BTC, ETH, XRP Price Analysis — Can Bitcoin Resist the Fall of the Cryptocurrency Market?

Libra Coin News
Sat, 08/10/2019 - 06:00
Denys Serhiichuk
Bitcoin remains the only crypto out of the top 10 who is located in the green zone. Can BTC affect the growth of other coins?
Cover image via www.123rf.com
Contents

The rate of Bitcoin has not changed much over the day, however, altcoins have gone into a deeper fall. At the same time, trading volume keeps declining, which indicates the ongoing depletion of buyers.

Bitcoin dominance index by CoinMarketCap

The rate of the leading crypto has grown by 12.3% over the week. To revitalize the bullish scenario, Bitcoin needs to overcome resistance at the level of $12,000 by the end of the weekend. The total capitalization of the cryptocurrency market remains slightly above $300 Bln, while the share of BTC continues to grow and currently constitutes 69.5%, which corresponds to the March 2017 values.

BTC/USD

In the current situation, the price is located in a symmetrical triangle, where there is a struggle between sellers and buyers.

BTC/USD chart by TradingView

The 6H chart shows how confidently Bitcoin rose from $9,100 to $12,325, followed by a moderate correction, during which the price was clamped in the narrowing range.

A breakthrough of the range marked on the chart passing through the level of $12,000 opens the way to the psychological mark of $13,000. However, the price drop below $11,500 is a more likely scenario due to the decreasing trading volume. In this regard, the upcoming level is the area of $11,200. 

The price of BTC is trading at $11,833 at the time of writing.

ETH/USD

Ethereum is the biggest loser against the falling cryptocurrency market. Its rate has fallen by more than 5% over the last 24 hours. The growth traders could recently notice was not due to an increase in the fundamental value of ETH, but rather because of the rise of Bitcoin.

ETH/USD chart by TradingView

Although Ethereum has lost a significant percentage of its price, nothing critical has happened in the long-term. The rate just rolled back to the positions of July 30. According to the 1H chart, the leading altcoin has found the bottom near the area of $210. A further decline is unlikely to happen as the RSI indicator is on the verge of the oversold zone. In this case, ETH might bounce back to the nearest resistance at $215 soon.

The price of ETH is trading at $212.18 at the time of writing.

XRP/USD

XRP could not fix above the psychological $0.30 and bears pushed the rate down to the range between $0.2980-$0.2990.

XRP/USD chart by TradingView

On the 1H chart, sellers keep moving the price down to the closest level at $0.2950. XRP has all chances to reach it due to the declining MACD indicator and the low trading volume. Such a scenario is relevant both for the long and short term.

The price of XRP is trading at $0.2976 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.


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