What are the chances of seeing if Bitcoin (BTC) rises above $ 7,000 next week?
This analysis provides an overview of how Bitcoin (BTC), Ethereum (ETH) and XRP have fared and how they will behave from now on.
The current situation with the cryptocurrency market can simply be described as uncertainty, as neither bulls nor bears have control in the short term. This is also described with the rates of the top 10 currencies.
Below are the important data for Bitcoin (BTC), Ethereum ETH) and XRP:
BTC / USD
After Bitcoin (BTC) jumped to $ 7,200, the significant decline did not occur. In addition, the rate of the main cryptocurrency has risen in the last 7 days by almost 10%.
On the 4H chart, Bitcoin (BTC) is trying to retest the crucial resistance level at $ 7,000 for the second time. However, the current increase will be false, due to a recent long bearish candle.
The most likely price forecast traders can expect is a drop between the $ 6,400- $ 6,500 zone, where enormous liquidity is concentrated.
At the moment, Bitcoin was trading at $ 6,769.
ETH / USD
Ethereum (ETH) is showing slightly better price dynamics than Bitcoin (BTC); however, the short-term bearish scenario remains relevant. The main altcoin rate has fallen 0.73% since yesterday.
Ethereum (ETH) is being traded sideways between the $ 137 support level and the $ 147 resistance level. Based on the trading volume, buyers no longer have the strength to raise the price. In addition, the MACD (Moving Average Congverence / Divergence) indicator is about to change to red, confirming the bearish sentiment. If that scenario becomes a reality, a decline in the $ 137 support level is about to occur soon.
So far, Ethereum was trading at $ 143.31.
XRP / USD
Even though the XRP rate has gone up, its price forecast remains low. The currency rate has increased 6.65% in the last 7 days.
The XRP is within the Triangle pattern on the 4H chart. From a technical point of view, it is a bearish figure accompanied by the growing volume of sales negotiation. Currently, there are no reasons for growth, even as a short-term projection. Respectively, the closest scenario is a sharp decline for the nearest support at $ 0.17. This could happen by the end of this week.
At the moment, XRP was trading at $ 0.1896.