Being Weekend, all crypto’s will be trading in a narrow range. We had a decent correction & Consolidation in XRP & BCH. We may see some buying in all the 4 pairs, as they are trading near major support areas. Let’s do some detailed analysis of Top4 Crypto’s.
BTC/USD
At the time of writing this article, Bitcoin is trading around $6365, a slight increase in price from overnight lows of $6325. Until the price stays above $6450, we will be in a narrow trading range of $6250-$6450 area. As the pair is trading near to major support we can expect some buying around $6250- $6300 Area.
Daily volumes are holding the levels of $4B, which is slightly positive for the price to move higher.
Technical Analysis–
Based on the Bitcoin BTC/USD daily chart, the price is just below the critical level of 55Day EMA, MACD is just on the Signal Line and RSI is showing slight strength at 54 Levels. This indicates a neutral to slightly positive bias; As Price is far below from 200Day EMA indicating bearish trend intact.
Bitcoin Price Chart by TradingView
Prediction (Short to Medium term):-
As long as Bitcoin Price holds $6250 level and doesn’t break above $6450, we can expect consolidation in the trading ranges $6250-$6450 Area.
ETH/USD
At the time of writing this article, ETH/USD is trading around $210, a slight retracement from overnight highs of $215. Until the price stays above $200, Next trading range will be $210-$225 area. If there is a sudden price breakout above $225 and stays above it we can expect a Rally towards $250.
Daily volumes are holding the levels of $1.5B, which is slightly positive for the price to move higher.
Technical Analysis–
Based on the Ethereum ETC/USD daily chart, the price is just below the critical level of 55Day EMA, MACD is just on the Signal Line and RSI is at 55 Level. This indicates a neutral to slight positive bias; We can expect some buying at $200 level being a major support. As the Price is far below from 200Day EMA indicating bearish trend intact.
Ethereum Price Chart by TradingView
Prediction (Short to Medium term):-
As long as Ethereum Price holds $200 and breaks above $225, we can expect a quick rally towards $250 Area or else consolidations in the trading range $210-$225 Area.
XRP/USD
At the time of writing this article, Ripple-XRP is trading at $0.5065. After finding sellers around $0.55 Area, XRP price had a decent correction and retraced towards the immediate support zone $0.4950 to $5050 where it found some buyers. Until XRP clears $0.52 resistance with big volumes XRP will trade in a narrow range $0.49-$0.52 area. In case of a major breakout, we can see $0.55-$0.56 price levels easily.
Technical Analysis–
Based on the Ripple XRP/USD daily chart, the price is managing to stay above an important level of 55Day EMA and just on 200DMA after the recent correction from higher levels MACD is above the Signal Line and RSI is now at 56, after retracing from oversold Levels. This indicates a slightly positive bias, Daily volumes have decreased, below $500m which is slightly discouraging.
Ripple Price Chart by TradingView
Prediction (Short to Medium term):-
As long as Ripple Price holds $0.4950 and breaks above $0.52, we can expect a quick rally towards $0.55 to $0.56 Area.
BCH/USD
At the time of writing this article, Bitcoin Cash BCH/USD is trading at $535, a good retracement from overnight highs of $570 levels. As long as the price stays below $565, Next trading range will be $525-$560 area. If there is a sudden price breakout above $565 and stays above it, we can see $600 price levels easily. As the pair is trading at the major support we can expect some buying around $510- $525 Area.
Daily volumes have decreased but holding above $600m, which is slightly positive sign for the price to move higher.
Technical Analysis–
Based on the Bitcoin Cash BCH/USD daily chart, the price is just above the critical level of 55Day EMA, MACD crossed the Signal Line is still showing strength along with (MACD histogram in green) and RSI is at 58 which is slightly positive after retracing from oversold levels of 80 levels. All the indicators show a slightly positive bullish bias;
Bitcoin Cash Price Chart by TradingView
Prediction (Short to Medium term):-
As long as Bitcoin Cash Price holds $525 and breaks above $565, we can expect a quick rally towards $600 Area or else consolidations in the trading range $525-$560 levels.
Credits:- Srinivas Podila
This article should not be considered as an investment advice. Please conduct your own research before investing in any cryptocurrency.