After soaring to above $46,000, Bitcoin seems to be stuck around that mark.
Today, NewsBTC writer Aayush Jindal brings considerable expertise to bear on why Bitcoin may be due for a correction.
Essentially, Jindal argues, Bitcoin tried to settle above the mark and failed several times, which indicates it may go lower. Citing Fibonacci retracement, Jindal suggests that Bitcoin may hover “below a key bullish trend line,” and that MAC D is “slowly losing pace in a bullish zone.”
Bitcoin buffs are uncowed.
“Bitcoin to $100,000. Bitcoin to the moon. Bitcoin to infinity,” writes Vildana Hajric at Aljazeera. “The world’s largest cryptocurrency is staging a comeback that has taken it up more than 50% from recent lows, reviving animal spirits and coaxing out sky-high price targets that, while a source of comedy for some, emerge when the asset is rallying.”
To be fair, some of that bullishness seems supported by action in Grayscales GBTC.
Along with BTC evals, Jindal also addresses moves in Ethereum above $3200, where success with support level seems to indicate higher values in the future.
As Jindal puts it, (ETH) “dips remain attractive.”
That’s it for the two top cryptocurrencies today. The classically third front runner, Ripple’s XRP token is still tied up in a legal fight with the US Securities and Exchange Commission, as we discussed yesterday. Garlinghouse and crew are not knuckling under, and they seem to be making headway with judge Sarah Netburn in an SDNY court.
In addition, if you are bullish on crypto in general, you can look at altcoins that are doing very well in today’s market like Litecoin, Dogecoin, Polkadot and one of the two forks of Bitcoin Cash (we’ll let you figure out each one.)
What do you think? Where is crypto going to go as summer winds down?
