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”
$XRP I am seeing too many people talking about taking a position right now on XRP. I would advise you to think it over. This is what i think we may see here. No one likes to buy when its down but its amazing how many people love buying the tops of candles.. I just dont understand pic.twitter.com/Zvc2YO780J
— Bleeding Crypto (@Bleeding_Crypto) February 13, 2020
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.
