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📈 Price Predictions
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Bitcoin Price Analysis - Bearish Trap Is an Obstacle to $12,000 Retest

  • Denys Serhiichuk
    📈 Price Predictions

    💱🗻While trading sideways, Bitcoin has reached $200 Bln Market Cap. Our price analysis explains where BTC manages to close the week above $12,000 or not🔬💬


Bitcoin Price Analysis - Bearish Trap Is an Obstacle to $12,000 Retest

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

After Bitcoin has bounced back from $10,000, its quotes keep locating around between $11,000 and $11,500. Currently, one can see that traders are taking a pause before retesting support levels below $10,000 or conquering $13,000 and $14,000 again.

Bitcoin market share

Even though Bitcoin has already lost more than 5% per day, its market share remains at its highest levels in 2019. Currently, the dominance index makes up 62.3%. 

Now, let’s get to the technical part to analyze the future price movements of BTC.

BTC/USD 4-hour chart

Bitcoin is following our recent scenario, keeps trading sideways without sharp movements up or down.

After the breakdown of the upper boundary of the descending channel, the second declining minimum at $12,061, was formed. On June 28, the first such bearish pattern appeared at $12,448.

An unsuccessful attempt to overcome the mark of $12,000 happened due to the decreasing trading volumes, which continued even after the breakdown of the channel.

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The breakdown of the mark at $12,061 can give strength to buyers, aimed at the retest level of
$13,880. 

However, the upward movement must undoubtedly be accompanied by an increase in trading volumes.

BTC/USD daily chart

On the older timeframe, nothing fundamentally changed - the situation is still in the hands of buyers. The price was adjusted precisely to the minimum of 'Marubozu' - the day before yesterday candle without shadows, which served as a convincing confirmation of the bullish pattern 'Hammer'. An essential level of support has been formed at $10,830.

Artur Dzhalilov, CEO at Vexel also has points of view regarding the future rate of Bitcoin:

’At the moment, BTC on flat corridor between 10000-12000$, we expect that flat market will over at the end of July.’

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Given the current situation, the likelihood of passing $12,061 and zeroing a bearish pattern from lowering lows is high. 

However, anything can be on the cryptocurrency market, and if Bitcoin suddenly falls below $10,830, the next critical level of support will be $9,614.

The price of BTC is trading at $11,379 at the time of writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Ripple (XRP) Is Approaching the $0.27 Support Zone. How Low Might XRP Slump?


Ripple (XRP) Is Approaching the $0.27 Support Zone. How Low Might XRP Slump?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

The recent months have been nothing but disappointment for XRP traders, especially long-term hodlers. While Bitcoin and other altcoins have made a glorious path to new heights, XRP managed to crawl to $0.45 level and got back. Recently, it has even fell below $0.30 - a bad sign for traders. So, what to expect from XRP price next? Let’s check out Twitter users’ XRP price forecasts and their opinions. 

When innovations are hopeless

A lot of traders have been waiting for new technological advanced introduced by Ripple labs - it would make XRP price people thought. However, surprisingly, XRP did not grow - it went the opposite direction. This is what makes Twitter user say ‘RIP Ripple’.

Take a look at their predictions and moods:

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Dreamers stay dreamers

However, some users continue claiming that Ripple is able of reaching new heights. Here’s what some of them think:

A more possible scenario:

But what if Ripple is NOT supposed to be expensive? Take a look at this opinion:

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Indeed, XRP seems to stand aside from the scope of all other altcoins. It simply doesn’t follow the path of Bitcoin or any other digital currency. Market uptrend? Ripple hardly reacts. Technological advanced? XRP market does not depend on it either. Thus, making predictions often proves to be useless. 

Hold or buy more

Since no one knows for sure what will happen with Ripple (XRP) price, you can continue holding it and buy some XRP while the cost is tasty.

Moreover, XRP can dump a little bit more:

Thus, buying at $0.24 would be even a better idea. With the major downtrend on the crypto market, this might be possible.

Conclusion

Ripple’s XRP is too far from $0.50. Moreover, it might even drop below $0.30 again. That means you should either hold XRP for a few months (or years) more, or speculate on shorts – the second option is better for experienced traders.

Cover image via www.123rf.com
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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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