Here’s Why Bitcoin Bears Must Wait for $6K Considering A Correction Is Due

Bitcoin is showing signs of a decent recovery above $5,000 against the US Dollar. BTC price could recover further towards the $6,000 resistance, where the bears are likely to take a stand.

These Simple Factors Show the Bitcoin Bottom is In, But Bulls Aren’t in the Clear Yet
Thursday March 26, 2020

After multiple failed attempts to break above the heavy resistance that Bitcoin has faces around $6,900, the benchmark cryptocurrency has once again fallen into a bout of sideways trading around $6,600. This consolidation phase...

The post These Simple Factors Show the Bitcoin Bottom is In, But Bulls Aren’t in the Clear Yet appeared first on 12bitplay - Bitcoin Play.

Bitcoin is slowly rising and it is trading nicely above $5,200 against the US Dollar.
A break above $5,600 is likely to lead the price towards the $6,000 resistance.
There is a short term contracting triangle forming with resistance near $5,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could test the $6,000 resistance area, which is a major hurdle for more upsides.

Ripple (XRP) Lacks Momentum But Here’s Why Bulls Are Comfortable
Tuesday March 31, 2020

Ripple is up around 5% and it broke the $0.1700 resistance area against the US Dollar. XRP price is currently consolidating gains below the key $0.1750 resistance. Ripple price is showing a few positive...

The post Ripple (XRP) Lacks Momentum But Here’s Why Bulls Are Comfortable appeared first on 12bitplay - Bitcoin Play.

Bitcoin Could Test and Fail Near $6,000
After a short term downside correction, bitcoin found support near the $4,350 area against the US Dollar. BTC price recovered in the past few sessions and climbed back above the $5,000 resistance level.
The recent recovery was positive since the price was able to clear the 50% Fib retracement level of the key drop from the $6,000 swing high to $4,333 low. The bulls were able to push the price above the $5,200 resistance and the 100 hourly simple moving average.
Bitcoin is now trading in a positive zone above the $5,350 level. An initial resistance on the upside is near the $5,600 level. More importantly, there is a short term contracting triangle forming with resistance near $5,600 on the hourly chart of the BTC/USD pair.
Bitcoin Price
The triangle resistance is close to the 76.4% Fib retracement level of the key drop from the $6,000 swing high to $4,333 low. Therefore, a clear break above the $5,600 resistance could open the doors for a push towards the $6,000 level.
Any further gains could lead the price towards the $6,395 level. It represents the 1.236 Fib extension level of the key drop from the $6,000 swing high to $4,333 low.
Recovery Remains Capped
If bitcoin corrects higher, it is likely to face hurdles near the $6,000 resistance zone. The bears are likely to take a strong stand near $6,000 and $6,050.
The main hurdle is near the $6,400 and $6,500 levels, above which the bulls are likely to have an upper hand. If they fail to lead the price above $6,000 and $6,500, there are high chances of another bearish wave in the near term.
Technical indicators:
Hourly MACD – The MACD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising and it is above the 50 level.
Major Support Levels – $5,200 followed by $5,000.
Major Resistance Levels – $5,600, $5,950 and $6,000.

Here’s Why Traders are Flipping Short on XRP Despite its Intense 10% Rally
Friday March 27, 2020

XRP kicked off an intense and unexpected uptrend yesterday, which led the embattled cryptocurrency to rally over 10%, marking a significant outperformance of Bitcoin and the aggregated market. This momentum has not been fleeting...

The post Here’s Why Traders are Flipping Short on XRP Despite its Intense 10% Rally appeared first on 12bitplay - Bitcoin Play.

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