25 minutes ago | Lorenzo Stroe
Key Highlights:
- Bitcoin Breaks $10,000 convincingly
- BTC / ETH / XRP have been posting gains without a pause for the past week
- Most alts are likely to see a healthy pullback soon
Let’s see what the 3 biggest cryptocurrencies are doing right now to understand where the market is headed.
1. Bitcoin (BTC)
Most analysts and traders were probably expecting a pullback before Bitcoin could break above $10,000, however, the digital asset has not consolidated at all for the past 5 days and has broken above $10,000 without any problem.
How to buy Bitcoin (BTC) on Binance?
Bitcoin short-term price prediction: Neutral/Bearish
The bulls are definitely happy right now but unless we see a close above $10,000, the beras can still come back in play. Either way, Bitcoin is clearly extended now and some healthy consolidation is needed at this point. Bitcoin is not facing a lot of resistance, the next one is clearly set at $10,370 (Binance) as it is the last high on the daily chart.
If the bulls get close to that resistance but fail to break above it, we could easily see a pullback down to $10,000 and probably below it looking for the 12-period EMA support currently located at $9,550. Additionally, looking at the VPVR indicator, we can see a lot of buying pressure around that area as well, between $9,300-9,400 and it’s unlikely for Bitcoin to break below that area in one move.
Long term, Bitcoin looks really strong as the weekly chart has clearly shifted in favor of the bulls and has confirmed an uptrend. At the same time, this also confirmed the monthly higher low at $6,435 and the bulls are now looking for continuation of a monthly uptrend or to form a monthly Equilibrium pattern with a lower high. As Bitcoin is not facing a lot of resistance, it wouldn’t be surprising to see the digital asset try to break $13,970 in the next months.
2. Ethereum (ETH)
Ethereum has been outperforming Bitcoin with far more gains and it’s currently trading at $228 after a huge week of positive price action.
How to buy Ethereum (ETH) on Binance?
Ethereum price short-term prediction: Neutral/Bearish
The trading volume has been increasing for the past few days although it seems to be slowing down a little bit today. The RSI is clearly overextended at 83 points. This price extension indicates a likely pullback within the next few days, the nearest support will be the 12-period EMA at $202,44 and the psychological $200 level. Additionally, there is support at $184,29 and $185,2.
Clearly, Ethereum is still bullish in the long term as the weekly chart is now in a strong uptrend and the bulls are facing no resistance until $240 and then $318.
3. XRP (XRP)
XRP has been another wild cryptocurrency, posting a lot of gains last week but topping out this week. The digital asset has currently basically triple topped at $0.288.
How to buy XRP (XRP) on Binance?
XRP price short term prediction: Bearish
After the second top at $0.28715, the bears did see some continuation down to $0.2642 but were rejected from the 12-period EMA and the bulls were able to recover. Today, XRP has tried to break the high again but failed, basically a triple top at this point. This indicates a lack of strength for the bulls as the price of XRP is already overextended. XRP is likely to face healthy consolidation looking at the recent $0.264 support and the 12-period EMA, although, we might see a break below this area down to the 26-period EMA at $0.2488 currently.
The long term for XRP is also not as good as other major cryptos even though the weekly chart is now in an uptrend, the monthly chart is still clearly in a downtrend and this recent mini-bull run hasn’t changed that.
Previous crypto price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Bitcoin, Ethereum and XRP:
