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TOP 3 Price Predictions: Bitcoin, ETH, XRP — A Bounce Back Happened: Where Are We Moving Now?

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  • Denys Serhiichuk
    📈 Price Predictions

    Monday has started with bullish movements. Are we following the example of the previous week or something new is going to happen on the market?

TOP 3 Price Predictions: Bitcoin, ETH, XRP — A Bounce Back Happened: Where Are We Moving Now?
Cover image via u.today

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.

Contents

Monday, Apr. 15 has started with a new bullish wave, recovering the positions of the previous week.

Regarding the fundamental factors, investors have increased the number of long positions on Bitcoin by 88%, which is a confirmation of a long-term bullish run.

Among the top 3 coins, Ethereum has shown the biggest growth, having increased by approximately 3.2% by the past 24 hours.

In this regard, the BTC’s domination rate went down and now constitutes 51.8%

BTC/USD

At the beginning of last week, we saw an increase, but then there was a rollback to the support level of $5,000. Currently, the resistance zone is at $5,436. If the price breaks through this point, this mark will serve as a good entry opportunity.

BTC/USD chart by TradingView

On the other hand, although the RSI indicator shows a bullish sign, it is in the overbought area. Based on this data, one can say that pullback is still possible. While it is difficult to judge the depth of the correction, it is worth focusing on the support zone of $,4784 - $ 4,845.

In addition, although now it seems unlikely, we should not forget about the possible breakdown of this support. If this occurs, then the price may drop to $4,219.

The price of BTC is trading at $5,194.82 at the time of writing.

ETH/USD

After the breakdown of the level of $156, the mark of $184 became a serious resistance, and it was not possible to break through it.

At the moment the rate has fixed at around 0.38 Fibonacci retracement. If the price passes this mark down with a break of the 20-day EMA, this will serve a bearish sign.

ETH/USD chart by TradingView

What is more, the number of traders making bets against Ethereum (ETH) dropped to a record low, indicating a sharp change in investor sentiment.

The price of ETH is trading at $168.11 at the time of writing.

XRP/USD

The nature of the XRP quotes, as well as the MACD indicator and the RSI oscillator, show a recruitment position.

However, there is no demand for high levels of Ripple. Each upward movement is extinguished, which leads to fluctuations within the range of $0.31- $0.36.

XRP/USD chart by TradingView

The probability that the price will fall below $0.28 is extremely low. In this case, the Bollinger bands indicate the divergence of the channel. This can serve as a good reason for the test mark of $0.41, followed by consolidation above the level.

The price of XRP is trading at $0.3291 at the time of writing.

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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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Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

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  • Joseph Young
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    The so-called “China fever” on crypto like bitcoin has noticeably declined since President Xi’s speech on October 28.

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
Cover image via 123rf.com
Contents

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell back to “pre-Xi” levels in a relatively short period.

Global markets analyst Alex Krüger said:
“Have mainland China investors increased their demand for bitcoin? BTC volumes quickly dropped back to pre Xi news levels; online searches in China are back down to pre Xi news levels; website traffic for exchanges catering to China barely changed since the news.

The ‘Chinese tokens,’ NEO, ONT and TRX, have all done well since the aftermath of the news, while VET (a supply chain oriented blockchain) has been cruising on China news. Don't think though this is a sign of a ‘speculative fever’ of any kind.”

The analyst emphasized that prior to the statement of President Xi on the focus of China to facilitate the development and implementation of blockchain technology, the penetration of cryptocurrencies in the region was already high.

Also, most mainland Chinese cryptocurrency investors are said to have been trading digital assets through overseas markets like Hong Kong, purchasing stablecoins like Tether with the Hong Kong dollar.

Hence, it is possible that the public already anticipated the government of China to eventually reiterate its plans to encourage blockchain development with the People’s Bank of China (PBoC) consistently stating that its plans for a state-operated digital currency is in the works.

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” Dave Chapman, BC Technology Group executive director, said.

Is this the end of the Xi-effect?

Some technical analysts have suggested that the upside movement of bitcoin to $10,600 in late October may have not been primarily fueled by the optimism around China’s blockchain development initiative, and that a cascade of short liquidations amidst a build up of sell pressure caused the rally.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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