A real-time analysis of the leading crypto assets Bitcoin, Ethereum and XRP suggests the crypto market’s downward trajectory may continue.
The current overall technical rating for XRP on TradingView is now at a “strong sell.”
When broken down, both the daily and monthly timeframes are in the “strong sell” range, while the 1 minute, 5 minute, 15 minute and hourly ratings are all in the “sell” range.
TradingView says its proprietary ratings system uses a combination of popular technical indicators including moving averages, oscillators and pivots to analyze where assets may be heading.
TradingView’s technical indicators are also bearish for Bitcoin (BTC) and Ethereum (ETH). The overall ratings for both assets are in “sell” territory.
Bloomberg Analyst Bullish on BTC in 2020
Meanwhile, Bloomberg senior commodity strategist Mike McGlone says his team expects Bitcoin to rally in 2020.
“Bitcoin in 2020: $10,000 appears to be more likely than $5,000. Bitcoin should continue to advance in a consolidating bull market, in our view, with maturation of the first-born crypto in the next decade the primary distinction vs. the current one.
Bitcoin is poised for a 2020 recovery that’s similar to 2019, in our view, approaching year-end near a $6,500 support level with recent selling. Foundations for this year’s rallies in U.S. equities and crude oil were similarly built on plunges at the end of 2018.”
Bitcoin’s steady retreat from a high of nearly $14,000 in June has hit ETH and XRP especially hard.
As the year comes to a close, BTC is up 94%, from $3,739 on January 1st to its current price of $7,291, according to CoinMarketCap at time of publishing.
ETH has witnessed a 3% decrease year-to-date, from $133.57 to $129.11. XRP has declined from $0.3523 to 0.1922 – a 45% drop since the start of the year.