Bitcoin price fell below $ 10,000, XRP crossed important thresholds and waited for a breakout day
Over the past week, the Bitcoin price has risen 8.7%, marking Bitcoin’s passing of key prices in the $ 9,000 region and most recently decided to take the psychological $ 10,000 level.
Bitcoin price has risen above $ 10,000 on February 9, 2020 | Source: TradingView
Bitcoin price fell below $ 10,000
According to trader Josh Rager, the bulls have left the Bitcoin downtrend because the leading cryptocurrency finally recorded a higher level on the weekly chart.
#Bitcoin weekly close
BTC price closes above previous weekly opens in Sept and Oct and looking strong
We are officially getting higher-highs on the weekly chart
We can say the “downtrend” is officially over (though we all know it’s been over for a while) pic.twitter.com/t46bApGm0D
— Josh Rager ? (@Josh_Rager) February 10, 2020
According to Dow’s theory, any asset needs to create a higher level to continue the uptrend. Bitcoin failed to do so after the breakthroughs in August and October 2019. Recently, however, Bitcoin has started to rise. Bitcoin price has hit its highest level since October 2019 on February 9, 2020.
The chart below shows the price action of Bitcoin since the beginning of 2020, reminiscent of history in April and May 2019. Both periods have seen Bitcoin transactions increase, highlighted with five taps of wedge lines, three on top and two on the bottom.
— Jonny Moe (@JonnyMoeTrades) February 9, 2020
In 2019, this ascending wedge pattern broke, with Bitcoin price going up vertically, up 30% in a few days after it broke out of the chart pattern. If this price pattern occurs, Bitcoin can be traded above $ 12,000 or $ 13,000 – about 20% to 30% higher than the $ 10,150 price – by the following weekend
Bitcoin could soon explode higher as it is about to break through historical descending resistance, which has constrained price action since the $ 14,000 level was seen in June last year.
I love it when a Good Plan comes together
I had this one drawn out 6 months earlier. But, you can check the date on the Chart for when this became scenario “A”
However, there are no crystal balls. The key is to have pts of failure & tangent plans from your pts of failure pic.twitter.com/ULZv0uSr0s
— Mr. Anderson (@TrueCrypto28) February 9, 2020
However, not all traders believe that Bitcoin will cost $ 10,000. Horn Hairs recently only hoped for a healthy rebound when Bitcoin finally broke its steep trend line. It is still possible that Bitcoin could drop to as low as $ 2,000 based on the Elliott wave theory.
With increasingly steep trendlines & the recent break of trending resistance (shown in red), we could finally be close to the climax of this move.
Once a supporting trendline finally breaks we’ll likely see a healthy pullback. Until then, expect fireworks. pic.twitter.com/Hvtk8WHB4J
— HornHairs ? (@CryptoHornHairs) February 10, 2020
Altcoin market volatility, BNB, and XTZ led the top 10
Over the past few days, the price of Ethereum followed the upward trend and broke the $ 210 and $ 220 resistance levels. ETH price has even settled above $ 220 and the simple moving average of 100 hours.
Recently, prices were expected to rise to $ 230 but failed. As a result, the price began to consolidate profits and is currently correcting lower from $ 230. The price fell below the $ 225 level before finding support near $ 224. It rebounded above the Fib 50 retracement. % of the recent decline from a high of $ 230 to a low of $ 224.
However, Ethereum once again faces barriers near the $ 230 level. Besides, the Fib 76.4% retracement of the recent decline from a high of $ 230 to a low of $ 224 also plays a role is the resistance level. On the other hand, there is a significant uptrend line formed with support near $ 225 on the hourly ETH/USD chart. Therefore, a break below the trendline could push the price to the support zone of $ 223.
Any additional losses could probably lead the price to the support area of $ 220. The next significant support is near the $ 215 level. Intermediate support is $ 218 and the simple moving average of 100 hours.
XRP does not have a glorious 2019 when the top 3 coins plummeted by 50% and are being left quite far behind Bitcoin in the recent rally. Well-known market analyst TraderSmokey recently said XRP closed its weekly candle above the $ 0.28 resistance level. This is a necessary threshold for the past few years, both as a support and a macro resistance in many events.
$XRP USD Pair closed the weekly above 28 cents, that’s huge imo.
I think XRPBTC could start performing better too now, simply because this is such a big level on the USD Pair. pic.twitter.com/VJkGTcc4fd
— TraderSmokey (@SmokeyXBT) February 10, 2020
Turning $ 0.28 into support is an essential premise for XRP to increase sharply shortly. That’s not the only positive sign when Immortal Technique trader revealed that XRP had overcome two long-term resistances. The first is the downward resistance line formed from September 2018; resistance has held back the price of Ripple in recent months. The second is the horizontal resistance at $ 0.25.
At the same time, writer Josh Olszewicz also pointed out some reasons why XRP can leapfrog ahead:
- XRP has broken through the Kumo Band of the Ichimoku cloud index, indicating a clear uptrend.
- The 200-day EMA has also been crossed. The 200-day EMA is often the turning point of many assets, and overcoming this challenge proves that the momentum is strong.
- XRP is likely to erase the 700-day downtrend shortly, which means that there won’t be too much resistance ahead.
The top 10 cryptocurrencies in the market also saw a remarkable growth of Binance Coin and Tezos with increases of 6.7% and 12.97%, respectively over the past 24 hours. The total market capitalization is currently $ 285 billion, and Bitcoin Dominance is presently 63.6%.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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