Weekly price prediction 2/9 - 8/9: BTC, XRP, BNB, BSV, EOS, ADA, TRX

Libra Coin News
Sun, 09/01/2019 - 10:34
Denys Serhiichuk
Bitcoin is trying to grow after an unexpected dump. Can other coins follow its scenario?
Cover image via www.123rf.com
Contents

The dump on the cryptocurrency market has stopped, however, the growth has not started yet. Most of the top coins are located at different price levels against the US Dollar, but most of them are falling in correlation to BTC.

Top 10 coins by Coinstats

Five months of growth (from February to June) were the most dynamic for Bitcoin since August 2017. It is noteworthy that before this was the biggest decline in the history of digital gold (from August 2018 to January 2019).

BTC/USD

The market is still dominated by sellers and, given the technical data, growth above $10,096 seems unlikely soon. Despite the continued stagnation of the market for the second month, the hash rate of the leading cryptocurrency reached record highs.

Bitcoin hash rate by Blockchain.com

The total computing power of the Bitcoin network reached 83.526 TH/s, updating the historical maximum.

BTC/USD chart by TradingView

On the 3D chart, a breakdown of the lower border of the triangle is visible - clearly a bearish pattern. The prevalence of sellers is also indicated by the Relative Strength Index (RSI), the values ​​of which fell below 50. Besides, Chaikin's cash flow also fell below zero.

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All these patterns indicate that the path of least resistance lies down. In the coming days, Bitcoin will test the psychological level of $9,000. If a breakdown of this mark occurs, the next support may be the level of $8,738, through which the moving average (MA) passes with a period of 50.

Bitcoin is trading at $9,573 at the time of writing.

Altcoins Analysis

Regarding the top coins analysis, most of them are declining against Bitcoin. XRP might be the only exception whose rate is located in the green zone against BTC.

NameTickerMarket CapPriceVolume (24h)Change (24h)7 Day High / Low

Ripple

XRP

$11 077 236 355 0,00002684 BTC $814 203 501 0,66% $0,277432 USD / $0,249951 USD  
Binance Coin BNB $3 429 811 065 0,00229679 BTC $172 921 595 -1,89% $27,08 USD / $21,64 USD
Bitcoin SV BSV $2 290 236 211 0,01335993 BTC $285 191 886 -1,12% $135,86 USD / $120,63
EOS EOS $2 985 339 218 0,00033443 BTC $958 161 208 -1,20% $3,70 USD / $3,15 USD
Cardano ADA $1 162 685 963 0,00000467 BTC $51 565 945 -1,75% $0,052605 USD / $0,043396 USD
TRON TRX $1 036 042 316 0,00000162 BTC $439 336 754 -0,90% $0,018318 USD / $0,015137 USD

XRP/BTC

XRP stands out from the rest of the top altcoins, as its rate has increased against Bitcoin over the last 24 hours.

XRP/BTC chart by TradingView

On the 4H chart, XRP has been located sideways since the first days of August. The quotes are unlikely to go down due to the rising MACD indicator. In this case, the price is about to locate in the yellow corridor in the first week of September.

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XRP is trading at 0.00002684 BTC at the time of writing.

BNB/BTC

Binance Coin is the biggest loser compared to other top coins, its price has soared by 2.20% over the last day.

 BNB/BTC chart by TradingView

BNB might have touched the bottom at 0.0022717 BTC. The price is unlikely to go deeper, as the RSI indicator is already below the oversold area. In a short-term scenario, BNB will reach the nearest resistance at 0.002350 BTC, as it is outlined on the chart.

BNB is trading at 0.0022730 BTC at the time of writing.

BSV/BTC

The rate of Bitcoin SV has almost unchanged over the day. Its price has gone down by around 1%.

BSV/BTC chart by TradingView

On the 4H chart, BSV is located within the Triangle pattern with a possible breakout downward. Such a movement is confirmed by the lines of MACD which are about to decrease.

BSV is trading at 0.01344 BTC at the time of writing.

EOS/BTC

EOS keeps located under bearish tendencies since August 14. The price has been declining along with the trading volume.

EOS/BTC chart by TradingView

Regarding the nearest price forecast, EOS is about to achieve the closest support at 0.00033 BTC, as there are no technical indicators, which could suggest the possible rate growth.

EOS is trading at 0.0003371 BTC at the time of writing.

ADA/BTC

The rate of ADA has been trading sideways since August 10, however, the situation is going to change soon.

ADA/BTC chart by TradingView

In terms of a future price prediction, ADA is likely to drop to the support area at 440 satoshi. The blue line of MACD is crossing the red one, suggesting the upcoming decline.

ADA is trading at 0.00000468 BTC at the time of writing.

TRX/BTC

TRX is moving within the descending channel and the local bottom has not been reached yet.

TRX/BTC chart by TradingView

On the 1D chart, the RSI indicator is moving to the oversold area, however, it has not achieved it so far. In this regard, the price is likely to drop to the level at 150 satoshi in the first days of September.

The price of TRX is trading at 0.00000161 BTC 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.


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