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Bitcoin

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: War for dominance hit the bedrock of the market

  • Bitcoin tried to regain market share and activated sales in the Altcoin segment.
  • BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new relative highs.
  • The current compression on the XRP/USD chart could trigger an exploding movement.

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

The Bitcoin dominance chart was plummeting in the early hours of yesterday and picking up speed, threatening to move quickly to level 60. But when it started to turn around, the party was over on the rest of the board.

Sales in the Altcoin segment accelerated and ended up infecting the two market leaders.

Now at the start of the European session, Bitcoin is trying to overcome the dominance level of 64.15, causing the smaller cryptos to slow down because the environment is no longer favorable for them. Today’s close will determine the development of the next weeks.

Ethereum shows a lot of strength and remains above the critical support level that goes through the 10% dominance level. The technical indicators in the Ethereum dominance chart keep the bullish pattern active, so the short term outlook remains favorable in the short term.

ETH/BTC Daily Chart

The ETH/BTC pair is currently trading at the price level of 0.02599 and imperfectly draws on the chart a classic return figure in Japanese candlestick reading. A close below 0.026 would lead to a loss of momentum for the ETH/BTC, tending to consolidation rather than significant declines.

Above the current price, the first resistance level is at 0.0276, then the second at 0.0295 and the third one at 0.0307.

Below the current price, the first support level is at 0.026, then the second at 0.0248 and the third one at 0.0235.

The MACD on the daily chart is losing its already weak bullish profile and is approaching a horizontal position that would confirm the loss of momentum. 

The DMI on the daily chart shows the bulls controlling the ETH/BTC pair, although they are also losing momentum and appear to be looking for support at the ADX line. The bears are moving upwards and confirm the quick reaction of the sell-side.


BTC/USD Daily Chart

The BTC/USD pair is currently trading at the price level of $9172 and is moving towards the current scenario support level of $8900. Resistance at $9500 has been impossible to overcome and becomes the main challenge for the BTC/USD pair.

Above the current price, the first resistance level is at $9500, then the second at $10425 and the third one at $10700.

Below the current price, the first support level is at $8900, then the second at $8750 and the third one at $8450.

The MACD on the daily chart maintains one more day the horizontal and directionless profile of the last weeks. Despite the rise in the previous few days, the indicator is still in the negative territory.

The DMI on the daily chart shows bears leading the pair with a slight advantage over bulls. The presence of the ADX line above the bullish side positions limits the potential for the bulls to gain strength.


ETH/USD Daily Chart

The ETH/USD pair is currently trading at the $238.4 price level as it moves in search of support at the $235 level after failing to break above the $245 level. 

Above the current price, the first resistance level is at $245, then the second at $260 and the third one at $270.

Below the current price, the first support level is at $235, then the second at $220 and the third one at $200.

The MACD on the daily chart loses the weak bullish profile it had at the beginning of the week and returns to look for support at the zero levels of the indicator, from where it could look for a breakout.

The DMI on the daily chart shows the bulls controlling the pair while finding support at the ADX line. Bears are moving upward and may try to take control of the ETH/USD pair.


XRP/USD Daily Chart

The XRP/USD pair is currently trading at the price level of $0.1972 and is recovering from its morning losses in Asia. The price situation is complicated, capped at the top by the 200-day simple moving average and with a high risk of falling should it close below the $0.1970 level.

Above the current price, the first resistance level is at $0.20, then the second at $0.208 and the third one at $0.235.

Below the current price, the first support level is at $0.1975, then the second at $0.185 and the third one at $0.163.

The MACD on the daily chart is losing its upward momentum when it reaches the neutral territory. If the price manages to move above the $0.208 level, the MACD will enter a bullish channel.

The DMI on the daily chart shows that the bulls are leading the pair, but as they did not move above the ADX line, this leadership is unable to drag the price up. Bears are rising fast and could take control of an unprotected buying side.

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