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Bitcoin Price Analysis — Gathering Strength Before Retesting $14,000

  • Denys Serhiichuk
    📈 Price Predictions

    It looks like one should not expect a deep correction of BTC soon. Our price analysis explains what obstacles Bitcoin needs to break to achieve $14,000


Bitcoin Price Analysis — Gathering Strength Before Retesting $14,000

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.

It looks like Bitcoin decided to update the maximums of June when it almost reached $14,000. Besides the price, the leading cryptocurrency is also setting another record. The hashrate of the Bitcoin network has updated the historical maximum at 74,548 EH/s.

Bitcoin hashrate by Blockchain.com)

At the same time, the index of the complexity of Bitcoin mining is also at the maximum. While the size of the average transaction commission in the network of the first cryptocurrency dropped below $2, at the beginning of the month it was at the mark of $4.

In terms of the technical analysis, the picture is looking the following way.

BTC/USD chart by TradingView

Bitcoin followed our previous prediction, and the mark of $12,000 was easily surpassed. 

During the day the leading crypto jumped out of the ascending channel, setting a bearish lower maximum at $12,700. The price, however, soon rebounded from the previous support, which was at the level of $12,061, keeping the bulls in the game. A break above $12,700 will further strengthen the bullish position and allow the rally to levels above $13,000 according to the chart.

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On the other hand, a sudden drop in prices below $12,061 can drastically change sentiment.

However, Artur Dzhalilov, CEO at Vexel is more optimistic about the future price of BTC:

New impact will come in September-October when Bitcoin will reach $20,000 and in December we'll see the new price level between $35,000-$40,000 per Bitcoin.”
 

BTC/USD chart by TradingView

On the daily time frame, one can see how the price rise above $12,061 broke the bearish pattern from falling highs. It is also important that the breakthrough of key resistance was accompanied by an increase in trading volumes.

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The Relative Strength Index (RSI) is at 50, indicating bullish sentiment, while Chaikin Money Flow also signals a growing demand. Thus, within the next 24 hours, BTC can easily overcome the $13,000 milestone, aiming at the $13,880 mark corresponding to the maximum on June 26.

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

Cover image via u.today
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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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