Since mid-week, people have begun loosing hope in the bull run driving cryptocurrencies up the ladder. Bitcoin did not just lose 15% from its price after gaining about 135% from last year’s low, but the dominance of the crypto leading coin has also sloped down.
Similarly, altcoins have also followed the Bitcoin’s trend after the likes of XRP initially proved strong resistance. Bitcoin seems to be charging up again after the month bottom value above $7,500, yet the week is not promising so far as BTC price remains below the $8,000 level.
Nevertheless, the slight reversal which began about 12 hours ago has added $20 Billion back into the market from a low of $240 billion to $250 billion market cap, as Bitcoin moved from being priced $7,400 to $7,820 as at press time.
The global market chart of all cryptocurrencies displays a slight head up pattern with no strong traction along the upside trend. However, the 30D market cap of all cryptocurrencies infers positivity with 36% added value.
Bitcoin to Give Short Term Relieve With Previous Resistance
After predicting that Bitcoin’s lower highs will fall below the $7,600s to stay in between the mega support zone of $6800 and $7200, famous crypto trader/analyst, Josh Rager, made a slight U-turn, claiming that a short term relieve could be gotten from the crypto coin.
Rager said Bitcoin would hand in a short term relieve only if the crypto coin retest its previous resistance.
The trader added that lovers and investors need to prepare for a two directional scenario (bearish of bullish).
$BTC – Short term bullish scenario
If Bitcoin wants to give short term relief, it can likely push up to retest prior resistance and mid-line of the channel before another move lower
You have to map out multiple scenarios and be ready for each (bullish and bearish) pic.twitter.com/3D1StPLW63
— Josh Rager 📈 (@Josh_Rager) June 4, 2019
While the previous resistance level of the crypto coin remains slightly above the $8k level, Bitcoin according to the trader’s prediction still has some works to do even though the recovery upward trend signals great positivity.
Ripple XRP Set for Double Golden Cross
The slight recovery witnessed in the market has made a number of analysts passed their vote of confidence on XRP rally along the upside trend. Market experts previously posited that if the crypto king can maintain a strong support above the $7,000 mark, we will not visit the bottom again.
In this wise, a cryptocurrency analyst on Trading View by name gordongekko369, said when the market initially signaled a sign of recovery, rebutted the view of many that the upturn rally has ended.
The analyst, despite the unfavourable market condition, proclaimed that a double Golden Cross is imminent for trade pair XRP/USD. The market expert backed his/her forecast with the 100 SMA and 200 SMA which had a head on collision.
The analyst who remains steadfast with his prediction said “I Stand By my Prediction” in an ending statement.