Bitcoin

If Bitcoin Reaches $13,973.50–$14,101.91, an Uptrend will Continue

According to the latest news, Yi Gang, China’s central bank governor, announced that the nation’s digital yuan pilot project had processed transactions worth above that of $299 million without any major problems. Therefore, we can say that China is much ahead of its rivals in developing and studying the central bank digital currency.

Though, the European Central Bank wants to keep abreast of changes. Christine Lagarde, European Central Bank President, has invited comments from the society on whether they would be comfortable using a digital euro. Similar to how they use a euro coin or a euro banknote.

Additionally, another central bank that is trying to keep abreast of progress is the Reserve Bank of Australia.

Bitcoin’s failure to grow and sustain up the $13,973.50 overhead resistance in the earlier days could have attracted profit booking from some short-term traders and shorting by aggressive bears.

Though, the positive sign is that the bulls are not letting the bears have their way. The long tail on the candlestick recommends buying at lower levels.

Significantly, if the Bitcoin pair increases from the current levels, then the bulls will make one more attempt to drive the price more than the $13,973.50–$14,101.91 resistance zone. And if they reach this destination, the uptrend could continue.

Another interesting thing to mention is that although both the moving averages are sloping up, the relative strength index’s bearish divergence implies that the momentum has decreased. A break under the 20-day exponential moving average, which is $12,819, will be the first indication of the bears’ strength.

Moreover, if the bears can capitalize on this strength and lower the pair under $12,460, then a more extensive correction to the 50-day simple moving average (which is $11,567) is likely.

Bears are trying to sink the XRP

The recovery from the $0.2295 support in XRP hit a barrier at the moving averages. Furthermore, the cost has turned down from there. The bears are currently trying to sink the altcoin under the $0.2295–$0.219712 support zone.

If they achieve success, the XRP pair could start a new downtrend that may hit $0.19. The downsloping 20-day EMA (which is $0.24) and the RSI under 38 imply that the bears are in control.

However, if the bulls can sustain the support zone and drive the pair back up to the moving averages, it will suggest accumulation at lower levels. In such a case, the pair may stay range-bound for several extra days.

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