TOP 3 Price Prediction: BTC, ETH, XRP — Searching for Potential Reversal Zone

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Thu, 01/30/2020 - 14:09
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    How long should we wait for a reversal pattern from 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.

Cryptocurrency prices continue to rise after a minor correction, however, key resistance levels have not yet been broken by buyers.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The important data for Bitcoin (BTC), Ethereum ETH), and XRP is below.

BTC/USD

On the daily chart, the price of Bitcoin (BTC) was able to leave the downward channel. However, bulls need to reach above the $9,800 level before we can talk about the beginning of full-fledged growth in the value of the digital asset.

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

In favor of the upward trend are moving averages, which are almost crossed. As the main trading idea, one should expect a test of the broken channel border near the $8,355 level and, after, continued growth to the first target at $10,995. 

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An additional signal in favor of this movement will be a rebound from the trend line on the RSI indicator, where the previous test provoked a price increase.

Bitcoin is trading at $9,354 at press time.

ETH/USD

On the daily chart, Ethereum (ETH) is testing the resistance area at $180. Buyers need to gain a foothold above the $200 mark. At the moment, there are risks of falling quotes with a test at the $156 level. As one can see, the values of the RSI indicator once again broke through the resistance line, however, they are still near the overbought level, which could trigger the development of a correction.

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

Cancellation of the scenario with an increase in the asset will drop and consolidate quotes below the $138 level, which will indicate a breakdown of the lower border of the Ichimoku Kinko Hyo indicator cloud. In this case, traders should expect a continued decline to the level of $117.

Ethereum is trading at $176.01 at press time.

XRP/USD

Our recent XRP price forecast is coming true as the price has declined to below $0.24.

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

In terms of the technical analysis, the nearest price projection is bearish for the third most popular cryptocurrency. On the 4H chart, a bearish divergence has been formed, confirming the ongoing correction. In this case, the closest zone XRP can reach is $0.23.

XRP is trading at $0.2373 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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