If a few days ago, most of the coins were rising in correlation to BTC, the situation has changed today. The dominance rate of Bitcoin keeps increasing, making up 70.3% of the total market share. The rates of all top 10 cryptocurrencies are going down against BTC, only a few of them are showing growth in correlation to the US Dollar.
Let’s take a look at the key indicators of Bitcoin, Ethereum, and XRP.
$186 288 134 663
$15 240 611 338
$19 467 058 092
$5 732 660 453
$10 972 269 282
$956 205 377
The rate of Bitcoin came back to $10,000 according to our recent prediction, however, bulls managed to recover it fast. Recently, Tether announced the launch of binding to the Chinese yuan which has already affected the price of BTC. The rate of the main cryptocurrency has started to grow, followed by a way out of the long consolidation period.
On the 1D chart, moving averages are indicating the upward trend as well as the presence of bulls on the market, that are keeping the price of the cryptocurrency within the Triangle model. In any case, the formation of such a model implies uncertainty until quotes go beyond the limits of the pattern. However, while prices are pushing from the lower border, it makes sense to talk only about an upward movement. The confirmation will be a breakdown of the nearest resistance level and fixing quotes above $11,000.
Bitcoin is trading at $10,365 at press time.
The chief altcoin has pushed off the resistance level and a decline to the level of $145 remains relevant. The moving averages have already crossed each other, indicating a resumption of the bearish momentum.
A quick test of the resistance line on the Stochastic Oscillator indicator is an additional signal in favor of a short-term fall to the target level. One should expect the completion of the downward movement and the beginning of the upward trend near the level of $145. The purpose of this movement is the mark of $270.
Ethereum is trading at $180.33 at press time.
Our previous XRP forecast came true and the rate rolled back to the previous level at $0.2550. The decrease to the lower border stopped near the point of $0.251, and buyers tried to restore the XRP price at decreasing volumes to the area of average prices.
If the resistance of the four-hour EMA55 cannot be overcome, the rollback to the lower end of the range will continue.
XRP is trading at $0.2560 at press time.