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Has the time arrived to buy back the cryptocurrency market?

Has the time arrived to buy back the cryptocurrency market?
Denys SerhiichukDenys SerhiichukU.Today

The cryptocurrency market is slightly recovering after a prolonged drop, and most of the coins are in the green zone.

Chart

Top coins by CoinMarketCap

BTC/USD

Despite today's rise, the rate of Bitcoin (BTC) has gone down by 28.80% over the last seven days.

BTCUSD

BTC/USD chart by TradingView

On the weekly chart, Bitcoin (BTC) is about to make a false breakout of the $19,490 mark. At the moment, one should pay close attention to the daily closure. If buyers can keep the initiative and the price holds near the $19,500 mark, there are chances to see a further correction to the $20,000 zone next week.

Bitcoin is trading at $19,468 at press time.

ETH/USD

Ethereum (ETH) has risen more than Bitcoin (BTC) since yesterday, as the price change has accounted for 4.44%.

ETHUSD

ETH/USD chart by TradingView

Ethereum (ETH) has also bounced off the $900 mark against the increased volume. Thus, the rate has come back above the crucial $1,000 mark. If the situation does not change by the end of the day, one can expect the continued growth to the $1,150-$1,200 area within the next few days.

Ethereum is trading at $1,033 at press time.

XRP/USD

XRP is falling the least in terms of the weekly analysis as the drop has constituted 9.80%.

XRPUSD

XRP/USD chart by TradingView

Despite this, the situation is less clear compared to Ethereum (ETH) and Bitcoin (BTC). Currenly, bulls need to hold the initiative they have gained, keeping the rate above the $0.30 level. If they manage to do that, a rise is possible to $0.35 shortly.

XRP is trading at $0.3132 at press time.

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Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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