TOP 3 Price Prediction: BTC, ETH, XRP — Dump After Ongoing Growth?

Price Predictions
Thu, 05/07/2020 - 14:07
Denys Serhiichuk
Can Ethereum (ETH) and XRP grow along with Bitcoin (BTC) until the halving?
Cover image via www.tradingview.com

The cryptocurrency market continues to rise. However, most of the growth is in Bitcoin (BTC). In the current situation, Bitcoin Cash (BCH), EOS and Litecoin (LTC) look rather weak. However, as soon as the next resistance levels are broken, one can consider a resumption of the rise.

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The key statistics for Bitcoin (BTC), Ethereum (ETH), and XRP are as follows.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$170 838 908 522

$9 301.56

$45 726 788 578

0.07%

Ethereum

ETH

$22 767 325 436

$205.43

$19 926 741 076

-2.16%

XRP

XRP

$9 476 094 365

$0.214815

$2 175 242 858

-3.24%

BTC/USD 

Bitcoin (BTC) quotes on the weekly chart continue to move within the framework of the Triangle model. With the breakdown of the upper boundary of this pattern and the price holding above the $12,000 level, there will be potential for continued aggressive growth and development of the model.

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However, we cannot exclude attempts to develop a downward correction with a test level of $6,475. Near this, there is a possible completion of the formation of an inverted Head and Shoulders model, which will provoke a strong upward price rebound.

BTC/USD chart by TradingView

In the case that it does not continue rising, another likely scenario is a fall to below the $3,720 level, after which a breakdown of the lower boundary of the Triangle pattern and a continuation of the correction is likely.

BTC/USD chart by TradingView

On the 4H chart, quotes are once again stuck within the Triangle model. In the short term, we can expect a continuation of the rise to the $10,515 target. This is confirmed by the breakdown of the resistance area, with it holding above $9,565. A strong signal in favor of this option is a rebound in the values ​​of the RSI indicator from the ascending trend line. Cancellation of the positive option will be a breakdown of the lower boundary of the Triangle model with the price holding below $8,405, in which case we can expect a further decline to $7,495.

Bitcoin is trading at $9,363 at press time.

ETH/USD 

On the daily chart, the price of Ethereum (ETH) continues to rise as a part of the bullish momentum. Quotes continue to break through the upper border of the Bollinger Bands indicator, which also indicates the dominance of buyers. The target of the rise may be the upper limit of the downward channel at $260.

ETH/USD chart by TradingView

An additional signal in favor of this option would be a rebound from the support line on the RSI indicator. Cancellation of the bullish option would be a breakdown of the lower boundary of the ascending channel with the price holding at $185, at which point we can expect a continued decline to $147.

Ethereum is trading at $207.17 at press time.

XRP/USD 

XRP is the biggest loser on our list. The crypto has lost 1.55% since yesterday while the decline over the past week has amounted to 1.30%.

XRP/USD chart by TradingView

XRP is looking very weak on the 4H chart. The level of trading volume is going down, which means there is an absence of buyers. Additionally, there is low liquidy at the current level, which is also a bad signal for growth. The most likely scenario will be a continued decline to the first stop at $0.21.

XRP is trading at $0.2161 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 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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