Bitcoin BTC Price Analysis
Looking at the weekly charts of BTC/USD, the pair is indicating a bearish signal having surpasing the 55-Day MA. Unless there are changes in the momentum, the digital currency looks set to test the 100-D MA close to the $4500 level – which is the first key support level of the coin.
If bitcoin trades beneath that support level, it could test the $3,600 level easily – which is the second key support level. The selling volumes of bitcoin are also high, and this means that a lot of sellers are bearish on the digital currency right now.
For those that want to invest in the BTC, it is recommended you hold on to your fiat currency at the moment. The risks of buying right now far outweigh possible gains later on. This is because the digital currency has broken the structure of the market.
Ripple (XRP) Technical Analysis
Looking at the weekly charts of Ripple (XRP) against the USD, the digital currency has been trading beneath the long-term support at the 48 cents level and there’s no short-term support, up to about the 21 cents level. As a result of this, investing in XRP with a near-term target is a high risk.
This is because even the trading volumes of the coin are declining further. To invest in Ripple (XRP), you need to look out for the price trend of BTC as well. This is because the long-term chart of Ripple is almost a mirror-image of that of BTC, indicating the significant effect that bitcoin has on the crypto market.
Tron (TRX) Price Prediction
Unlike the other digital currencies in the market, the weekly chart of Tron is a clear indication of a market that is entering a consolidation phase. The present value of the coin is also in line with a key long-term support level.
With the upcoming elections of Super Representative and the on-going token migration, the price of the coin might reverse to the upside soon. A potential reversal could increase the value of the coin over its first key resistance level at 5 cents. As a result of this, Tron (TRX) appears to be a better investment option.
Nevertheless, investors need to look out for a break beneath the $0.039, which could decrease the value further to $0.028.