TOP 3 Price Prediction: BTC, ETH, XRP — Can Bulls Show Any Resistance Before Sharp Decline?

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Thu, 01/23/2020 - 19:25
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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 has faced serious pressure from sellers, changing the mood to bearish again. All of the top coins are in the red zone while the loser is Bitcoin SV (BSV), whose rate has sunk by almost 10% over the previous day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The key parameters of Bitcoin (BTC), Ethereum (ETH), and XRP below point to what's next. 

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$153 476 152 150

$8 443,43

$24 166 606 005

-2,96%

Ethereum

ETH

$17 857 263 156

$163,23

$9 545 551 921

-3,05%

XRP

XRP

$9 971 679 152

$0,228311

$1 537 753 868

-2,39%

BTC/USD 

On a 4H chart, Bitcoin (BTC) continues to move within the upward channel. Moving averages indicate a bullish trend. The main trading idea is a decline with a test support level of $8,355 and a continued rise in quotations.

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

This option will be supported by a rebound from the lower boundary of the upward channel, as well as a test of the support line on the RSI initiator. 

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As one can see, earlier, the indicator values already repelled from this line. Cancellation of the growth option will result in a strong fall and a breakdown of the $7,625 area, which will indicate a continued decline to a target of $6,875.

Bitcoin is trading at $8,382 at press time.

ETH/USD

Ethereum (ETH) could not resist the bearish mood of the leading crypto. The rate of the very first altcoin has declined by 3.45% over the last 23 hours.

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

A ‘Head and Shoulders’ reversal pattern is now being formed on the 4H chart, suggesting the possibility of a fall in prices from current levels to the support area of about $138. The breakdown of the ascending trend line at the RSI also favors this decline. A confirmation of this trading idea will be a breakdown of the $156 level, which will indicate the completion of the formation of a reversal model.

Ethereum is trading at $161.80 at press time.

XRP/USD

XRP is trading according to our latest price prediction. Moreover, the rate has gone below the $0.23 level and is now located near $0.22.

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

Even though XRP has lost 2.85% over the last day, the current level is not the local bottom. The lines of the MACD indicator are moving downward, as is the trading volume index. A more likely scenario is bears continuing to push the rate deeper to the closest level of $0.22.

XRP is trading at $0.2257 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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