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๐Ÿ“ˆ Price Predictions
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Price ะ—: BTC, ETH, XRP โ€” Bulls Broke $6,000 Pushing the Market Up

  • Denys Serhiichuk
    ๐Ÿ“ˆ Price Predictions

    Bitcoin is pushing alone the crypto market to new highs: Follow our price prediction to know when is the time to move funds into altcoins


Price ะ—: BTC, ETH, XRP โ€” Bulls Broke $6,000 Pushing the Market Up

Disclaimer: The opinion expressed here is not investment advice โ€“ 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 crypto market neglected yesterday, May 8, Binance hack, as the today the price of BTC finally reached $6,000. One of the possible reason for todayโ€™s run refers to Facebook, which has canceled its previous crypto ad ban.

Against all this, Bitcoin is rising faster in correlation to the US dollar than other top 10 altcoins; its rate has increased by more than 3% over the last 24 hours.

Cryptocurrency chart by CoinMarketCap

In this regard, the BTCโ€™s domination rate has rocketed to the new highs and now constitutes 56.9%, when the total market cap is almost $189 bln.

BTC/USD

Our yesterday forecast met our expectations, as BTC managed to achieve not just $5,900 but even broke the psychological $6,000 mark.

BTC/USD chart by TradingView

On the 1-hour chart, the leading crypto struck to $6,000 and consolidated above this crucial resistance level. Accordingly, a new support area at $5,950 has been formed.

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Applying the technical patterns to our graph, MACD shows the bullish wave since yesterday. However, as it usually happens, traders should expect a little correction before moving higher.

In this case, a rollback to the support level may arise, and then buyers will push BTC up to $6,100 until the end of the week.

The price of BTC is trading at $6,052 at the time of writing.

ETH/USD

The top altcoin is stagnating, as its price does not affect on the Bitcoin bull run. Currently, it is the only asset, whose rate has dropped by around 0.1% over the last 24 hours.

ETH/USD chart by TradingView

Analyzing Ethereum from the technical point of view, nothing crucial has happened since yesterday. The Fibonacci retracement is located below the red zone (23.6%) signing that bears are run out of steam.

The potential growth may happen to $174.10 (50%); however, such a scenario should be backed by the increasing trading volume which has slightly reduced over the last few days.

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The price of ETH is trading at $177.91 at the time of writing.

XRP/USD

At the moment of writing our yesterday Ripple forecast is not coming true, as XRP has moved again below $0.30. Traders show no interest in trading XRP, as its trading volume has reduced by around $300 million since the start of May.

XRP/USD chart by TradingView

On the hourly chart, the RSI indicator does not show the oversold of the crypto, even though the asset is located in the ascending channel for quite a long time. It looks that April had no effect at all on XRPโ€™s rate, and bounced back to the positions of March. A possible short-term scenario is a drop to $0.2960, due to the lack of buyers and flowing funds into BTC and other more volatile coins.

The price of XRP is trading at $0.2983 at the time of writing.

Cover image via www.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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