TOP 3 Price Analysis: BTC, ETH, XRP — Market at Crossroads, Expecting Sharp Move

Price Predictions
Tue, 06/09/2020 - 14:06
Denys Serhiichuk
How much time do Bitcoin (BTC), Ethereum (ETH) and XRP need to set new local heights?
Cover image via www.tradingview.com

After a sharp decline in Bitcoin (BTC) and other coins last night, most cryptocurrencies from the top 10 list have recovered lost positions. 

Top 10 coins by Coinstats

The crucial statistics for Bitcoin (BTC), Ethereum ETH), and XRP are below.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$169,383,582,219

$9,720.14

$23,130,122,907

-0.14%

Ethereum

ETH

$27,140,978,492

$243.90

$8,419,998,730

0.26%

XRP

XRP

$8,932,743,262

$0.202498

$1,057,736,630

0.30%

BTC/USD 

Yesterday, during the day, trading volumes were at an average level and the price of Bitcoin (BTC) continued to move in a narrow lateral range with resistance at around $9,800. Late at night, buyers managed to increase volumes, and the price pierced the $9,800 level, jumping to the mark of $9,900.

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At this point, sellers formed a bearish impulse and tried to fail the market below $9,500. In just a couple of minutes, the price fell to around $9,566, but then quickly recovered to the level of average prices. 

BTC/USD chart by TradingView

Today, supported by small volumes, the price may go down to $9,531 but it is possible that buyers will soon be able to break the resistance at $9,800 and gain a foothold above the psychological level of $10,000. It is possible that the price of Bitcoin (BTC) will be able to set a new annual maximum in the area of ​​$10,600 this week.

Bitcoin is trading at $9,724 at press time.

ETH/USD 

The nightly surge in the price volatility of the flagship cryptocurrency caused unpleasant nervousness in the altcoin market as well. Last night, after the price of Ethereum (ETH) touched the resistance at $247 and tested $250, bears formed such a powerful impulse that they broke through the support of $222.98 and stopped at $215. This single impulse wasn't able to hold the price down for long as it immediately returned above the two-hour EMA55.

ETH/USD chart by TradingView

Today, the ETH/USD pair might continue to consolidate for a while in a narrow range, in the area of ​​average prices. During the day, a drawdown to the area of ​​$233 is possible. However, the price may soon be able to break through the resistance at $247 and continue to grow to the $265 - $275 zone. The relatively high trading volume is a reason for the upward movement.

Ethereum is trading at $242.80 at press time.

XRP/USD 

Yesterday, the XRP price calmly consolidated all day right at the two-hour EMA55 level, and during the Asian session, it experienced a shock, falling into the purple downtrend corridor in a matter of minutes. Bears held the price at $0.171. Support at $0.17 limited the bearish momentum and the pair returned to its previous level, in the area of average prices.

XRP/USD chart by TradingView

Today, XRP may go down to the support at $0.20, but soon growth in the resistance area of $0.213 might resume and perhaps this week the pair will be able to gain a foothold in the $0.220 area.

XRP is trading at $0.2019 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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