Crypto analyst and author of An Altcoin Trader’s Handbook, Nik Patel, is updating his outlook on Bitcoin, Ethereum and XRP.
Patel says Bitcoin is facing a crucial moment at the $9,500 level. If the king of crypto can hold above that line, he believes a push to $10,550 is on the horizon. If not, he believes the bears will likely mount a comeback.
“This is why 9450-9500 is going to be super important post-halving…
There will be a lot of sell pressure coming in from everyone who’s been shafted after longing the breakout [and] retest. Overcome that and I think 10550 and higher is on the cards.”
As for Ethereum, Patel says the second-largest cryptocurrency needs to stay above the $195 level. If it can, he sees a lot of upside ahead.
If it breaks below that number, he believes a big drop to $156 is “very possible.”
If we do start to see price push back above [$195], I would then look for a higher-high to form, reverting market structure to bullish, before looking for any longs. Such a move would also take us above the important pivot at $228, which would likely lead to a swift retest of the high at $290.”
As for crypto’s third-biggest asset by market cap, XRP, Patel says it’s also on the edge at its current price of 20 cents.
“I am particularly interested in the highlighted area from which market structure has recently broken and turned bearish. This break and turn occurred from an important area also: the 200-day moving average.”
If XRP can push above 21 cents, he expects the coin to move further to the upside. If not, he believes a quick dip to 17.5 cents is likely.
At time of publishing, Bitcoin is at $9,566, up 2.81% in the last 24 hours, according to CoinMarketCap. Ethereum is up 1.36% at $201.01, and XRP is down 0.02% at $0.2012.