BTC, ETH, XRP Price Analysis — Bitcoin Has Struck Around $10,000, Slowing Down the Growth of the Whole Cryptocurrency Market

Libra Coin News
Sat, 08/17/2019 - 13:00
Denys Serhiichuk
Bitcoin has struck to $10,300. Can the launch of Bakkt keep the rise of the whole cryptocurrency market?
Cover image via www.123rf.com
Contents

The cryptocurrency market has started the week with weak volatility and ends with a strong decrease - since August 12, the capitalization has decreased by $35.5 Bln. Most coins out of the top 10 are showing a slight price rise, Litecoin is the only crypto whose rate keeps going down. The top gainers are Monero and  Bitcoin, whose price has increased by 3.45% and 2.82% respectively. 

Top 10 coins by CoinMarketCap

The key indicators of the top 3 coins are looking the following way.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$185 710 039 455

$10 385,88

$17 740 105 880

2,82%

Ethereum

ETH

$19 948 126 024

$185,82

$6 520 088 046

0,20%

Ripple

XRP

$11 450 420 251

$0,266967

$1 171 752 979

0,65%

BTC/USD

August 16 the leading crypto has started to grow without any vivid technical reasons for that. However, the price rise happened due to the upcoming launch of Bakkt on September 23

BTC/USD chart by TradingView

An important condition for achieving the first goals at the maximum of the current month is $12,000 and the consolidation of $13,000 - $13,360 will be a break above $10,900 (50% Fibonacci retracement). Then, the whales, which have seriously reduced the current price of BTC, will start implementing the plan of purchasing. In this regard, Bitcoin is likely to reach the levels of $14,362, $15,000 and $16,000 (78.6% correction for Fibonacci levels).

Related
Forbes: Five Reasons Bitcoin Price Went Below $10,000

The price of BTC is trading at $10,396 at the time of writing.

ETH/USD

Although Bitcoin has gone up by around 4% over the day, Ethereum has not reacted so much to its growth.

ETH/USD chart by TradingView

On the 1D chart, ETH is moving to the local bottom at the level of $175. The price is unlikely to go below it as the RSI indicator is near the verge of the oversold area. In this case, the long-term scenario is a bounceback to the previous resistance level at $225, as it is outlined on the chart. However, such a forecast is possible only when trading volume comes back to high levels.

The price of ETH is trading at $185.17 at the time of writing.

XRP/USD

Even though the rate of Ripple has slightly increased over the last 24 hours, a long-term scenario remains bearish.

XRP/USD chart by TradingView

According to the chart, XRP continues its decline, breaking new support levels. Currently, there are no prerequisites for a trend change - the trading volume index is going down, as well as the MACD indicator. Traders are not likely to see a price rise of XRP, the coin is likely to fluctuate in the yellow corridor between the levels of $0.2150-$0.2450.

Related
Forbes Crypto Expert: Oversold XRP Is Good to Buy Now, Further Drop Is Unlikely

The price of XRP is trading at $0.2646 at the time of writing.

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.