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January 7, 2020

Analysts React to BTC, ETH and XRP Breakout – Here’s What to Watch for Next

By Daily Hodl Staff

Analysts are tracking the sudden crypto market turnaround as Bitcoin approaches a key psychological barrier at $8,000.

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Bitcoin is up 4.06% at $7,861 at time of publishing, according to COIN360.

Ethereum is up 1.36% at $142.38 and XRP is up 9.27% at $0.2150. Bitcoin SV is the only coin in the top 10 that’s firmly in the negative, down 1.33% at $114.25.

Source: COIN360

Bitcoin Hits Key Levels of Resistance

After weeks of relative calm, a popular strategist known in the industry as Crypto Birb tells his 63,000 followers on Twitter that BTC’s setup is “finally getting interesting.”

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He says two major levels of resistance are left before a true reversal is confirmed. If BTC can cross $10,000, the analyst expects a long-term rally to begin.

Source: Twitter

Ethereum Remains in Descending Wedge

As for Ethereum, the second-biggest cryptocurrency by market cap, Birb says it may also be on the verge of a serious move out of the descending wedge it has been locked in since July.

If a breakout is confirmed, he believes ETH could target $275-$300.

Source: Twitter

XRP Bounces Off Significant Level of Support 

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Analyst DonAlt tells his 126,000 followers on Twitter that he believes XRP could enter a long-term rebound that would bring the price of the digital asset as high as $0.5000 – a 132% increase from its current price.

He says the number of traders who are bragging about the coin’s decline could serve as a sign that XRP has hit a bottom.

“Finally hit my long term target. I bought (and posted about it) a few days ago but want to start a solo thread for it. Long term support with XRP haters gloating at all-time high is good enough place for me to gamble on a swing long position.”

Despite his bullish outlook and the fact that XRP recently hit a low not seen since November of 2017, DonAlt warns it may have further to fall before a long-term reversal.

He says XRP could hit a lower level of support and a potential floor at around $0.1650.

Source: Twitter
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