Will the increase in Bitcoin (BTC), Ethereum (ETH) and XRP be halted?
This analysis provides an overview of how Bitcoin (BTC), Ethereum (ETH) and XRP have fared and how they will behave from now on.
The cryptocurrency market is correcting before the next wave of decline. In the previous halving Bitcoin (BTC) did not show aggressive growth immediately, but declined for some time, and only in the next 3-6 months did it break the previously established peak. At the moment BTC is the biggest winner of the top 10 currencies.
Below are the main data for Bitcoin (BTC), Ethereum ETH) and XRP:
BTC / USD
On the daily chart, Bitcoin (BTC) maintains the potential to form an inverted model of Head and Shoulders. To complete it, their quotes need to fall to levels of $ 5,800 to $ 6,200, from where growth can be expected again.
In favor of the development of the downward movement, there is a recovery of the resistance line in the RSI indicator.
Another possibility could be a sharp increase in the price of Bitcoin (BTC) and a break from the $ 10,550 level, which would indicate an interruption in the development of the model and would continue to rise to $ 13,865. If the price drops to $ 6,000, but the reversal does not occur, the allocation of $ 3,720 will prevent this scenario from occurring.
Bitcoin is currently trading at $ 9,620.
ETH / USD
On the daily chart, Ethereum (ETH) quotes managed to break the middle line of the Bollinger bands, which indicates bear pressure. There was also a recovery in an important level of resistance.
We can expect a further drop in prices for the first target at $ 153. A strong signal in favor of this option is a break in the trend line in the RSI indicator. However, a break in the resistance level with the price above $ 230 would indicate the resumption of an upward momentum to continue growth towards a potential target of $ 287.
Ethereum is currently trading at $ 201.56.
XRP / USD
As is usually the case during large movements, XRP is showing the least growth. The current situation is no exception to the rule. The currency has risen just 1.5% since yesterday.
On the daily chart, neither bulls nor bears are currently controlling the situation. The trading volume remains at a relatively high level. However, neither side is dominating. The most likely scenario is a sideways trend in the range of $ 0.21 to $ 0.22, where most of the liquidity is focused.
XRP is currently trading at $ 0.2030 at the moment.