Is the current growth of Bitcoin (BTC), Ethereum (ETH) and XRP a trap?
This analysis provides an overview of how Bitcoin (BTC), Ethereum (ETH) and XRP have fared and how they will behave from now on.
The beginning of this weekend started with the continuous side trend. Some of the coins in the top 10 list are green, while others are slightly bear-dominated.
Below are the main statistics for Bitcoin (BTC), Ethereum ETH) and XRP in the last 24 hours:
BTC / USD
After a failed attempt by Bitcoin (BTC) to correct above $ 7,200, the largest cryptocurrency was traded around $ 6,900 and $ 7,100. In terms of weekly analysis, growth was 4.35%.
Looking at the hourly chart, Bitcoin (BTC) is stuck in the Wedge pattern, which means a possible decline. In this specific case, the closest support level is between $ 6,900 and $ 6,950. In addition, there is sufficient liquidity concentrated in this area.
Looking at the daily chart, a bullish scenario remains relevant. The upward divergence was formed in the Relative Strength Index (RSI), suggesting a continuous increase.
If the trading volume remains at the same level, Bitcoin (BTC) could reach the $ 7,500 mark next week.
At the moment, Bitcoin was trading at $ 7,192.
ETH / USD
Ethereum (ETH) is showing better growth than Bitcoin (BTC). Since yesterday, the price increase constituted 5% and the weekly growth, 10%.
However, continued growth is about to end soon. The main altcoin reached the $ 180 mark, and the next major level is located at the $ 200 mark. At the moment, it is unlikely to reach the end due to the remaining high pressure from the bears. In addition, the RSI has already reached the oversold zone. Respectively, a reversion to the $ 167 level, which corresponds to the support line of the Bollinger bands, can be considered.
So far, Ethereum was trading at $ 182.53.
XRP / USD
XRP has been in a sideways trend since last week, with growth of just 1.47%.
Looking at the 4H chart, the bearish sentiment is becoming more visible as turnover continues to decline. In addition, the Moving Average Convergence / Divergence (MACD) is losing power and is about to change to red. In short, XRP has every chance of re-testing the $ 0.19 zone.
At the moment, XRP was trading at $ 0.1927.