As an analyst with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. The current strength displayed by Bitcoin since August 5 has been nothing short of impressive. With its price shooting up 21% and trading below $60,000, it’s safe to say that BTC is on a roll.
Bitcoin‘s (BTC) price has demonstrated remarkable resilience since it hit a local low on August 5. Since then, BTC has surged by about 21% and is currently trading below $60,000. Similarly, the prices of Ethereum (ETH) and Ripple (XRP) have mirrored Bitcoin’s trajectory, recovering some of their losses.
Bitcoin Price Likely to Shoot Higher
On a 30-minute Bitcoin chart, there’s a pattern known as an “inverse head-and-shoulders setup.” This pattern often indicates a positive trend ahead. The pattern is made up of three significant dips, and the middle dip is typically lower than the others, resembling the shape of a head and shoulders in reverse. This could be a sign that Bitcoin prices may rise soon.
To determine the goal for this technical setup, you simply need to combine the distance from the neckline (the peak of the formation) to the head, with the breakout point’s value. If the Bitcoin price prediction is accurate, we could anticipate a potential increase up to $62,971.
Alternatively, if the $56,719 resistance level fails to hold, it would negate the inverted head-and-shoulders pattern. This scenario could lead to a drop in Bitcoin’s price to approximately $54,676.
Ethereum Price Struggles With Key Support Level
Over the last nine days, Ethereum’s price has stayed close to approximately $2,618 without any significant surges up or down. Contrastingly, Bitcoin’s price dynamics are different. Currently, it seems that Ethereum’s price might drop further towards $2,510 to gather more sellers’ offers, followed potentially by a turnaround.
In simpler terms, the fact that the Relative Strength Index (RSI) is staying low under the typical 50 mark indicates there might be a drop in ETH prices prior to any new upward trend starting.
As an analyst, I’m observing that if Ethereum fails to rebound above the $2,618 mark following a liquidity sweep at $2,510, it could indicate waning strength among ETH bulls. Such a scenario might suggest a potential downward trend for Ethereum prices, implying further decreases may follow.
XRP Price In Tough Spot
Right now, XRP‘s price trend is stagnant and heading downward, indicating a bearish market, while Bitcoin seems to be moving in a bullish direction. This pattern of price action usually ends with an increase in volatility and a potential drop for XRP. Investors should prepare for XRP to retest the demand zone that stretches from approximately $0.492 to $0.516 over the next few hours. As sidelined buyers return, there’s a possibility of a recovery bounce in the price of Ripple.
Contrarily, if the $0.492 resistance level fails to hold, it would cast doubt on the optimistic perspective I’ve been holding. In this scenario, the XRP price might initiate a 12% downward correction, potentially reaching the August 5 swing low of $0.431.
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2024-08-17 17:13