TOP 3 Price Predictions: BTC, ETH, XRP - Bitcoin Pushing Ahead, Altcoins Showing False Breakout

Price Predictions
Tue, 11/05/2019 - 14:45
Denys Serhiichuk
ETH and XRP are going up. Is it a sign of short-term growth or a false breakout?
Cover image via www.tradingview.com

The cryptocurrency market has surpassed the $251 billion capitalization mark. Against a relatively positive background, Stellar (XLM) stands out from the rest of the coins with a 16% increase in price. Bitcoin Cash (BCH) is the only asset located in the red compared to its previous position. 

Top 10 coins by Coinstats

Below is the main data for the top 3 coins:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$168,373,175,300

$9,338.17

$28,561,394,019

0.77%

Ethereum

ETH

$20,352,364,992

$187.69

$10,511,756,657

1.56%

XRP

XRP

$13,020,596,006

$0.301068

$2,017,901,116

2.69%

BTC/USD 

The four-month downtrend turned out to be a strong obstacle - Bitcoin (BTC) fell below $9,500. However, the forecast will become bearish again only if the price drops below the 200-Day Moving Average to a price of $9,127. Furthermore, the depreciation was not accompanied by an increase in volume, resulting in a possible be short-term increase.

Today, an interesting phenomenon at the CME Group, in which traders blew out the big wick and down to the $8,600 mark. The gap is considered closed when it is close to the body, and not to the shadow.

BTC/USD chart by TradingView

One positive note about yesterday is that the price broke the triangle, and did not go below the $9,200 mark, resulting in a new low. It is better not to fixate at the $9,200 mark as BTC will test the $9,000 mark again.

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The price traded for a long time in the rectangle, which is where the accumulation took place. So far, its penetration is considered false. It needs to gain a foothold above it, and then BTC will go up to the $9,800-$9,900 mark. However, if the price goes below it, then the leading crypto will test the $8,600 mark.

At the time of publication, BTC was trading at $9,311. 

ETH/USD 

While BTC keeps hovering around the $9,000 mark, Ethereum (ETH) is trying to grow. The rate of this leading altcoin has increased by 1.36% throughout the day.

ETH/USD chart by TradingView

Looking at the chart, buyers are more active than sellers, resulting in a price increase of $190 sooner than later. However, there are no prerequisites for a further uptrend. The trading volume is decreasing, and even after the October 25th pump, ETH is not facing a correction. In conclusion, a rollback might occur to $180. 

At the time of publication, ETH was trading at $187.19.

XRP/USD

XRP has had the biggest gain in comparison to BTC and ETH. Its rate has increased by 2.37% since yesterday.

XRP/USD chart by TradingView

Looking at the 4H chart, XRP has been in the ascending channel for the last few days. However, the coin needs to fix above the $0.30 mark in order to confirm an upward movement. Currently, there are no reasons for that as the trading volume keeps decreasing. If the situation does not change, one might see a drop to $0.2950.

At the time of publication, XRP was trading at $0.3014.

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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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