TOP 3 Price Predictions: BTC, ETH, XRP — Bitcoin Is Again Below $8,000. What Do We Expect from the Top Coins?

Price Predictions
Wed, 10/23/2019 - 08:27
Denys Serhiichuk

Was the recent growth a false alarm or should one still wait for the rise of the cryptocurrency market?

Cover image via www.tradingview.com

Crucial changes have occurred on the cryptocurrency market over the last 3 days. If two days ago, Bitcoin traded above $8,200, today, its rate is not even above $8,000. Most altcoins have followed BTC’s price movements. Earlier Bitcoin SV was the biggest gainer, however, today, its rate has dropped by more than 8%. All the top 10 coins are in the red zone.

Top 10 coins by Coinstats

Take a look at the main parameters of the top 3 assets. 

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$143 798 804 615

$7 985,22

$17 194 331 733

-3,20%

Ethereum

ETH

$18 116 177 483

$167,34

$7 380 111 204

-4,60%

XRP

XRP

$12 432 303 444

$0,287501

$1 530 795 742

-3,49%

BTC/USD 

Even though Bitcoin formed a ’Golden Cross’ on the 1H chart, the leading cryptocurrency was unable to fix around $8,200. In this regard, our earlier Bitcoin price prediction came true as bears rolled the rate back to the zone where the quotes had been trading before. 

BTC/USD chart by TradingView

On the small timeframe, bears have nothing to sell based on the RSI indicator. This might be the signal of a slight bounceback after a sharp drop by more than $200. However, bears even strengthened their positions after a false growth. 

Related
Bitcoin Price Dips Below $8,000 While Crypto Market Is Expecting Another Volatile Move

One can conclude, that BTC will hardly be trading above $8,000 until the end of October. 

Bitcoin is trading at $7,960 at press time.

ETH/USD 

The leading altcoin simply kept up with the BTC’s decline. As it usually happens, altcoins are more volatile against Bitcoin.

ETH/USD chart by TradingView

Ethereum is testing the vital support level around $165 which has been as a bounce point since the end of August. An upward turn from this area completed the correction which started earlier from the strong resistance level of $200. Moreover, the Bollinger Band indicator confirms this statement.

The 2nd most popular crypto is expected to continue its growth and going to test the next resistance level at $200 (the top of the previous impulse wave).

Ethereum is trading at $166.87 at press time.

XRP/USD

XRP could not rise against the fall of other coins as it did earlier. Its rate has gone down 3.50% over the last day. But it has almost unchanged over the week - the decline has made up only 0.03%. 

XRP/USD chart by TradingView

XRP has been in a sideways trend since October 14. However, the last candle was bearish, having closed below the four-hour EMA55. This is a signal of a further short-term decline. Besides, other indicators, such as MACD and the trading volume index, also show a price drop. 

XRP is trading at $0.2876 at press time.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy