Bitcoin (BTC/USD)
On an intraday chart, the price of BTC/USD pair is trading on a downside trend below $10,000 level. However, despite the dip, the pair’s price has been showing a slight improvement having escalated from $9456.70 to $9606.27, which is a 1.6% increase.
BTC/USD pair has also exhibited a bullish break near $9586.73 (R) and $9402.57 (S). The moving averages have also turned from a bearish sign to a bullish sign. The bulls seemed to be struggling to break past $9600.00 that give investors hope to go long. Additionally, the RSI indicator has drastically recovered, climbing from the oversold region and is now above level 50 that indicate a bullish outlook.
Forecast
The market is likely to foresee an incoming bullish momentum since the parabolic SAR is currently below the candles, which gives a buy signal. Besides, an upward correction is expected, if the pair’s price could break above the $9600.00 level with a new resistance level anticipated near $9800.00.
Ripple (XRP/USD)
Ripple’s XRP, on the other hand, had begun to record a bullish performance starting yesterday at 15:00 where buyers pushed the price up to rally at a high of $0.25195.
Unfortunately, the bullish struggle to break past $0.25955 resistance level was not successful. A steep decline later followed that took a break below the 0.25317 support level for some time before regaining strength to trade at $0.25612. The RSI indicator also signaled a bullish outlook since it is seen above 50.
Forecast
The parabolic SAR is trading above the candles that signal a bearish sign. A downside correction near $0.24000 is likely that is if the price doesn’t break past $0.25 in the next few hours.
Litecoin (LTC/USD)
LTC/USD pair consolidated between $64.03 and $62.15 throughout the intraday. However, the pair’s price first saw a sharp dip to a low $62.05 before recovering to the current price of $64.34. The moving averages generally indicated the bearish sign over the last 24hrs.
The RSI indicator is also heading north, indicating the bulls are dominating the momentum. A continuous bullish momentum is anticipated since the short- term SMA has crossed above the long- term SMA. Investor’s sentiments have increased since they are hoping for positive results in the near term.
Forecast
Investors should get ready to go long since most indicators signal a buy sign with the parabolic SAR currently seen above the candles. A break above $65.00 may result in an upside correction near $69.00.
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