BTC, ETH, XRP Price Analysis — Market Becomes More Confident as Bitcoin Climbs Above $10,800

Libra Coin News
Sat, 08/03/2019 - 15:48
Denys Serhiichuk
The cryptocurrency market is green again. Can the growth of Bitcoin push top coins to their highs?
Cover image via www.123rf.com
Contents

After reaching the threshold of $10,000, Bitcoin has started to grow. The price of the leading crypto has increased by more than 5% and fixed above $10,800. Trading volumes are also growing, which is a positive sign for short-term price dynamics.

Most of the top ten cryptocurrency also indicate a positive mood. Bitcoin Cash rate has strengthened by 2.34% and constitutes $336.71, the cost of XRP has fallen by 0.68% and makes up $0.3154, the price of Ethereum has also jumped to the level of $223.30.

Image by Coinmarketcap.com

However, it is too early to talk about a steady growth trend. It is necessary for Bitcoin to overcome the next important mark of $11,000 to inspire market participants with hope for the start of a new growth impulse.

BTC/USD

Bitcoin has risen by about $1,000 over the past 48 hours. This happened after a confident rebound from the level of $,400 and the appearance of the "Long-legged Doji" candle, indicating clear exhaustion of bears.

 

BTC/USD chart by TradingView

The 14-day Relative Strength Index (RSI) has finally surpassed the 50.00 mark, confirming bullish sentiments. MACD is about to cross the zero level, hinting at the reversal of the short-term trend and the completion of the correction from the mark of $13,880.

Overall, BTC is likely to test the level of $11,120 shortly, which is a falling maximum.

The price of BTC is trading at $10,801 at the time of writing.

ETH/USD

Ethereum is trying to keep up with Bitcoin, as its rate has gone up by around 1.34% over the last day.

 ETH/USD chart by TradingView

On the 4H chart, Ethereum is showing bullish tendencies, which is confirmed by the rising MACD indicator. In this regard, ETH might reach the closest resistance at $225. However, Ethereum is about to decline due to the absence of high trading volume in the long-term scenario.

The price of ETH is trading at $223.30 at the time of writing.

XRP/USD

Ripple has not followed the general market rise, as its rate has fallen by 0.68% over the last day.

XRP/USD chart by TradingView

Ripple keeps trading sideways without signals for possible price growth. The RSI indicator is moving downward, meaning that sellers might retest the vital support at $0.30 again. Respectively, XRP is likely to locate in the yellow corridor until mid-August.

The price of XRP is trading at $0.3161 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.