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BTC, ETH, XRP Price Analysis — Bitcoin is on The Way to $11,000. Altcoins are Updating their Support Levels

Once the market had peaked new highs, a correction sharply entered. Our price analysis explains whether it is a deep dump or a slight rollback

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The cryptocurrency market has entered a downtrend movement after a week dominated by bulls. Respectively, all top assets are facing a deep correction.

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The biggest ’gainer’ is Binance Coin (BNB), whose rate has dropped by only 5.81% over the night, while EOS is losing more than 20% of its price. Thus, the market dump has affected on total market capitalization which has reduced by around $40 Bln.

Cryptocurrency market capitalization by CoinMarketCap
Cryptocurrency market capitalization by CoinMarketCap

Today’s decline have fixation of gained positions, which has also influenced BTC’s dominance rate, keeping at its high levels. It means that traders are not switching to altcoins.

BTC/USD

After the touching $13,000 on some exchanges, the rate of Bitcoin has sharply gone down, having lost around 15% over the less than 24 hours. However,  nothing critical happened - the leading cryptocurrency came back to the level, what we saw three days ago.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin is struggling a bounceback after new levels have been reached. The current price can be considered a dump, rather than the upcoming of bearish tendencies. Moreover, this correction is needed for the confirmation of a prolonged bullish trend. In addition, the RSI indicator is about to break the oversold zone, suggesting a nearest reversal. 

The price of BTC is trading at $11,442 at the time of writing.

ETH/USD

Ethereum is trying to keep up with Bitcoin. However, ETH rate is declining faster. Currently, one of the top altcoins is losing 12% compared to its yesterday level.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Even though the price of Ethereum has gone deeper than of Bitcoin, nothing as changed in the long-term scenario. The asset remains dominated by bulls until $250 is broken, and the MACD pattern confirms it. In this regard, we are likely to expect a bounce back from the current levels to the nearest resistance at $290. 

At the time of writing the price of ETH is trading at the level near $270.

XRP/USD

Ripple can be considered as the biggest loser out of the top 3. XRP rate has dropped more than 15% over the previous day.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

If the current market dump is a pause before a run for Bitcoin and Ethereum, the situation is much worse for Ripple. According to the chart, the rate rolled back to the levels of the mid-May, having confirmed the absence of a potential bullish trend, which is also backed up by the bearish MACD indicator. In terms of the price prediction, XRP is likely to locate in the yellow corridor, fluctuating between $0.31 and $0.47.

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The price of XRP is trading at $0.3343 at the time of writing.

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Denys Serhiichuk

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 makes 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, can be contacted at denys.serhiichuk@cryptocomes.com