TOP 3 Price Prediction: BTC, ETH, XRP — Is Current Decline Correction or First Signal Before Dump?

Price Predictions
Mon, 05/04/2020 - 14:06
Denys Serhiichuk
Analyzing the chances for Bitcoin (BTC), Ethereum (ETH), and XRP to restore lost positions
Cover image via www.tradingview.com

The new week has started with a market correction for most of the cryptocurrencies. All of the top 10 coins are trading in the red zone. Bitcoin Cash (BCH) has lost the most among them, having decreased by about 8% since yesterday.

Top 10 coins by Coinstats

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

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$159 987 481 604

$8,713.45

$46 944 280 356

-4.25%

Ethereum

ETH

$22 382 266 347

$202.03

$21 960 059 379

-6.62%

XRP

XRP

$9 431 519 902

$0.213804

$2 347 225 636

-4.75%

BTC/USD 

The price of Bitcoin (BTC) has again tested the lower end of the range at $8,500. Until the first cryptocurrency returns above $8,700, the test of the lower border is not complete and could be continued, especially if European markets follow the path of Asian markets.

BTC/USD chart by TradingView

Bitcoin (BTC) continues trading in the $9,200- $8,600 range. To date, a strong resistance has formed at $8,765. On the 4H time frame, it is also confirmed by the market profile. If buyers are not able to bring the price back above this level in the near future, there will be a risk of a decline to the $8,000- $8,200 levels.

BTC/USD chart by TradingView

On the daily timeframe, Bitcoin (BTC) bounced off the upper border of the downward channel. At the peak of its growth, there were high sales volumes and a general surge in volumes overall. All of this could indicate at least the beginning of a deeper correction.

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The nearest accumulation zone, from which the rapid rally began, is in the $6,700- $7,500 range. The closest local support is in the $8,000- $8,200 range. As resistance formed at the $8,765 level on the 4H time frame, the most likely scenario is a continuation of the decline to the $8,000-$8,200 area. Cancellation of the downward scenario could occur if there is a breakdown and consolidation above $8,765.

Bitcoin is trading at $8,665 at press time.

ETH/USD 

Ethereum (ETH) is falling much faster than Bitcoin (BTC). Its rate has fallen by almost 7% over the past 24 hours.

ETH/USD chart by TradingView

On the 4H chart, the leading altcoin has bounced off the important support level at $199.50. Although it has lost quite a large share of its price, the scenario remains bullish. Furthermore, there is relatively high trading volume at the moment, which confirms buyer potential. All in all, if bulls keep pushing the price higher, the next resistance is located at the $208 level.

Ethereum is trading at $202.91 at press time.

XRP/USD

XRP has lost much less than Ethereum (ETH). However, its growth potential is not as great as the main altcoin. The rate of the third most popular crypto has dropped by around 5% since yesterday.

XRP/USD chart by TradingView

According to the 4H chart, neither bulls nor bears are dominating at the moment. The trading volume has continued falling slightly, which means that buyers are not interested in XRP at current levels. What is more, the lines of the Bollinger Bands indicator are moving downward, suggesting a possible decline. In this case, the main short-term projection is a sideways trend in the $0.2150-$0.22 range.

XRP is trading at $0.2175 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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