BTC, ETH, XRP Price Analysis — Market is Showing a False Break of $10,000. Top Coins are at a Crossroad

Libra Coin News
Thu, 08/01/2019 - 09:25
Denys Serhiichuk
Bitcoin is trying to fix above $10,000. Can the top coins bring profit to its holders on the first day of August?
Cover image via www.123rf.com
Contents

Although Bitcoin could not fix above $10,000, its growth pushed the cryptocurrency market capitalization to $273 Bln. The relative price rise of BTC has positively influenced some top altcoins, whereas others have lost their value. The biggest gainer is Litecoin, whose rate has increased by more than 4% over the day. The reason for such growth might refer to the upcoming halving which takes place in the upcoming days.

Top 10 coins by CoinMarketCap

The top loser is Bitcoin SV, declining by 3.72% over the past 24 hours. The dominance index of Bitcoin has peaked above 65% again and now constitutes 65.1%.

BTC/USD

As expected, BTC was able to test an important support area several times near the $9,000 level. At the moment, buyers can maintain a higher rate, indicating the potential for continued growth. However, it is worth talking about a full rise only with a breakdown of the upper boundary of the downward channel and fixing quotes above the level of $11,025.

BTC/USD chart by TradingView

Buyers manage to keep BTC above the support level. The price is already showing the second rebound from the area of ​​$9,075. What is more, quotes also bounceback from the moving average, which generally indicates the presence of bullish sentiment among the players. As the main trading idea, one should expect another test of the lower boundary of the upward channel and an attempt to reach the first target at $11,025. Bitcoin can return to the phase of strong growth with a target above the level of $ 13,200 in case of breakdown of the upper boundary of the downward channel and fixing quotes above the level of $12,035.

The price of BTC is trading at $9,971 at the time of writing.

ETH/USD

ETH is still located sideways. The situation has not changed at all over the past two days. One can note the formation of local support in the region of $204.

ETH/USD chart by TradingView

Ethereum keeps moving in the framework of the upward model "5-0". The goal of developing such a model is the area above the level of $385. Moreover, the values of the RSI indicator are forming a reversal signal. However, the first goal is located in the zone of $230. At the same time, any growth with a breakdown of resistance can trigger the beginning of another bullish impulse.

The price of ETH is trading at $213.96 at the time of writing.

XRP/USD

XRP slightly rebounded from support at the level of $0.305, however, it continues sideways movement.

XRP/USD chart by TradingView

On the 1H chart, the lines of the MACD indicator are moving downward, suggesting the possible decline. However, XRP is unlikely to go below $0.30 as RSI is about to reach the oversold area. In this regard, the quotes keep trading between the support at $0.3040 and the resistance at $0.3250 in the upcoming days.

The price of XRP is trading at $0.3144 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.