TOP 3 Price Analysis: BTC, ETH, XRP — Is Current Drop Correction or Start of Prolonged Decline?

Price Predictions
Fri, 07/10/2020 - 13:55
Denys Serhiichuk
Can Bitcoin (BTC), Ethereum (ETH) or XRP withstand the ongoing decline?
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 bearish mood is becoming more vivid at the end of the week. Traders are sealing their profit deals, dropping the rates of the coins further. As a result, all of the top 10 cryptocurrencies are in the red area.

Top 10 coins by Coinstats

The vital data for Bitcoin (BTC), Ethereum (ETH), and XRP.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$169,311,641,300

$9,187.32

$17,871,130,524

-2.29%

Ethereum

ETH

$26,709,756,568

$239.12

$8,054,482,166

-3.00%

XRP

XRP

$8,697,795,524

$0.196526

$1,416,848,827

-6.65%

BTC/USD

Based on the data on the daily chart, Bitcoin (BTC) is trading on top of a symmetrical triangle. A short rally in the middle of this week was not able to break through the resistance of the triangle. Losses in the past 24 hours are currently seeking support above the triangle support. If support for the triangle lends itself to continued selling pressure, the coin might approach $8,000, especially if trial support areas at $9,000, $8,800 and  $8,600 collapse.

BTC/USD chart by TradingView

Bitcoin (BTC) is leaning towards the bearish side after giving up $9,400. Buyers put all their efforts into defending the $9,200 support, as well as the aforementioned triangle support. Indicators such as the RSI and MACD suggest that a sideways trend will prevail first. The latter is clinging to the midline, while the RSI is at 50 (average).

Related
Bitcoin Price Closing Below $9,000 Could Be Really Bad for Bulls

Observing the direction of these two indicators in combination with the volume could help determine the direction of the movement of Bitcoin (BTC). Currently, holding $9,200 seems to be the main concern for the bulls.

Bitcoin is trading at $9,122 at press time.

ETH/USD

Yesterday afternoon, buyers tried to continue to grow, but on volumes below the average level, they could not cope with the resistance at $247. Bears responded with a strong enough impulse, which rolled the pair back to the average price range.

ETH/USD chart by TradingView

Until this morning, the price of Ethereum (ETH) was able to stay above the two-hour EMA55, but sellers can increase the onslaught and then the price may go down to the support at $233.

Ethereum is trading at $239.10 at press time.

XRP/USD

XRP is the main loser from our list. The altcoin has dropped 6.10% since yesterday, while the growth over the past week has amounted to 11%.

XRP/USD chart by TradingView

On the daily time frame, XRP has founded a strong resistance at $0.21 and is unlikely to go higher soon. However, a bearish alternative has not formed yet, which means that traders can expect sideways trading soon. Consequently, the correction may stop around the $0.1833 area, which has been the starting point for the bull run so far.

XRP is trading at $0.1955 at press time.

 

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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.


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