U.Today Original Article
Sun, 04/12/2020 – 16:03
Denys SerhiichukAre the bulls out of strength to push the rates for Bitcoin (BTC), Ethereum (ETH), and XRP up?
Cover image via www.tradingview.com
With the last day of the week, the cryptocurrency market is about to finish with pressure from sellers. One possible reason for this being the case is that spring holidays are taking place now in the USA and Europe.
Top 10 coins by CoinstatsBelow is the key data for Bitcoin (BTC), Ethereum (ETH), and XRP:
The decline, which started a few days ago, continues. However, the rate for Bitcoin (BTC) remains almost unchanged for the last 24 hours. The decline has made up only 0.09%.
BTC/USD chart by TradingViewLooking at the hourly chart, the chief crypto is stuck within a Wedge pattern. From a technical and analytical perspective, this is a bearish signal, and that the decline is about to continue. Dominance from the selling trading volume is another reason for the coin to drop. As for the current situation, Bitcoin (BTC) might find support between the $6,600-$6,650 levels soon.
BTC/USD chart by TradingViewLooking at the daily time frame, the bears have so far not broken through the rising channel. Furthermore, there is enough high liquidity at the current levels not to push the price lower between the $6,400-$6,500 range.
What is more, the Moving Average Convergence/Divergence (MACD) indicator is about to switch to the green, confirming an upcoming bullish presence. If this scenario comes true, the nearest resistance level at $7,000 will be achieved within a few weeks.
At press time, Bitcoin was trading at $6,856.
Ethereum (ETH) is almost copying the trading pattern of the largest cryptocurrency. Its price has decreased by 0.41% in the last 24 hours.
ETH/USD chart by TradingViewLooking at the 4H chart, Ethereum (ETH) is going down. So far, the current levels have not touched the local bottom. The ongoing decline is confirmed by the Bollinger Bands, the lines of which are moving down. Furthermore, the trading volume is also falling, which confirms the current decline. All in all, the bulls might show their strength around the $150 level.
At press time, Ethereum was trading at $158.17.
XRP has had the largest gains of the top 3 coins. Its price has gone up around 1% since yesterday.
XRP/USD chart by TradingViewXRP is also an exception in terms of possible short-term growth. Considering the historical background, the coin often showed good price dynamics against the sideways trends of the other coins. Moreover, the bullish divergence on the Relative Strength Index (RSI) indicator has been formed on the 4H chart. To sum it up, there is a high probability for XRP to reach $0.20 shortly.
At press time, XRP was trading at $0.1927.
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 make 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.