Bitcoin, Ethereum, XRP Predictions: One Metric Could Confirm New Bull Trend

by: Andreas Townsend

The crypto market looks pretty bloody today, with most coins trading in the red. Bitcoin is definitely under a correction following the surge in price from this past week.

At the moment of writing this article, BTC is trading in the red, and the coin might be dropping under $10k.

Crypto analyst and founder of Texas West Capital Scott Melker is not so convinced that BTC has shifted out of its crypto winter completely and can now start a long term bull trend.

BTC mist cross a certain level of resistance to confirm a bull trend

He believes that BTC must pass one more crucial level of resistance at $10,584 to confirm a trend reversal. BTC last touched that level back in October of 2019.

“Delete everything from your chart. There’s only one line that matters now. A break of this line would be the first macro higher high since the 14K top. Movement above and a flip to support would effectively end the ‘bear market’ argument. Higher high = confirmed bull trend.”

BTC, ETH and XRP price predictions

The Daily Hodl mentions Bleeding Crypto, who says a healthy correction is likely coming after BTC’s meteoric 2020 climb from $7,233 at the start of the year.

“Please have a reasonable expectation of the market. Look left on the charts, and when was the last time the market went green for a good period of time with no correction. Don’t HODL, rather secure profits and ‘Rinse and Repeat’.”

He also said that ETH could hit $285 before dropping to a support level as low as $185. At the moment, ETH is trading in the red, and it’s priced at $270.

“Market continues to put in green after green after green, but this is not sustainable. Correction are necessary/healthy. I am looking for a possible [ETH] correct here, but FOMO might take her up as high as the 100EMA on the weekly ($285) We will have to see”

Regarding XRP, he believes that a correction is overdue for the coin. At the moment, XRP is trading in the red as well and the coin is priced at $0.313453.

Coins Mentioned

ETH

Ethereum

XRP

XRP

BTC

Bitcoin

Exchanges
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7bitcasino

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BitStarz

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FortuneJack

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Sportsbook
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1xBit

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Nitrogen Sports

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SportBet.io

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7bitcasino

4.20

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BitStarz

4.93

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4.55

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1xBit

4.03

Website

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Nitrogen Sports

4.73

Website

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SportBet.io

4.60

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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