Cryptocurrency Market Update: Bitcoin medium-term target at $15k, Ethereum and Ripple wake up from slumber

Bitcoin bulls fight for $12,000 but resistance at $11,800 is proving to be a hard nut to crack.
John Olszewicz, a popular analyst says Bitocin is technically ready for a lift-off to $15,800.

Bitcoin is having a hard time continuing the bullish push to $12,000. The weekend session saw BTC/USD plunge to $11,400. Recovery has been lethargic but Bitcoin managed to take down the resistance at $11,600 and $11,800. In spite of the delay to overcome the seller congestion at $12,000, some analysts believe that Bitcoin has the potential to hit highs above $15,000.

According to a tweet by John Olszewicz, Bitcoin is in an uptrend. The analyst utilized the trend indicator tool, Andrew’s Pitchfork to drive home his technical point, saying that Bitcoin was headed for highs at $15,800 mainly because this same level was the tool’s median line. Olszewicz says that Bitcoin is trading below the median but has a higher chance of drawing closer to the median than to the lower support line. Note that, a break above $15,800 could pull Bitcoin towards the coveted $20,000.

Ethereum market update

Ethereum at the time of writing, has recovered from the lows traded over the weekend ($380) to levels above $400. An intraday high at $407 temporarily marked the end of the bullish momentum on Monday.

The biggest task is to hold the price above $400 as this will give the bulls ample time to plan the next attack on $410 and even draw closer to $420. Declines are not yet out of picture as the only major support lies at $380. In this case, defending the $400 level is key for the action to $420.

Ripple market update

Ripple has woken from the deep slumber it fell into over the weekend to record intraday gains of 1.21%. The price remained stable above $0.28 during the weekend session. Attempts made to bring down the resistance at $0.29 and $0.30 failed to yield. In spite of the above gains, XRP is yet to overcome the hurdle at $0.29. Instead, the price is teetering at $0.2880. A bearish momentum appears to be building quickly couple with high volatility levels. If this situation remains unchanged, a reversal is likely to retest the support at $0.0.28 in the short term.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.