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TOP 3 Price Predictions: BTC, ETH, XRP — Trading Sideways. Are Bulls Accumulating Their Efforts?

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  • Alex Dovbnya
    📈 Price Predictions

    Is the market able to recover from the downturn? Read the following predictions to understand how to act in such a situation

TOP 3 Price Predictions: BTC, ETH, XRP — Trading Sideways. Are Bulls Accumulating Their Efforts?
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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.

Contents

The past week, the crypto market was mainly in the red zone, following the decline of the leading cryptocurrency below $5,200 on Friday, April 26. The rate of the top altcoins declined as well.

However, in the middle of the week, analysts at the Adamant Capital fund stated that the price had passed the bottom and the accumulation stage began, with the possibility of growth.

Currently, the top 3 coins are trading sideways; only Ethereum has shown a slight drop by 0.15% over the last 24 hours.

The market cap came to the positions of the previous Friday and is now $171 billion.

BTC/USD

After Friday’s decline, Bitcoin still cannot recover and confidently go up. Even the high trading volumes of Bitcoin futures on the Chicago Mercantile Exchange at $280 million could not help BTC’s rate to increase.

BTC/USD hourly chart

According to the 1-hour chart, Bitcoin dropped to the $5,100 mark; however, the bullish tendencies still dominated as the support at $5,900 was not broken.

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The possible long scenario could be closing the points of the Elliot Impulse Wave pattern, and in the end the level at $5,400 is supposed to be achieved.

The price of BTC is trading at $5,306 at the time of writing.

ETH/USD

The second most popular crypto in terms of market cap is trying to move together with Bitcoin; however, currently, it is losing a few points against the background of the recent fall.

ETH/USD hourly chart

On the hourly graph, the quotes of Ethereum are trading between the support zone at $150 and the resistance one at $158.

The MACD indicator shows a reversal, and if that happens, ETH will reach $160 again. Trading volumes also are quite high, which is a sign of a price increase.

The price of ETH is trading at $157.93 at the time of writing.

XRP/USD

Among the top 3 coins, Ripple is showing the best dynamics, having increased by 0.51% over the last day. The possible reason for this is the recent news from Binance, whose research division concluded that XRP is “the best diversifier among digital assets”.

XRP/USD 4-hour chart

From the 4-hour chart, the Triangle pattern has been formed, and the $0.30 mark is an important one in terms of the short-term analysis. The RSI indicator is in the oversold area, which confirms the possible entry of buyers.

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As a whole, once the $0.30 resistance is broken, the quotes will move to another level at $0.32.

The price of XRP is trading at $0.2986 at the time of writing.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin’s Domination May Rise According to One Analyst

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  • Vladislav Sopov
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    Famous analyst PlanB published an interesting chart showing the four stages of Bitcoin’s market dominance. It appears that he predicts hard times for the altcoins!

Bitcoin’s Domination May Rise According to One Analyst
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Contents

With the last days of 2019 right around the corner, analysts and traders are getting the audience pumped for 2020 forecasts. The third Bitcoin (BTC) halving and Ethereum's probable migration towards its Proof-of-Stake (PoS) consensus will be hot topics for the crypto community. Prominent trader PlanB decided to surf this wave by showing BTC's dominating traction.

Four Stages for Dominance

In the historical chart, PlanB has revealed one of the most important indicators of the crypto world - Bitcoin's market capitalization. This indicator shows the ratio of BTC's market capitalization to the capitalization of all other cryptocurrencies tracked publicly by the available services (4000+ coins). This is used as a sign of comparative demand for altcoins and BTC.

Bitcoin Dominance Historical Chart
Image by: https://twitter.com/100trillionUSD/status/1203012308513017856

Plan B showed the four stages of BTC's dominance, in which the graph is slipped vertically (bottom line indicates 100% BTC market dominance). The first stage, which lasted before April 2017, showed that BTC's dominance was more than 90%. The second stage (April-September 2017) showed that the figures were between 70% and 90%.

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The third and the fourth stages repeated twice from September 2017 to the present day. In the early days of 2018, the indicator was at an all-times-low of 35%. Now, the graph is about to re-enter BTC's second stage with a 70+% dominance.

Altcoin Annihilation?

PlanB surrounded his picture with the ironic hashtag #altcoinannililation. Therefore, PlanB interpreted this traction as bad sign for the altcoins. It should also be said that some of commentators in PlanB's open thread suggest that the four-stage cycle was launched by the previous BTC halving of July 9, 2016.

Furthermore, we can see that BTC's high price correlates with its low market dominance. With that said, the publication by PlanB forecasts an extremely bearish start for 2020.

Recently, BTC advocate Tuur Demeester claimed that the price of BTC will drop one more time to $5,000. This level will be reached due to the capitulation of "weak" investors prior to the long bull rally.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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