BTC, ETH, XRP Price Analysis — Top Coins Are Moving in Different Directions Against the Rising BTC

Libra Coin News
Thu, 08/08/2019 - 09:12
Denys Serhiichuk
BTC’s dominance rate keeps rising, pushing altcoins to their previous levels. Can the top coins сatch up with the growth of the leading cryptocurrency?
Cover image via www.123rf.com
Contents

Bitcoin keeps fighting for the area of highs and continued growth is probable after a recent wave of correction to the level of $9,800. Unfortunately, other digital assets are not ready for strong growth from current levels. Only the prices of Monero and Binance coin have increased more than BTC.

Top 10 coins by CoinMarketCap

The likely correction for BTC/USD will provoke another strong drop on the cryptocurrency market, after which the growth of other assets will become possible. However, if the main cryptocurrency leaves the descending channel soon, it will give confidence to the bulls who trade altcoins.

BTC/USD

On the daily chart, buyers are feeling insecure and the price has failed to overcome the upper limit of the downward channel. At the same time, a bearish candle with a long shadow was formed, indicating the weakness of bulls.

BTC/USD chart by TradingView

Thus, the resistance area at $12,000 is still an important milestone that should be overcome to continue the bull run. However, the chances of an early closing of the weekly candlestick over this area will decrease if BTC falls below $11,200 in the upcoming days.

The price of BTC is trading at $11,854 at the time of writing.

ETH/USD

Ethereum has bounced back for the second time from the resistance level, where the upper border of the Bollinger Bands is located. This signal indicates pressure from sellers.

ETH/USD chart by TradingView

As the main scenario, ETH is about to fall to the level of $185. A rebound from the trend line on the RSI indicator is the additional signal in favor of a decrease. However, the support line is quite far, so a fall can occur without a test.

The price of ETH is trading at $224.90 at the time of writing.

XRP/USD

Ripple is the biggest loser out of the top 3 coins, as its rate has fallen by 1.30% over the last 24 hours.

XRP/USD chart by TradingView

On the 1H chart, Ripple is facing a second bearish wave in a row. The technical patterns are showing the price decline. Mainly, lines of MACD are moving downward while the trading volume index is slightly going down, suggesting the rate drop to the support at $0.3050 shortly.

The price of XRP is trading at $0.3084 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.