Bitcoin market update: BTC/USD over $500 reversal compels move above $10,000
Bitcoin just made a comeback above $10,000. As discussed in earlier published price analysis, the buyers are getting ready for revenge. The devastating plunge from $10,200 this week to lows around $9,469 seems to have been a necessary retracement. With fresh demand from investors waiting to ‘buy the dip,’ Bitcoin has the potential to thrust through $11,200 resistance in the short-term.
Technically Bitcoin is poised for movement to higher levels. The Relative Strength Index (RSI) is currently above average. At the same time, the Moving Average Convergence Divergence currently at -129.45 is heading further towards the positive territory. The increasing positive divergence suggests that bulls are stamping down on the bears.
Ripple price analysis: $0.24 unbeatable support rescues XRP/USD bulls
Ripple joined other major cryptocurrencies in adding sorrow to a bleeding market. The consolidation above $0.30 level culminated in acute declines at the Bollinger Band constriction. The painful downtrend bled the bulls dry as they pushed against vital support areas at $0.28 and $0.26.
The intense pressure on key support levels saw $0.24 support tested for the first time since August 2018. Although $0.24 has been rock-solid support, volatility is still very high across the market. For this reason, If Ripple fails to correct above $0.30 in the short-term, potential for declines towards $0.2 is immense.
Ethereum market overview: ETH/USD defends $170 support; shallow recovery ongoing
Ethereum bled profusely towards the close of the session on Tuesday. The analysis on Wednesday discussed ETH/USD ability to stay above $200 due to the short-term support at $205. However, the analysis did not go as we discussed because Ethereum forcefully breached $200 support area.
The next support target at $190 tried and failed to mitigate the losses which later extended below $180. A low formed at $173.73 above the major support at $170. A recovery price action is underway. ETH/USD is flirting with $180.44 amidst a weak bullish momentum.
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