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Cryptocurrency market update: Bitcoin continues to rise

Pedro Febrero

At the time of writing, the positive momentum in the cryptocurrency markets is still present. Bitcoin is well on the way to $10,000, and that means we can expect some altcoins to pump higher as well.

Bitcoin has broken past the $6,000, $7,000, and $8,000 levels with ease. Since then, we touched the $9,000 level for a brief moment before returning to the $8,500 area soon after. However, over this past weekend, BTC was able to break the $9,000 level again and remain above it, finding support near $9,100.

We can’t forget Bitcoin is an uncorrelated asset that is helping investors dodge economic and geopolitical risks in the form of trade wars, sluggish GDP growth, and what appears to be a new era of quantitative easing for central banks. For that reason, the coin has emerged as the top-performing asset of 2019, vastly outperforming stocks, bonds, commodities, and government-backed currencies. Plus, Bitcoin’s all-time ROI is now over 6,000%.

Let’s take a look at how the top cryptocurrencies have been performing.

Bitcoin / BTC

Bitcoin experienced a major rally that took its price upwards close to 18% over the weekend. Afterwards, price pulled back closer to its new support level at around $9,100. At the moment, the market is moving upwards with higher lows each time it falls, meaning we should expect BTC to continue its climb towards $10,000 – which in my opinion might come within the next couple of weeks before the end of the month.

Let’s not forget that I consider Bitcoin to be in a bull run when the 20-day EMA is above the 50-day EMA and the latter is above the 200-day EMA. As we’ve already accomplished that goal – not only in shorter time-frames but also in daily and weekly ones as well – I personally think the bears have retreated and bulls are now firmly in charge.

Volume also seems to be increasing as well. Over the past seven days, volume went from $17 billion to $23 billion, retracing today to the $20 billion region.

Putting all this information together, we’re now clearly on the right path to reach $10,000 – or maybe even $20,000 – by the end of 2019.

Ethereum / ETH

Looking at the Ethereum chart above, we can clearly see a couple of interesting features. Firstly, the 20-day EMA has crossed the 50-day EMA, and the latter has crossed the 200-day EMA, which are both quite bullish signals.

Price is now also trading well above the 200-day EMA at over $270. Moreover, there could now be new support forming around $220, just above the 200-day EMA. The newly achieved yearly highs for Ethereum have been brought about thanks to the massive boost in Bitcoin recently.

For the time being, I expect ETH to maintain its positive momentum, as I don’t see a reason for the trend to break. Volume-wise, ETH has been growing steadily. It went from about $7 billion last week to over $9 billion today – a sign of a healthy bull market.

Ripple / XRP

Ripple (XRP) has had a pretty bullish period as of late. Just look at the chart above. In mid-May 2019, price skyrocketed from about $0.294 to $0.47 – representing a 40% rise. It then crashed back to close to its 200-day EMA, around $0.37, before recovering back to above $0.42, where it sits now.

Not only that, but the price of XRP managed to cross the 20-day, 50-day, and 200-day EMAs as volumes went berserk. I expect support to be around $0.43 and then again at $0.38, where the 200-day EMA is sitting.

If the 50-day EMA crosses or touches the 200-day EMA during June, we should expect XRP to go past $0.50. If volumes stay on the side of buyers, which seems to be likely, I’m expecting some altcoins like XRP to start picking up speed towards higher target levels.

Litecoin / LTC

LTC has gained close to 7% since last week, which is quite an amazing achievement from a coin that was trading around $30 in January 2019 and peaked at $100 in April. Fundamentals remain strong as LTC’s adoption keeps rising due to small fees and faster block times. Plus, the halvening event is just around the corner, and this usually has a tendency to push prices upwards.

At the moment, price is trading above $135, and I expect it to continue to rise towards the $150 and $170 levels, where it should find resistance.

If you were one of the smart ones who bought-in during the early 2019 dip, congratulations! LTC has been the best performing coin in 2019, growing from about $30 to $135 in just a few months.

Bitcoin Cash / BCH

Bitcoin Cash (BCH) is currently sitting above $435 – almost 11% higher than last week – following my prediction that BCH would break the $400 level.

Bitcoin is still gaining market-share dominance over most coins, including BCH, and BCH price is currently trading at its lowest against BTC since late 2018. However, this doesn’t mean investors won’t take this opportunity to convert BTC into BCH. Bitcoin Cash has broken the major $350 level around its 20-day EMA, and the 50-day EMA is getting close to the 200-day EMA. Moreover, the trend seems to be quite bullish, even though volumes have shrunk over the past week.

If order books stay on the side of buyers, which will become increasingly difficult the more price goes up, we could see BCH climbing again to $500 and above in just a few days.

Conclusion

Last week, I wrote my expectation was for Bitcoin to moon to $10,000 soon. It certainly seems like we’re going in that direction now.

A smart move is to make small entries both when price corrects around target support levels and if price moves upwards towards resistance levels.

Safe trades!

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