The bullish rally of cryptocurrencies led by Bitcoin has been maintained over the weekend as earlier predicted. The market capitalization in general has remained firm, staying around $140 Billion, which is the immediate resistance to beat by the ecosystem to achieve a new bullish rally, otherwise we will begin to see how the market recedes to the last week levels.
For now, Bitcoin (BTC) holds crypto dominance with a 50.7% of the market share in general.
However, symptoms are already being felt among the top three crypto leaders that this scenario could soon change. Let’s see in depth what this week holds for Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH).
Bitcoin (BTC) Price Prediction For the Week
After reaching the $4000 barrier, Bitcoin (BTC) price maintains a lateral movement between the bands of $ 3800- $ 4000 during the last hours, synonymous with a struggle between the bulls and bears.
At the time of writing, Bitcoin (BTC) has a spot price of $0431.56 per unit, with a 0.25% drop in the last 24 hours. Its market capitalization remains strong above $70 trillion.
In the short term, the leading cryptocurrency presents a scenario of price correction, with a possible contraction to $3990.83 level for the end of the week. This is in accordance with the pattern drawn by the Elliot Wave Correction (orange line), after walking for a maximum of $4011.3 and a minimum of $3927.89, as immediate support.
The Stochastic indicator continues to move strongly to the overbought zone, which is a good indication of the bullish level to be maintained for now. However, its projection indicates that it will soon leave that area by mid-week, which could confirm the scenario proposed for March 24, 2019 in the graph.
Even though we have an ascending channel similar to the 2015 scenario, where it could be indicated that it is the last low floor of Bitcoin, before the new bullish scenario.
We must wait for the next hours to see if its level of support is not exceeded and it ends up having a change totally contrary to the expected for this week.
According to this graph, Bitcoin will end its downtrend at the end of the day and could return to levels of $ 3800.
The Aroon UpTrend indicator is on the way to reaffirm this thesis, when we see it heading south (green line).
Similarly, the crossing with EMA25 indicates that we are entering the sales area, with the bears waiting to regain control of the market.
Ethereum (ETH) Price Analysis for the Week
Ethereum, the second cryptocurrency by market capitalization presents a reduction of 1.21% in its prices. Its market price at the time of writing seats at $140.51 USD per unit. Ethereum market capitalization is around $14.7 Billion. About $300 million less than Friday’s.
Ethereum (ETH) chart for next week is not encouraging. It is presenting a ping bar, after having reached a maximum of $148.63. Although Ethereum began with strength, it presents a reduction of support levels up to the current price.
At the time of writing, Ethereum’s support level of the $ 142.25 has already dropped and moved towards a level of 138, according to the Elliot pattern (blue line).
Upon reaching point E, we can expect Ethereum to return to support levels S1 ($ 135.9) per unit, for a lateral movement of prices between the band of $135 and $140 for the rest of the week.
The crossing of EMA25 projects a strong bear entry to the Ethereum market by Monday, and unless there is a major break in the ecosystem, nothing seems to change for Vitalik Buterin’s currency.
This bearish scenario is now confirmed by the Klinger Oscillator indicator, which has made a crossing below the signal line and moves at the limit of the buying and selling zone; waiting for the movements of the next hours in the market to take depth in their behavior.
On the other hand, if the ecosystem manages to stabilize above the $ 140 billion market capitalization, it is possible that this Ethereum price correction is temporary and we can see a new rebound in the middle of the week.
This scenario is not unreasonable, and the projection of the ABCDE pattern is feasible to occur through the ascending channel still present in the Ethereum chart.
This is confirmed by the Chaikin Money Flow indicator for the 4H chart, where the inflow of money to the ecosystem still remains at a good ascending level.
Ripple (XRP) Price Analysis for the Week
Ripple’s XRP token still stands firm in the third place, and is one of the few cryptocurrencies that presents major price corrections for what is happening to Bitcoin and the rest of the market.
At the time of writing, XRP price is $ 0.337 per token and a the digital asset has a change of -0.44% in the last 24 hours.
As we can see in the 1H chart for XRP, its movements for the week are lateral, with highs and lows between the bands of $ 0.322 and $ 0.316 (S1), without major significant changes, since as we mentioned above, XRP is one of the few cryptocurrencies that is less affected by the market in general and depends more on itself than on other factors.
Logically, any sudden change in the market will affect it more intensely because it is not an isolated project. But for now its movement oscillating between the indicated bands seems to be what will dominate the week. A bearish but slight trend, without strong changes in price.
This is confirmed by the crossings of the Exponential Moving Average(EMA 25) for March 19 and the Relative Strength Index (RSI), which presents a bearish behavior in the middle of the graph, balancing the forces between the pressure of purchase and sale of the asset.
A good boost in XRP price by its own or external factors will be enough for the bulls to come into play again and put XRP market in a bullish rally, at RSI 80 levels, such as those obtained on Saturday, March 16.