Bulls could not show strength even in the short-term scenario, as the price of the leading crypto pulled back to the previous levels at around $8,300. Altcoins have followed BTC’s decline and all top 10 coins are located in the red zone. Bitcoin SV has suffered the most, its rate has gone down by almost 7% over the last 24 hours. The dominance rate of BTC has unchanged and constitutes 67.7%.
The main data of Bitcoin, Ethereum, and XRP are looking the net way.
$147 840 888 813
$14 404 625 334
$18 950 611 213
$7 131 668 628
$10 651 632 472
$1 204 886 220
Our recent Bitcoin price forecast is justifying itself, as the price is moving within the descending channel. BTC fell by 27% during the third quarter and the decline might continue. A decrease in the price of Bitcoin by more than 25% is the largest loss since in third-quarter since 2011 when it was 55%.
September 28, buyers tried to break through the MA 200, but the price rolled back to the mark of 3.5 months ago after the retest. RSI is currently in the oversold zone on the daily chart but so far there are no signs of bear exhaustion necessary for an upward correction.
Summing up, the rate will go down to the crucial level at $8,000 in the upcoming days, which is confirmed by the declining trading volume.
Bitcoin is trading at $8,219 at press time.
Ethereum is one of the biggest losers out of the top 10 coins. Its price has plummeted by 4.26% over the last day.
The chief altcoin keeps trading within a downtrend movement since the end of June 2019. Currently, bears are dominating on the market without any bulls’ pressure. Such a tendency is confirmed by the decreasing trading volume and the declining MACD indicator. Respectively, Ethereum is likely to test the nearest support at $165 soon.
Ethereum is trading at $175.17 at press time.
XRP is the top loser today, as its rate has declined by 4.56% over the last 24 hours. However, the current level is not the lowest level for the third most popular crypto.
On the 4H chart, most of the trading activity is taking place in the range between $0.23 and $0.24. Currently, traders are fixing profit from the bullish candle that occurred on September 30.
In this regard, the price is about to come back to the previous level at $0.24 in a few days. There are no chances for a price rise due to the absence of buyers according to the trading volume index.
XRP is trading at $0.2455 at press time.