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Are Bitcoin (BTC), Ethereum (ETH), and XRP ready for the upcoming decline?
over image via www.tradingview.com
The new week has started with a bearish mood as some coins from the top 10 list have switched to the red zone. Respectively, neither bulls nor bears control the current situation on the cryptocurrency market.
Take a glance at the key statistics of Bitcoin (BTC), Ethereum ETH), and XRP.
|
Name |
Ticker |
Market Cap |
Price |
Volume (24h) |
Change (24h) |
|
Bitcoin |
BTC |
$141 948 531 070 |
$7 736.42 |
$37 313 278 891 |
0.46% |
|
Ethereum |
ETH |
$21 709 041 003 |
$196.12 |
$19 410 241 912 |
-1.21% |
|
XRP |
XRP |
$8 729 702 880 |
$0.197999 |
$1 860 034 452 |
0.29% |
BTC/USD
Trading in the range of $7,388 - $7,610 for Bitcoin (BTC) ended with a continuation of upward movement. A key support level is at $7,555.
This level is the upper limit of the previous trading and the accumulation zone along the volume profile. In this trade, buyers gained some positions.
Bitcoin (BTC) Price Forms Bullish Setup That Preceded Pump to $12,000 in 2019
This means that, at the moment, the main scenario is continued growth to the $7,969- $8,200 levels. Another event that might affect further growth of the main crypto is the upcoming halving as more and more people are searching for on the Internet.
Bitcoin is trading at $7,687 at press time.
ETH/USD
Our last Ethereum (ETH) price prediction has come true as the price has reached the $200 mark on some exchanges. However, the correction phase has already started as the altcoin has lost 0.72% of its price over the past 24 hours.
Ethereum (ETH) has formed a Wedge pattern on the 4H time frame. It is a reversal figure that confirms the end of the short-term rise. In addition, there is almost no liquidity at current levels for buyers to push the rate higher. In this case, the most likely scenario is a decline to the closest support at $180. It is the first zone before sellers go to $160 and even below.
Ethereum is trading at $193.89 at press time.
XRP/USD
XRP is falling more slowly than Ethereum (ETH). The rate of the third most popular crypto has lost 0.17% over the past day.
XRP is trading similarly to Ethereum (ETH) patterns. The Wedge pattern has also been formed on the 4H chart, having confirmed the upcoming price drop. Moreover, there is a bearish divergence on the RSI indicator. All in all, one might expect the decline to the nearest support at $0.19 soon.
XRP is trading at $0.1959 at press time.
TOP 3 Bitcoin and Crypto News for Today: 27 April
Today seemed to be a positive day for the three major indexes as they all closed in the green. The Dow Jones Industrial Average (DJIA) went up 358.51 points (+1.51%) to close at 24,133.78. The NASDAQ Composite went up 95.64 points (+1.11%) to close at 8,730.16, and the S&P 500 went up 41.74 points (+1.47%) to close at 2,878.48. All these upswings were based on excitement by investors cheering at the possibility of reopening the economy after the coronavirus pandemic.
As for the news within the crypto world, some of U.Today’s major headlines include price predictions for Bitcoin (BTC), Ethereum (ETH), and XRP, Bitfinex launching a social trading platform, and CZ Binance says that a man was hired to kill their reputation.
Bitcoin (BTC), which was trading between the $7,388-$7,610 range, ended with a continuation from a previous upswing. Right now, a key support level is $7,555. This is the upper limit of the previous trading and accumulation zone, as well as the volume profile.
Buyers were able to gain some positions, and for the moment, continued growth will continue between the$7,969-$8,200 levels. One event that may affect further growth of BTC is the upcoming halving as more and more people are searching for information on the Internet.
U.Today’s previous price prediction Ethereum (ETH) came true as the altcoin reached the $200 mark on some crypto exchanges. However, a correction phase has already begun as ETH lost 0.72% of its price in the last 24 hours.
ETH/USD Chart by TradingView
ETH has formed a ‘wedge’ pattern, which confirms the end of the short-term rise. Furthermore, there is almost no liquidity at the current levels for buyers to push ETH’s rate higher. The most likely scenario is a drop to its $180 support level, followed by a drop to $160 and possibly below this price.
XRP is falling at a slower rate as compared to Ethereum. The rate for the third largest cryptocurrency has dropped 0.17% since yesterday. With a similar trading pattern to ETH, this confirms a price drop for XRP. There is also a bearish divergence pattern on the Relative Strength Index (RSI). In short, one might expect a decline towards $0.19 soon.
XRP/USD Chart by TradingView
Today, Bitfinex announced that it was rolling you a native social trading platform called Pulse. This new platform will give traders the opportunity to interact on Bitfinex, and will even be allowed to created profiles, visualize their trading history, publish blog posts, and publish and discuss trading ideas with other individuals.
Bitfinex Pulse, the next generation of social trading, has finally arrived!
— Bitfinex (@bitfinex)April 27, 2020
Distinguish yourself, join the trading community of the future and never miss that life-changing market insight again. https://t.co/RqzrBGY6i6 pic.twitter.com/KNluzdEB7P
One more interesting feature about Pulse will be its leaderboard, which will show the results of Bitfinex’s top traders, who are ranked by their realized/unrealized profits or trading volume. This leaderboard also supports integration with Twitter accounts.
Image by Bitfinex Pulse
Bitfinex’s CTO Paolo Ardoino goes on to say that Pulse will also act as a content distribution platform, in which media outlets and data traders will be able to provide real-time information to the Bitfinex community.
Changpeng Zhao, Founder and CEO of Binance, recently tweeted about meeting an individual that said it was his job to intentionally damage his reputation as a Bitcoin (BTC) bull. However, this individual, who worked at a Chinese crypto exchange, quit one day into the job. Zhao goes on to say that a whole team was hired to spread messages on social media.
Just interviewed someone who joined a Chinese exchange that views Binance as a competitor. He was put in a team whose only job is to spread the message “when CZ is bullish, bitcoin will drop”. ???? He quit after a day.
— CZ Binance ???????????? (@cz_binance)April 27, 2020
And I am bullish all the time, never a bearish day. #BTC
Earlier, Zhao addressed his BTC price predictions that failed to come true. He also mentioned that some called his prediction as ‘counter signals’. However, Zhao has insisted that he will never be bearish on Bitcoin, and that his predictions have so far been accurate and inaccurate.
Stablecoin issuer Tether has minted 120 mln more USDT tokens for replenishing its inventory, according to the company’s CTO Paolo Ardoino.
The circulating supply of the top stablecoin has already reached nearly $7.5 bln as more traders and investors flock to stablecoins. That means that it’s getting closer to trumping XRP whose market capitalization currently stands $8.6 bln, according to CoinMarketCap data.
USDT has already increased its market share by more than 120 percent in 2020. As reported by U.Today, more tokens are being issued due to the growing demand for fiat-pegged cryptocurrencies caused by the coronavirus turmoil.
While many critics believe that Tether is trying to prop up Bitcoin with its issuances, recent research concluded that stablecoins are not able to inflate cryptocurrency prices.
At press time, the BTC price is sitting at $7,720 during a relatively calm day.
