TOP 3 Price Prediction: BTC, ETH, XRP — Local Bullish Trend to End Soon?

Price Predictions
Tue, 05/05/2020 - 14:32
Denys Serhiichuk
Is the bullish mood of Bitcoin (BTC), Ethereum (ETH), and XRP as strong as it was a few days ago?
Cover image via www.tradingview.com

The cryptocurrency market keeps trading in the sideways trend, consolidating efforts for a sharp move up or down. At the moment, only XRP and Litecoin (LTC) from the top 10 list are in the red zone.

Top 10 coins by Coinstats

Take a glance at the key information for Bitcoin (BTC), Ethereum ETH), and XRP.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$163 396 165 708

$8 898.10

$44 251 104 703

1.63%

Ethereum

ETH

$22 698 064 692

$204.85

$20 199 437 459

0.78%

XRP

XRP

$9 553 852 176

$0.216578

$2 142 181 296

0.04%

BTC/USD 

Bitcoin (BTC) has been declining since April 30, when the price peaked at $9,460. This decline took the shape of a descending triangle on the chart, which is known as a bearish reversal pattern. As such, if this model appears after the growth phase, it could serve a bearish breakthrough on the market.

BTC/USD chart by TradingView

At the time of writing, the coin is trading near the support line of the channel, starting to grow in the direction of resistance. One expects the development of this move, as the RSI indicator rebounded around 50.

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However, in the end, Bitcoin (BTC) is likely to make a bearish break from the triangle and reach the nearest support level at $7,700, which also coincides with the line of long-term upward support. A breakdown of the resistance line of the triangle would neutralize this forecast.

Bitcoin is trading at $8,891 at press time.

ETH/USD 

Ethereum (ETH) has been rising since March 13. The pace of market movement has accelerated, forming a parabolic line of upward support. However, after the main altcoin noted a maximum of $227.5 on April 30, it began to decline and eventually broke through this support line a few days later.

ETH/USD chart by TradingView

The forecast for the pair looks bearish. In addition, Ethereum (ETH) was also unable to take the important resistance area of $217.5, where the Fibo level 0.786 of the correction of the entire bearish move passes. The combination of these two factors might provoke a dump within the next days.

Ethereum is trading at $204.61 at press time.

XRP/USD 

Since April 16, XRP has been moving along a line of upward support. Price growth continued until April 30, when the coin peaked at $0.236. Since then, the price has been falling, completing the correction A-B-C, which led the market to the line of upward support. In addition, the pair may be following the line of the downward resistance.

XRP/USD chart by TradingView

The RSI indicator is giving a bearish signal, sifting below the 50 mark, while there are no signs of bullish divergence that could promise the pair a reversal. We can expect that the line of upward support may trigger a price rebound in the direction of the line of downward resistance.

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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