Bitcoin, Ethereum, XRP Price Analysis – Markets Avoid Turning Bearish As The Bulls Look For A Rebound Higher In March
- Bitcoin has now seen a 5.2% price increase over the past 7-days as it trades above $9,145
- Ethereum has seen a 6% price increase this past week as it breaks above $235.
- Ripple saw a 3% price and broke above $0.24.
The entire market capitalization for the industry increased by over $20 billion this week after rebounding from the $240 billion level to reach the current value at $260 billion. Bitcoin still remains the dominant cryptocurrency but it is still helping other cryptocurrencies to rise.
Following is an overview of Bitcoin, Ethereum, and Ripple price analysis.
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Bitcoin saw a 5.23% price increase over the past 7-days after meeting support at $8,461 which is provided by the downside 1.618 Fibonacci Extension level. It went on to rebound from here as it managed to break above $8,750, $8,900, and $9,000 to reach the current trading price of $9,152.
Short term prediction: NEUTRAL
Bitcoin remains neutral and will need to break above $10,000 before we can even consider it to be bullish. If it drops beneath $8,461 it would turn bearish.
Toward the upside, resistance lies at $9,270, $9,506, $9700, $9,741, and $10,000.
On the other hand, if the sellers step in and push lower, support lies at $9,000, $8,798, $8,750, $8,672, $8,500, and $8,461.
The RSI has now returned to the 50 level which shows that the buyers are trying to regain momentum within the market. However, it also shows that there is indecision between the bulls and the bears.
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Ethereum saw a 6.2% price increase over the past 7-days of trading as it rebounds from support at $217 which is provided by the downside 1.414 Fibonacci Extension level. It has since increased to break back above $220 and managed to climb above resistance at $228 which is provided by the short term bearish .236 Fib Retracement.
Short term prediction: NEUTRAL
Etheruem will remain neutral until it can climb back above $250. It would need to drop beneath $217 to be considered as bearish.
Toward the upside, resistance lies at $239.60 (bearish .382 Fib Retracement), $248.78 (bearish .5 Fib Retracement), and $257 (bearish .618 Fib Retracement).
On the other hand, if the sellers push lower, support lies at $228, $220, $217 (downside 1.414 Fib Extension), $210, and $207 (downside 1.618 Fib Extension).
The RSI has managed to break above the 50 level as the buyers start to take control over the market momentum and the bearish pressure fades. If it can continue rising, we can expect ETH to travel further higher.
XRP/USD – Daily CHART – SHORT TERM
Market Overview
XRP increased only by a small 3% this past week after finding support at the .886 Fibonacci Retracement level at $0.228. After reaching this support, the market started to trade sideways within a range between $0.228 and $0.24.
Over the last 24 hours of trading, XRP managed to break above this range as it currently trades at $0.243.
Short term prediction: NEUTRAL
XRP also remains neutral and would need to break above $0.27 before being considered as bullish.
The first level of resistance above lies at $0.25. This is followed closely with resistance at $0.251 (bearish .236 Fib Retracement), $0.26, $0.27 (bearish .382 Fib Retracement), $0.28, and $0.2850 (bearish .5 Fib Retracement).
On the other side, the first level of support lies at $0.24. Beneath this, support lies at $0.228 (.886 Fib Retracement), $0.22, $0.212 (downside 1.272 Fib Extension), and $0.204 (downside 1.414 Fib Extension).
The RSI is still not near the 50 level, however, it is rising which shows that the bearish pressure is starting to fade slowly. Once it reaches 50, we can expect the buyers to take over and push the market higher.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
Published at Fri, 06 Mar 2020 11:16:52 +0000
![Bitcoin [BTC] Up 7% as S&P 500 Plunges, But Correlation Could Snap Back: Mati Greenspan](https://thebitcoinstreetjournal.com/storage/2020/05/SBhPPY.png "Bitcoin [BTC] Up 7% as S&P 500 Plunges, But Correlation Could Snap Back: Mati Greenspan")
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