume has not been reduced, meaning that traders are neither leaving the market, nor switching to altcoins.

BTC/USD chart by TradingView

At the moment, our price prediction made yesterday is not coming true, as the quotes moved in the opposite direction. However, nothing critical occurred, and Bitcoin came back to the positions it was located in on May 30. Analyzing the historical background, one can notice that BTC recovered fast after previous declines. Applying the current correction to the recent scenarios, the rate might reach $8,400 in a few days. RSI confirms such course of events, as it is located on the verge of the oversold area.

The price of BTC is trading at $7,975 at the time of writing.

ETH/USD

The leading altcoin also underwent a correction; however, its rate dropped by almost the same percentage as the Bitcoin index. At the time of the writing, Ethereum is losing 7.64%, while BTC is declining by 7.46%.

ETH/USD chart by TradingView

On the 4-hour chart, Ethereum has been trading sideways since May 16, but the technical picture is worse than that of Bitcoin. The trading volume has slightly decreased since mid-May, and the MACD indicator is looking bearish. Taking into account these factors, the price may go down to the support at $230 shortly.

The price of ETH is trading at $245.92 at the time of writing.

XRP/USD

If yesterday Ripple was the only growing coin out of the top 5, today, it is the biggest loser compared to Bitcoin and Ethereum. Currently, its price has dropped by more than 8%.

XRP/USD chart by TradingView

Ripple already suffered a similar dump at the end of May; after that, the quotes came back to the previous level at $0.44 within 4 days. Applying that decline to the current market dump, traders might expect Ripple at $0.44 on June 7. Thus, the RSI indicator is near the oversold area, suggesting that sellers are running out of steam.

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The price of XRP is trading at $0.4040 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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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
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.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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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.

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