Bitcoin is trading sideways above the key level of $11,000.
The leading cryptocurrency is up 0.61% at $11,730 according to the latest data from COIN360 at time of publishing.
Ethereum is down 1.50% at $221.19, XRP is down 1.47% at $0.3075 and Litecoin is up 0.68% at $89.51.
NewsBTC analyst Aayush Jindal says Bitcoin will have to close above $12,000 to keep its momentum moving in the short term and to avoid a downturn.
“[Bitcoin’s] price is trading with a positive bias above the $11,500 and $11,650 level. Having said that, a proper close above the $12,000 level is needed for upside continuation.
In the mentioned bullish case, the price could climb towards the $12,500 and $12,850 levels in the near term.”
On the flip side, crypto analyst Dave the Wave told his 12,000 followers on Twitter that he thinks Bitcoin’s recent parabolic run has likely ended.
I think it fair to say, with price loitering at this level for six weeks, that the parabolic move is over. The question now is correction or sideways… pic.twitter.com/BpnsFrNVuQ
— dave the wave (@davthewave) August 8, 2019
Here’s a look at the latest forecasts from across the cryptoverse.
NewsBTC – Bitcoin targets fresh weekly high above $12,200
CoinDesk – Bitcoin price looks poised to retest highs above $13,000
FXStreet – ETH/USD must breakdown big barrier $230-240 for greater upside
Crypto Daily – Support expected around $217, with resistance expected around $239
FXStreet – LTC/USD struggles at $90.00, initial resistance created by $95.00 handle
XRP, Bitcoin Cash, Binance Coin, EOS, Bitcoin SV, Monero, Stellar
FX Empire – Bearish start for XRP, LTC and BCH as Bitcoin fails to hold onto $12,000
Cointelegraph – Crypto market update: XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM analysis[the_ad id="42537"] [the_ad id="42536"]