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BTC, ETH, XRP Price Analysis for 08/04

Can Ethereum (ETH) or XRP grow while Bitcoin (BTC) is trading sideways?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Even though most of the cryptocurrencies are not going up, they remain trading in the green zone. The top gainer is Chainlink (LINK), whose rate has skyrocketed by 14.60% over the past day.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key statistics for Bitcoin (BTC), Ethereum (ETH) and XRP today:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$208,075,220,022 $11,277.13 $22,741,249,405 1.06%

Ethereum

ETH

$44,008,091,216 $392.80 $15,708,812,064 2.69%

XRP

XRP

$13,913,083,502 $0.310126 $3,256,778,391 3.69%

BTC/USD

Bitcoin's (BTC) price traded in the medium range yesterday. In the afternoon, there was a weak attempt by buyers to gain a foothold above the 50% Fibo level ($11,394), but before the end of the day the pair returned to the two-hour EMA55.

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

Today, one can expect repeated attempts to break through the 50 percent Fibonacci level. If successful, a retest of the $12,300 level is possible. If the bears push below $11,000, then the price will roll back to the support of $10,500.

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Bitcoin is trading at $11,310 at press time.

ETH/USD

Buyers continued the Ethereum (ETH) price recovery yesterday. They managed to test the level of $400, but so far they have not been able to gain a foothold above this psychological level.

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

An attempt to overcome this milestone will be repeated today. If it is supported by large volumes, the renewal of the annual maximum should be expected at around $420. Otherwise, the pair will roll back to the support area of the two-hour EMA55.

Ethereum is trading at $392.99 at press time.

XRP/USD

Yesterday the XRP price broke through the psychological level of $0.30, but at medium volumes, buyers could not break above the resistance of $0.32.

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

If the volume of purchases manages to increase today, a retest of the annual maximum zone, which was recorded in mid-February in the area of $0.347, is possible. If it is not possible to break through the resistance of $0.32, the pair will roll back to the area of average prices.

XRP is trading at $0.3097 at press time.

 

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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