TOP 3 Price Predictions: BTC, ETH, XRP — Quotes Are Going Down. Is There a Chance for Recovery?

  • Denys Serhiichuk
    📈 Price Predictions

    Unfortunately, a miracle has not happened, and the market is red again. However, one can still benefit from it. Read our price predictions to find out how to do that


TOP 3 Price Predictions: BTC, ETH, XRP — Quotes Are Going Down. Is There a Chance for Recovery?

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

The decline that started on Friday last week has intensified as the rate of the top coins returned to the positions of the previous months. Against the background of the absence of bad news, the market still managed to lose around $3 billion of the total capitalization.

If yesterday Ethereum was falling faster than Bitcoin and Ripple, its quotes have lost just 0.81% over the past 24 hours. In this regard, BTC’s domination rate has lifted and now is 54.9%.

BTC/USD

Even though Bitcoin enthusiasts are feeling positive about the future prospects of the leading cryptocurrency, its rate keeps declining. This is also confirmed by the increase of short positions which already prevail over longs on Bitfinex.

BTC/USD chart by tradingview

Getting down to the 4-hour chart, one can notice that from July 2018, we are still dominated by bears. However, if the formation of the Curve pattern happens, the price could reach the $5,750 mark, which serves as a breakout point. In the short-term analysis, buyers are still dominating the market from
April 2.

👉MUST READ BTC Price Approaching $5,100 — Perfect Short Opportunity on the Horizon. Time to Enter the Market?
BTC Price Approaching $5,100 — Perfect Short Opportunity on the Horizon. Time to Enter the Market?

As a whole, if the rate does not fall below $5,000, the possible scenario of reaching levels above $5,750 till the end of May is entirely possible.

The price of BTC is trading at $5,233 at the time of writing.

ETH/USD

The brainchild of Vitalik Buterin is struggling to get out of bearish tendencies; however, nothing fundamental has happened so far. Even the recent mentioning of Ethereum by Elon Musk did not give a powerful impetus to ETH’s rate. Sellers are consolidating their efforts, as the number of shorts on BitMEX surpasses longs.

ETH/USD chart by tradingview

Looking at the 30 minute diagram, ETH keeps trading sideways, and there are no vivid reasons for moving up or down in the long-term perspective.

However, in the short run, Ethereum is giving hope, trying to achieve a resistance at $157. Such a scenario can work out, as the MACD indicator is also going up.

The price of ETH is trading at $154.44 at the time of writing.

XRP/USD

It seems that there are no such fundamental factors that could push the price of XRP to new levels. Even after the published report about selling the highest sum of XRP in Q1 2019, the rate has not changed a lot.

XRP/USD chart by tradingview

Based on the 1-hour chart, the positions of Ripple look weak: buyers have no intention to buy XRP. Despite the fact that the RSI indicator is located near the oversold zone, traders should not expect a bounce back as the trading volumes have dropped by around $500 million over the last few days.

👉MUST READ XRP Price Prediction: $0.05 Massive Dump Is Coming! Will Ripple Quit the Crypto Rally?
XRP Price Prediction: $0.05 Massive Dump Is Coming! Will Ripple Quit the Crypto Rally?

If the quotes keep located in that zone, XRP will decline to the $0.29 mark.

The price of XRP is trading at $0.2939 at the time of writing.

Cover image via www.123rf.com
Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!
👓 Recommended articles

Bitcoin (BTC) Price Won’t Recover to the $8,000 Level? Predictions Say “Hope for the Best, Prepare for the Worst”


Bitcoin (BTC) Price Won’t Recover to the $8,000 Level? Predictions Say “Hope for the Best, Prepare for the Worst”

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

With a critical drop to $7,591, Bitcoin disappointed the moon boys and girls of the crypto market. It was expected to raise dust, finally skyrocketing to $10K, but it seems like that won’t happen. So, what to prepare for? How to handle your precious Bitcoin to stay safe and sound in current market conditions? Let Bitcoin price forecasts from tradingview users lead us through the market chaos.

BTC can go up but prepare for either way

Stop at $7,200

This Bitcoin price chart clearly shows the position of many traders: we should stay prepared for everything. Big_blocker is still in his longs and plans to stop at $7,200.

Gameplan for what to do next? Either add to longs on the breakout to upside or cut and start looking for shorts, if we break to the downside. Have everything ready ahead of time, so don't panic and don’t make emotional decisions.

👉MUST READ No, Tether Didn’t Buy Bitcoin with Its USD Reserves   
No, Tether Didn’t Buy Bitcoin with Its USD Reserves   

The ascending triangle is forming

Wait for $7,200 resistance mark

Checking out the 1D price chart, user omgvoy has found out an ascending triangle. That looks promising, but only if we manage to hold on to the current levels and we don't break below the ascending line in any meaningful fashion. That might contradict another prediction from the user:

The double top scenario looks to be playing out although for the time being BTC has found some resistance in the $7,500-7,600 range. Honestly, I don't think this will hold with the main resistance being around the $7,200 mark. There was very clear weakness around the low $8,000's level with the double top, failure to break out to the upside in the symmetrical triangle that followed and massive bearish divergence on RSI and Stoch. Currently, all momentum indicators on various time frames are bearish so buying now would be like trying to catch a falling knife. I think a rise in price at this stage to 10K would have been very unhealthy and would have attracted a ridiculous amount of bears.”

Well, there is still plenty of time to go with this daily candle so let's see how this plays out. We know that Bitcoin tends to be full of surprises.

👉MUST READ Expert: Bitcoin Is an Alternative to US Dollar Bubble
Expert: Bitcoin Is an Alternative to US Dollar Bubble

Bitcoin will fall further

BTC might drop in price

Here are a few technicals to prove this point:

Price is approaching our first resistance (horizontal overlap resistance, 38.2% Fibonacci retracement, 100% Fibonacci extension) where we might see a corresponding drop to our first support level (horizontal pullback support, 50% Fibonacci retracement). Stochastic is also approaching resistance where we might see a corresponding drop in price.

Final thoughts

Since Bitcoin broke the multi-year trend, we can make the assumption is that it will hold. If true, then the above-mentioned ascending triangle may be the pattern that launches prices to the next level. Those waiting for a major correction and lower prices right now may be disappointed.

To reach the long-desired level of $8,400, we should see the price hold above $6,000 or even higher. That would be a good correction down again to test support and then move up. However, this will be a very bullish outcome, which is not likely.

To see a rally above $8,400 Bitcoin needs to be a good volume push. Theoretically, it’s possible, but practically, the market is not ready yet for such prices. The truth might be a disappointment and, depending on the volume, Bitcoin’s path might turn into a bigger drop than expected.

We will rather see a retest of support again first coming week. There’s nothing to do but wait and see.

Price charts are taken from TradingView

Cover image via 123rf.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!
👓 Recommended articles