Bitcoin (BTC) fell below $8,600, but the bearish sentiment has intensified with the continuing decline. Altcoins were also not able to maintain the growth from earlier this week, leading to a decrease in price by more than 1 percent.
Here is how Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) are looking today:
|
Name |
Ticker |
Market Cap |
Price |
Volume (24H) |
Change (24H) |
|
Bitcoin |
BTC |
$157,278,539,699 |
$8,715.12 |
$18,891,947,413 |
-1.78% |
|
Ethereum |
ETH |
$20,283,945,218 |
$186.86 |
$7,763,990,974 |
-1.40% |
|
XRP |
XRP |
$11,666,489,170 |
$0.269443 |
$1,335,007,707 |
-2.63% |
BTC/USD
Our previous price prediction for BTC almost justifies itself as the rate is approaching the $8,400 mark. This cryptocurrency is continuously facing a correction, and is having to test out the support area at the moment.
Looking at the 4H chart, the quotes are having to test the support area, where the upper border of the downward channel is located. As long as the asset is above the $7,670 mark, pressure from buyers will remain. A test of the support line on the relative strength index (RSI) indicator supports an upswing soon.
At press time, BTC is trading at $8,597.
ETH/USD
ETH is trying to withstand the overall market decline; however, the rate for this altcoin has dropped almost 1% over the last 24 hours.
Analyzing the chart, the quotes are clamped within the "triangle" pattern. On the one hand, this indicates the presence of uncertainty and decreasing volatility. Yet, when one of the boundaries of the model is broken, a strong movement in the direction of a breakdown can be expected. As a short-term trading option, the price is expected to go beyond the lower border of the triangle and fall to the $150 mark. Confirmation of this decline will be a price fixation of about $185.
At press time, ETH is trading at $184.62.
XRP/USD
Since the beginning of November, XRP has continues its downtrend movement. Since last week, the rate for the coin has declined by almost 10%.
Looking at the 1D chart, the ongoing drop has not yet reached its peak. The moving average convergence divergence (MACD) indicator is bearish, which supports the fact that the local bottom will be reached sooner than later.
In this particular case, XRP might decrease to $0.25, a level that acted as a support zone for a significant amount of time. Traders should expect it to happen through the end of the month.
At press time, XRP is trading at $0.2640.
