Bitcoin Price Is Approaching Its Decision Point: CNBC Counter Trader

  • Alex Morris
    📰 News

    A rising wedge pattern indicates that lower Bitcoin prices are about to come as BTC fails to break above $6,000


Bitcoin Price Is Approaching Its Decision Point: CNBC Counter Trader
Contents

Jacob Canfield, a cryptocurrency analyst and trader who developed a Bitcoin indicator that is based on CNBC tweets, now believes that it’s almost a turning point for Bitcoin. Based on his technical analysis, the direction of the BTC price for the upcoming weeks will be determined during this hour.

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A rising wedge pattern

Bitcoin, as Canfield points out, has recently formed a rising wedge pattern, which usually signals a bearish reversal. Rarely, such patterns can be found in uptrends, but they are generally treated as a negative sign of a dwindling bullish momentum. In practically no time, traders will be able to see whether Bitcoin will fall below the rising wedge level support.

On a positive note, the recent news about Fidelity going all-in with crypto could give a much-need push to Bitcoin’s dwindling price rally.

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The stock market meltdown

Bitcoin could also take a hammering following the bloodbath that is currently happening in the US stock market. On May 6, the Dow plunged more than 15 percent after President Donald Trump threatened to impose additional tariffs on Chinese goods. Since Bitcoin and US stocks both rallied this year in synch, it wouldn’t be surprising if the crypto market reacted to this ongoing sell-off.

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Trading Expert Predicts Enormous Gains for Ripple’s XRP Price


Trading Expert Predicts Enormous Gains for Ripple’s XRP Price
Contents

Ripple’s XRP could be on the cusp of another major price rally, according to trading expert Crypto Thies. Based on his technical analysis, the XRP price could witness “enormous gains” in the short-term.

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XRP takes a hit  

Piers Morgan’s catchphrase “One day you’re cock of the walk, the next you’re a feather duster” is very relatable to the cryptocurrency market. After stagnating for weeks, the price of XRP suddenly surged by more than 43 percent USD-wise on May 14-15 once Coinbase opened up trading in New York. XRP was the best-performing cryptocurrency in the top 10, but the rally didn’t last long.     

On May 17, XRP recorded an intraday low of $0.359 after its price tanked by more than 25 percent. All major altcoins collectively took a hammering on Friday after the Bitcoin price suddenly experienced a 20 percent drop, which was allegedly caused by market manipulations.

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A dicey situation

The blow was too hard for XRP to rebound. At the time of writing, it is trading at $0.369 after yet another 3.32 percent price decrease over the last 24 hours, according to CoinMarketCap data.  

Now, XRP is facing its make-it-or-break-it moment. If its price breaks below the $0.340 level, things could turn ugly for Ripple’s native token with its next downward target being significantly lower. Trading expert Peter Brandt earlier suggested that a huge price drop would be almost inevitable if that’s the case.

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