TOP 3 Price Prediction: BTC, ETH, XRP — Are Bears Pushing Crypto to New Bottom?

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Tue, 02/04/2020 - 18:12
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    Analyzing the bullish reversal zones 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.

After continued growth, the cryptocurrency market has entered a correction phase. All top 10 coins are located in the red zone, while the main loser is Bitcoin SV (BSV), having lost more than 5% of its price value over the last day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Below is the crucial data for Bitcoin (BTC), Ethereum (ETH) and XRP.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$166 096 840 796

$9 126,57

$30 074 821 142

-2,58%

Ethereum

ETH

$20 346 972 728

$185,72

$11 836 626 055

-2,48%

XRP

XRP

$10 971 138 654

$0,251066

$2 188 101 933

0,33%

BTC/USD 

There is a bearish divergence near the RSI amid an unsuccessful attempt to storm $9,600. The values of this indicator have already reached bearish territory below the 50 mark. In addition, the MACD histogram has been shining red for several days.

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

In general, the picture is in favor of falling prices to the MA 200, which is currently passing through the $8,867 mark. If this line of dynamic resistance is sustained and, at the same time, the RSI breaks the downtrend, then there is a high probability it will retest the 2020 maximum at around $9,600.

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Otherwise, the next support will be the $8,500 level, and after that - $8,000.

Bitcoin is trading at $9,115 at press time.

ETH/USD

Yesterday, trading volumes were quite modest. The price of Ethereum (ETH) could not maintain growth and fell back to the level of average prices. At the end of the day, sellers pierced the support of the EMA55, indicating a local minimum at around $186.

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

At night, buyers tried to restore the price, but in the morning the pair was still below average prices. Today, a support breakthrough of $186 and a re-test of the support zone are possible. This trend line can help buyers with the recovery of the pair to the $192 level.

Ethereum is trading at $184.90 at press time.

XRP/USD

XRP is the smallest loser today, as its rate has fallen by only 0.16% over the previous 24 hours.

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

Although XRP is losing a few points, its long-term forecast remains bullish. From a technical point of view, the current decline might continue to around the $0.245 level, serving as the bounceback zone. If buyers hold that zone, the bull run might continue to the $0.26 area.

XRP is trading at $0.2504 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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