Cryptocurrency market update: Bitcoin flashing danger signals, Ethereum and Ripple remain defenseless
|- Bitcoin, Ripple and Ethereum drag the entire market into losses following rejection at key resistances.
- Morgan Creek Digital co-founder Anthony Pompliano says that Bitcoin is here to stay.
Many believe that cryptocurrency volatility is the one thing that keeps most investors at bay. At the same time, giving Bitcoin and digital currencies regulatory greenlight will mean that regulatory institutions are fully behind the cryptos; a situation most governments shun.
However, the co-founder of Morgan Creek Digital Anthony Pompliano says that Bitcoin is here to stay. He also believes that Bitcoin will soon be on every institutional investors’ portfolio.
Bitcoin market update
Bitcoin is languishing in immense bear pressure following the correction from the weekly high marginally below $11,000. As discussed earlier, tentative support areas at $10,600, $10,400 and $10,200 were not strong enough to cushion the drop. In fact, some analysts on Twitter such as ‘D4rkEnergY’ say that further declines are inevitable.
“We are going down, Expect 7.5-5.5k USD. Huge descending triangle.
“Right now we are fighting with an ascending wedge and a continuation HS Pattern, which will help us down. Don’t worry, my friend. It’s 52,000 USD in the next circle.”
At press time, Bitcoin is fighting to regains strength above $10,200. Failure to do this, Bitcoin will slum towards $9,000 and the above prediction to $7,500 will be well within reach.
Ethereum price update
On the other hand, Ethereum has managed to stay above the support area at $180. The correction from highs almost at $205 has failed to find support at $195 neither did $190 support cushion the price. Ethereum is exchanging hands at $187 at press time amid a weakly building bullish momentum.
Ripple price update
The third-largest cryptocurrency is locked within a battled range between $0.27 resistance limit and $0.26 support. Indicators show that XRP is slightly oversold. However, a catalyst will help propel the price above $0.30.
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