Crypto analyst and author of An Altcoin Trader’s Handbook, Nik Patel, updates his take on Bitcoin, Ethereum and XRP.
Patel says Bitcoin is at a crucial moment at the USD 9,500 level. If the king of crypto can stay above that line, he believes there is a push towards $ 10,550 on the horizon. If not, he believes the bears are likely to make a comeback.
“This is why 9450-9500 will be super important after halving…
A lot of sales pressure will come in from everyone stranded after the outbreak failed to materialize [and] retest. Overcome that and I think 10550 and above are at stake. ”
As for Ethereum, Patel says the second largest cryptocurrency should remain above the $ 195 level. If possible, he looks ahead a lot.
If it falls below that number, he believes a big drop to $ 156 is “entirely possible.”
When we start to see the price, push back up [$195], Then I would look to form a higher-high, make the market structure bullish again before looking for longs. Such a move would also put us above the key pivot of $ 228, which would likely lead to a rapid retest of the high at $ 290. ”
As for crypto’s third-largest asset, XRP, Patel says it is also on the brink with its current 20 cents price.
“I am particularly interested in the highlighted area from which the market structure has recently broken and turned bearish. This turnaround also occurred from an important area: the 200-day moving average. ”
If XRP can rise above 21 cents, he expects the currency to continue to rise. If not, he believes a quick dip to 17.5 cents is likely.
At the time of publication, Bitcoin stands at $ 9,566, up 2.81% in the past 24 hours, according to CoinMarketCap. Ethereum is up 1.36% to $ 201.01 and XRP is down 0.02% to $ 0.202.