Cryptocurrency Market Update: Bitcoin needs to settle above $10,600 to avoid the sell-off – FXStreet

Bitcoin will go down before it goes up. This popular opinion is shared byBob Loukas, the founder ofThe Financial Tap. He confirmed that the first cryptocurrency may retreat to$8,800-$7,800, while a close above $10,000 would confirm the bullish trend. He also added that in the mid-term, Bitcoin looks super bullish and on the verge of.a major four-year cycle.

Action #bitcoin for intermediate term is super bullish IMO. The 4-Year Cycle is ready to begin it's 12-20 month rising trend to blow-off top. However, move back towards $7.8k-$8.8k looks needed into July Cycle Low. Unless we close above $10.6k, where I'd say bull move confirmed,he tweeted.

BTC/USD has barely moved in recent 24 hours.At the time of writing, the first digital assetis changing hands at $9,750, while the localresistance is created by $9,800. This area was rejected on several occasions earlier this week, which makes it harder for the bulls.The support comes at $9,600, which is the upper line of the broken triangle pattern.

ETH/USD is trapped in a narrowing range with the local resistance at $245.00. A sustainable move above this level will allow for an extended recovery towards a stronger barrier created by psychological $250.00. The initial support comes at $240.00. At the time of writing, the second-largest coin is changing hands at $243.00. It has stayed unchanged since the start of the day.

XRP/USD settled at $0.2030 on Wednesday after a short-lived dip to $0.2000 during early Asian hours. The support is createdthe lower line of the 1-hour Bollinger Band at $0.2010.This barrier is closely followed by psychological $0.2000. If it is broken, the sell-off may gain traction with the next focus on $0.1980 (June 7 low). On the upside, the local resistance at $0.225 limits the recovery.At the time of writing, XRP/USDis changing hands at $0.2020.

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Cryptocurrency Market Update: Bitcoin needs to settle above $10,600 to avoid the sell-off - FXStreet