The crypto market has finally shown signs of recovery and Bitcoin price is nearing $8300. Furthermore, altcoins are also showing significant price rise, with Ethereum(ETH), Ripple(XRP) and EOS up by 5.02 %, 7.57%, and 7.43% respectively.
Bitcoin [BTC] had been trading in a tight range since the drop below $9k last week. It formed a parallel trading range between $8250 and $7930. Analysts like Tone Vays and Sawcruhteez grew increasingly apprehensive of a break-down or a bounce to the top of the channel.
Sawcruhteez said in his update,
I’ve been long term bullish for a while now… Still looks like a long-term bull market where I want to buy dips, but that could change pretty darn quickly.
Ethereum is likely to face a consolidation before it surges back towards its multi-month highs around $230. In the near-term, analysts believe that ETH could possibly climb to the upper boundary of its recently established trading range between roughly $167 and $183. However, to achieve that it is important that it bounces at its current price level or else it could see losses.
Ripple also managed to rise up by 8% following a bearish week. If XRP manages to bounce off the support it is likely that it will break $0.26 resistance and display an upward price movement. It is also possible that XRP can slip to $0.13. The long term prospects are bullish whereas short term prospects are bearish. If the price slips below $0.21, it will create buying pressure and drive the prices up.
Bitcoin Cash(BCH), Litecoin(LTC), Binance Coin(BNB), EOS and TRON are also up by 3.85%, 4.13% , 3.33%, 7.43% and 7.89%. Interestingly, Cardano and Monero also displayed gains of 4.25% and 7.22%.
Will the crypto market continue with this price rise or will there be a price correction movement? Will Bitcoin hit $10,000 soon? Let us know, what you think?