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TOP 3 Price Predictions: BTC, ETH, XRP — Consolidation Before a New Rise or a Further Decline?

Price Predictions
Wed, 10/09/2019 - 08:03
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Denys Serhiichuk
Can the top cryptocurrency have enough effort to confirm the short-term bounce off?
TOP 3 Price Predictions: BTC, ETH, XRP — Consolidation Before a New Rise or a Further Decline?
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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.

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The cryptocurrency market has not got out of the short-term bearish mood. Almost all the top 10 coins are located in the red zone, except for Binance Coin whose rate has increased by 1.62% over the last day. While the biggest loser is Bitcoin Cash, its price has reduced by 1.66%. The dominance index of BTC keeps slightly going down and now constitutes 66.13%.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Here are the main indicators of Bitcoin, Ethereum, and XRP.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$147 914 130 642

$8 225,67

$14 776 138 193

-0,93%

Ethereum

ETH

$19 675 705 544

$182,06

$6 985 514 311

-0,51%

XRP

XRP

$11 949 043 761

$0,276811

$1 343 117 373

-1,39%

BTC/USD 

Our earlier price prediction came true earlier than predicted as Bitcoin bounced off and fixed above $8,000. The bullish movement directed BTC above the resistance of the downtrend at the level of $8,000. This move opened up scope for actions above the 50 moving average.

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

On the 4H chart, the growth was interrupted because Bitcoin changed the trend and left the level of $8,400 unprotected. Besides, the rise restriction was on the part of 100 MA just above $8,400.

The narrowing of the gap between 50 MA and 100 MA suggests that the bulls have an advantage, despite the correction. The relative strength index (RSI) indicates the likelihood of sideways trading taking precedence.  

In this case, the rate is likely to fluctuate between $8,000-$8,200 in the upcoming days.

Bitcoin is trading at $8,159 at press time.

ETH/USD 

Ethereum continued its rise and a local maximum was fixed in the resistance area of $186. The RSI indicator is not in the oversold area, confirming the potential for growth. If the bulls break the resistance level of $186, then the price will test 78.6% Fibo ($192.55).

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

There is a high probability of a reversal to a decline from these levels. It is assumed that support that can limit such a decline is the level of 50% Fibo ($151.87). 

Ethereum is trading at $180.69 at press time.

XRP/USD

If a few days ago XRP was one of the top gainers, today, its rate has decreased by more than 1% which is the biggest drop compared to Bitcoin, and Ethereum.

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

According to the chart, XRP is forming a Triangle pattern with support at $0.26. The trend line from September 24 also confirms the upcoming correction of the third most popular crypto. 

Related
XRP Price Is Stuck On $0.28 Resistance. What Might Happen When It Breaks?

Moreover, the blue line of the MACD indicator has crossed the red one, which might be the start of a short-term bearish mood.

XRP is trading at $0.2758 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, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.