Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin weighs down the flight of the Altcoins


  • The cryptocurrency exchange industry presents interesting initiatives that may be key for the next trip to the moon.
  • Altcoins reach key resistance but fail after lack of reaction from Bitcoin.
  • Loss of momentum at wide ranges can cause significant intraday shifts.

The crypto board is painted red at the end of the week after yesterday's attempt at a new bullish breakout move. The flow of capital that is pivoting towards the Altcoin, especially the Ether, is hampering the upward development of prices.

Today news highlights several initiatives to bring tokens that clone Bitcoin to the ERC20 or Ethereum network. An exciting move that will allow the flow between the two segments, Bitcoin vs Altcoins, to share network, speed and costs.

The Ethereum network is taking an increasingly important role and with it the interest in the native token, the Ether. An example of this is the data left by the futures market.

The volume of futures trading on Ether exceeds $4.5 billion for the first time since June 2017. Three weeks ago, the amount was $750 million, according to Skew Markets.

The International Organization of Securities Commissions (IOSCO) has called on global regulators to act more decisively to ensure the safety of crypto exchange users and greater oversight of potential fraudulent uses.

Another initiative released today lead by a group of veteran professionals from NASDAQ, Morgan Stanley, VISA and MasterCard. Apinify is the name of a project that brings together world-class talent, intending to offer a unified pricing service for the Crypto market. The implementation of this technology would be a definite step towards bringing the crypto market out of the current atomization. 

 

ETH/BTC Daily Chart

The ETH/BTC pair is trading at the price level of 0.02629 and shows the difficulty in rising above the price level of 0.0268. ETH/BTC is in a wide range that promises increased volatility if the upward momentum loses momentum.

Above the current price, the first resistance level is at 0.0268, then the second at 0.0275 and the third one at 0.029.

Below the current price, the first support level is at 0.023, then the second at 0.022 and the third one at 0.020.

The MACD on the daily chart shows a slight upward slope which, given the current height of the indicator's moving averages, could trigger a consolidation pattern in the current range.

The DMI on the daily chart shows bulls unable to stay above the ADX line, which is otherwise normal given the height reached by this indicator. Bears continue to be at multi-month lows, an extreme that could trigger sales by the effect of a return to normal levels.


BTC/USD Daily Chart

BTC/USD is trading at the $10233 price level and shows weakness over two consecutive days. The shift of positions into the Altcoin segment takes strength away from the Bitcoin and keeps it too close to the bullish breakout level of $8750.

Above the current price, the first resistance level is at $10500, then the second at $11250 and the third one at $14000.

Below the current price, the first support level is at $9650, then the second at $9150 and the third one at $8,800.

The MACD on the daily chart points to a soft downward cross, which could lead to a bearish sideways scenario in the near term.

The DMI on the daily chart shows bulls losing the uptrend, while bears are not reacting to the price weakness.


ETH/USD Daily Chart

ETH/USD is currently trading at $270.8 after peaking at $277 yesterday and ending the day with a Doji that weakens the technical structure.

Above the current price, the first resistance level is at $290, then the second at $305 and the third one at $315.

Below the current price, the first support level is at $260, then the second at $250 and the third one at $238.

The MACD on the daily chart maintains the bullish profile and does not yet confirm the weakness that the Doji is transmitting on the daily chart.

The DMI on the daily chart shows that the bulls are still in the bullish trend. The bears hold on to their multi-month lows levels and are not showing any interest in disputing the leadership on the buying side.


XRP/USD Daily Chart

XRP/USD is currently trading at the price level of $0.3275 after a login where it has moved below $0.30.

Above the current price, the first resistance level is at $0.33, then the second at $0.34 and the third one at $0.35.

Below the current price, the first support level is at $0.32, then the second at $0.30 and the third one at $0.29.

Below the current price, the first support level is at $0.32, the second at $0.30 and the third at $0.29. The MACD on the daily chart maintains the previous bullish profile without affecting the first hour's sales. 

The DMI on the daily chart shows how the bulls failed to cross the ADX line higher, showing weakness on the buy-side. The bears are not reacting to the bullish move and are giving up their claim to the leadership of the XRP/USD pair.


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: Bart Simpson pattern implies BTC price manipulations

Bitcoin volatility jumped to November 2019 high amid a sudden price collapse during US trading hours on Wednesday. Bloomberg reports that amid the price decline, 10-days volatility surged to 65%, while the 30-days volatility in the highest since January 28 at 35.40%.

More Bitcoin News

Ethereum Price Analysis: ETH/USD creates double-top formation, risks further sell-off

Ethereum (ETH) now the second-largest digital asset with the current market value of $28.3 billion, has lost nearly 8% in recent 24 hours to trade at $256.0 at the time of writing.

More Ethereum News

LTC/USD breakdown could test $65 ahead of recovery to $100

Litecoin has been posting frequent gains ever since the price broke above the long term resistance trendline that started in June 2019. The recovery has also remained within the confines of an ascending channel.

More Litecoin News

Bitcoin Cash Price Analysis: BCH/USD desperately searches for support, breakdown to $350 looms

The cryptocurrency assets suffered another massacre on Wednesday during the American session. The mid-week recovery posted on Tuesday through to Wednesday turned out to be a bull trap.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP