Cryptocurrencies Price Prediction: Bitcoin, Ethereum Classic & Ripple – American Wrap 20 May


Bitcoin Price Prediction: BTC/USD gets ready for a powerful breakthrough – Confluence Detector

Bitcoin (BTC) is sitting in a tight range between $9,800 and $9,400 since the start of the week. At the time of writing, BTC/USD is changing hands above $9,700, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. On the intraday charts, BTC is supported by 1-hour SMA50 (currently at $9,700), while the resistance is created by the intraday high $9,836. The ultimate bullish target is created by a psychological $10,000.

Ethereum Classic Price Analysis: ETC stays in the range ahead of Phoenix hard fork

Ethereum Classic will have its Phoenix hard fork in just two weeks. The critical upgrade will make Ethereum Classic blockchain compatible with Ethereum's recent update known as Istanbul. The ETC developers team points out that Phoenix update will allow for interoperability between ETH and ETC and also all participating chains.

Lots of exchanges and cryptocurrency wallets confirmed that they would support the fork.

Ripple Price Analysis: XRP tests the psychological 0.20 level once again

Ripple's XRP has moved lower on Wednesday as general crypto sentiment is poor on the session. If the price does move lower the green rectangle represents an area which has acted as a magnet for price in the past. This means it could be tested once again.

If the price does move beyond that, the black trendline underneath the price could be another level of support and if it is broken it could mean there is more weakness to come. There is another support zone at the purple line close to the 0.18 price. 

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Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast

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