Cryptocurrency Update Bulls In Control, Ripple Reverses

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Cryptocurrency Update: Bulls Still Control, Ripple Reverses

Technical Picture Brightens, Signals Abound

It was just a week ago I wrote about a possible reversal in the cryptocurrency market. Some big moves in the major coins had them poised to complete some potent continuation signals and those signals paid off. Litecoin, Bitcoin, Ethereum, and even Ripple (XRP whatever you want to call it) all made substantial gains in the last week. Looking back at the charts, flipping from one coin to the next, I see more signals forming and they all look bullish.

I know I’ve said it before but this could be the beginning of a big rally in cryptocurrency. The difference now is that I see signals, powerful bullish signals, firing across the market, not just in one place. It’s a virtual onslaught of bullish behavior and I think it could easily sweep the bears away. If nothing else, smart bears will stand aside and let the moves play out because it’s the right thing to do. With nothing to oppose them, the bulls could get quite high.

Litecoin Moved Higher Following A Rising Three Methods

Last week Litecoin was edging higher and on the brink of forming a Rising Three Methods. The Rising Three Methods is a clear continuation pattern and confirmed itself even while I was writing the post. Since then the coin has moved even higher and now offering another opportunity for entry. The coin is pulling back from the fresh high but well above support. Support is at the $47 level and likely strong. For one, convergences with the MACD suggest underlying strength and a high-degree of market conviction. For another, $47 is consistent with the baseline/neckline of a bullish reversal that’s been brewing for several weeks. A retest of $52 is the least Litecoin can be expected to do, once that level is broken a move up to the $56-$54 region.

Bitcoin, Waving A Bull Flag

Bitcoin is also in the process of reversing and not just in a small way. The world’s reserve cryptocurrency is moving up from a triple-bottom (head & shoulders) reversal and waving a bull flag. This is the first continuation in a new rally so caution is warranted, regardless, with a flag-pole of $1400 traders can expect a move of 20% or so once the continuation begins. The indicators are bullish and set to fire strong buy signals if price action moves higher. A close above $8400 is my trigger point, once that happens a move up to the $10,000+ range is highly probable.

XRP, It’s Reversing Too

XRP, Ripple, whatever you want to call it, it is in reversal too. The coin blasted up through it recently broken support and confirms someone still cares about it. Support at the $0.2050 level appears to be strong and is confirmed by the short-term EMA. A move up from this level would be bullish and the indicators concur. Both MACD and stochastic are consistent with rising prices so I would expect to see resistance tested at the $0.2250 level. If XRP can close above that a move up to $0.28 or $0.30 is possible.

Cryptocurrency market update: Bitcoin, Ethereum and Ripple flexing muscles above key resistances

The market is not just in the green on Wednesday evening (GMT) but cryptocurrencies are in the middle of a fresh surge mainly driven by the ‘king’ himself, Bitcoin. The largest cryptocurrency blasted above $8,000 again but this time the bulls had intentions to break key barriers and from new weekly highs.

Bitcoin zoomed past $8,100 before coming to a halt at $8,273.98 following a 3.42% gain on the day. The hourly chart shows Bitcoin initial support at $8,000 while the 100 Simple Moving Average (SMA) 1-h, the 50 SMA 1-h and the EMA 30 as key support levels. Other support areas to look out for are $7,800 and $7,600.

BTC/USD 1-hour chart

The intraday chart shows Ethereum trending up 4% on the day. A high has been formed at $256.81 but the second largest is valued at $255 at press time.

On the other hand, Ripple’s XRP is back above $0.42 after adding 2.38% gains to its value. XRP/USD has correction from the lows at $0.3889 to achieve an intraday high around $0.4041.

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.

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BTC/USD fades and challenges Altcoins to take leadership

After a one-day break in the cryptocurrency market, the transfer of market share between Bitcoin and a large part of the Altcoin segment has resumed.

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Bitcoin Cash rallies ahead of halving, Bitcoin stable above $7,200, ETH and XRP in the green

The cryptocurrency market is being treated to a couple of halving events this week. Bitcoin Cash and its rival sibling Bitcoin SV will both undergo a mining reward halving.

BCH/USD trip to $300.00 is going to be short

Bitcoin Cash is changing hands at $274.52, off the recent high of $280.38. The fifth-largest digital asset with the current value of $5 billion has been growing sharply ahead of the halving.

Ethereum Price Analysis: A trip to $200.00 is going to be bumpy

ETH/USD retreated towards $170.00 amid the overall correction on the cryptocurrency market. At the time of writing, ETH/USD is changing hands at $168.00, moving to and fro around the critical barrier.

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Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

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Cryptocurrency market update: market cap slides below $300 billion – Bitcoin, Ethereum and Ripple freefall

The cryptocurrency market has unexpectedly reversed the gains made in the last two weeks of June. Cryptocurrencies are on their second day of navigating the sea of red led by the major digital assets. The entire top twenty lot is in the red with losses between 3% and 7% according to the intraday charts. The market capitalization is back under $300 billion following the drop from $302 billion recorded yesterday to the current $291 billion.

Bitcoin market update

Bitcoin is at the forefront of the current declines. It has lost 6.78% on the day in addition to sliding under $10,000 level. Investors expected Bitcoin to will stay above $11,000 but the bears had different plans for the largest coin. Bitcoin at the moment is trading at $9,845 following the drop from $10,664 high.

Ethereum market update

Ethereum continues to explore the levels to the south after sliding below $300. Yesterday $280 support prevent further declines. In fact, there was a reversal above $290. However, the bearish pressure on Tuesday has not only dropped under $280 but also tested the support at $270.

Ripple market update

The $16.60 billion crypto currently in the third position is also exploring levels to the south after dropping below $0.4. The next support at $0.39 failed to offer support as well. XRP descended to lows of $0.3847 before correcting slightly to the current $0.3911.

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.

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