Price Prediction: BTC, ETH, XRP — Should Bulls Be Afraid of This Correction?

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Fri, 01/31/2020 - 15:11
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    Considering the possible short-term scenarios of Bitcoin (BTC), Ethereum (ETH), and XRP

Cover image via www.tradingview.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.

The cryptocurrency market over the past two days has added another 0.8% to its capitalization. Currently, the value of the main market indicator is $258 Bln.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Below is the important information for Bitcoin (BTC), Ethereum ETH), and XRP.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$169 383 582 219

$9 310,91

$32 867 399 915

-0,20%

Ethereum

ETH

$19 700 272 211

$179,90

$12 853 752 884

2,98%

XRP

XRP

$10 375 227 022

$0,237498

$2 156 116 813

0,96%

BTC/USD 

Yesterday morning, from the $9,200 level, buyers began to restore the price of Bitcoin (BTC) and in the evening came close to the $9,440 level. At the end of the day, bulls managed to form an impulse that broke through the resistance of the lower border of the orange area.

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

Today, the rollback may continue to the level of average prices. If the watch EMA55 can keep the price of Bitcoin (BTC) from falling, then buyers will probably try to break through the orange resistance area again.

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If the bears increase pressure at the moving average EMA55, then the price may go down to the support of $9,200.

Bitcoin is trading at $9,235 at press time.

ETH/USD

Ethereum (ETH), as well as most other altcoins, are showing better price dynamics than the main crypto. The rate of the chief altcoin has increased by almost 3% over the last day.

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

On the 4H chart, Ethereum (ETH) is forming a Triangle pattern. The long-term scenario has been confirmed. However, to move higher, the coin needs to face a correction. In this case, the nearest liquidity zone is $170, which might be achieved in the first days of February.

Ethereum is trading at $171.15 at press time.

XRP/USD

Even though the rate of XRP has increased by almost 1% over the previous 24 hours, its short-term forecast is bearish.

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

According to the chart, XRP has formed a local height at the $0.24 level, having confirmed the long-term bullish potential. But, bulls need to accumulate their efforts before a new bullish wave. In this case, a more likely scenario is a decline to $0.23, which might start at the end of the current month.

XRP is trading at $0.2347 at press time.

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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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