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Bitcoin Evoked This Reaction After Hitting $11K, a Signal Indicates the Most Shocking Thing on Ripple (XRP)

Bitcoin

The month of October started on a bearish tone for the first and largest crypto asset, Bitcoin (BTC). First was the news regarding BitMEX charges by CFTC in which the CTO was arrested on the case. Then, on October 2nd, U.S. President Donald Trump in a tweet stated that he had contracted coronavirus.

Thereafter, Bitcoin slumped to $10,500 where it consolidated since before a vigorous attempt by the bulls today sent its price hitting the $11,000 mark once again. The recovery in BTC price started in the prior week, surging by almost 6.5% from its October 2 low. This bullish move was extended this week as BTC recorded three straight days of bullish action. Most notably, Bitcoin was seen to break out from a triangle pattern on its daily chart believed to be a bearish pennant following a head and shoulders reversal pattern. A weakening US dollar and Square’s $50 million Bitcoin purchase also aided BTC recovery.

The fourth-largest crypto asset by market cap, XRP has always had a tale of woes ascribed to its performance. XRP has struggled in comparison to other crypto assets, but the best crypto signals channel is indicating that this narrative may soon be bygone.

BTC/USD Daily Chart

Bitcoin (BTC) is presently trading at $11,077.

Bitcoin Evoked This Reaction After Hitting $11K

Analysts had anticipated a bigger pullback following the two negative events in early October but BTC resiliency left most pleased. a further climb to $11k lifted sentiments into optimism. $10,500 is regarded as the most critical level due to being a historically important support level in both the current and previous price cycles.

A pseudonymous trader “Light” stated that the near-term recovery of BTC is positive while opining that BTC was already bullish in its structure before the square event. He also believes that BTC recovery may be extended in the near term.

Michael van de Poppe, a trader at the Amsterdam Stock Exchange stated that Bitcoin may need to breach the $11,000 to $11,200 resistance range before a further climb. He also stated the chances of BTC seeing a low-volatility range between $10,500 to $11,200 in the nearest future and that BTC is likely in the early phase where smart money and institutions are starting to pour in.

In the near term, traders expect BTC price after retesting the $11,000 key level to range between $10,500 to $11,000. In the medium term, analysts expect an impending breakout above $11,000 stretching to $13,000. The significance of the $13k level is seen as a pseudonymous trader “Salsa Tekila” noted that $13,000 is the roadblock to an all-time high as indicated from previous macro price trends. BTC bullish scenario largely depends on how it reacts above the key $10,500 level. If this support falters, then the sentiment could change but on the whole, traders remain neutral and optimistic.

Cryptocurrency trader Cantering Clark opined a major price movement is imminent as BTC volatility which reached lows of 20% could spike in the months ahead.

A Signal Indicates the Most Shocking Thing on Ripple (XRP)

XRP has struggled in comparison to other crypto assets, but a signal is indicating that this narrative may soon be bygone.

XRP/USD Daily Chart

An analyst noted an inverse head and shoulders pattern forming on its charts which has lighted hopes that XRP will soon outperform BTC, ETH, and others after a bout of stagnancy. Based on this XRP may hit $3.0 in the new cycle which is still beneath its ATH. He however noted that new all-time highs could take until 2023 or beyond.

Inverse head and shoulders, also called a head and shoulders bottom, is inverted with the head and shoulders top and is used to predict reversals in downtrends.

The head and shoulders formation occurs when a market trend is in the process of reversal either from a bullish or bearish trend.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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