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.
Read more: Bitcoin Price Analysis: BTC/USD consolidation takes precedence ahead of breakout to $12k
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.
Read more: Ethereum Price Prediction: ETH/USD on the breakout threshold to $420, these are the levels to watch
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.
Read more: Ripple Technical Analysis: XRP/USD rock-solid support at $0.28 and the impending spike past $0.30
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