Bitcoin (BTC) shows weakness, XDC fires 30% and XRP goes over $1

Bitcoin (BTC) was rejected at close to US$46,800 on Wednesday (11) and appears to try to rise again to face resistance this Thursday (12), but signs of weakness cast doubt on the move.

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The BTC comes bullish yesterday after approaching $46,800, a price that marks the beginning of a resistance zone that goes up to $47,800.

The price rose confidently but fell almost immediately when it hit $46,743, making a dip to $45,000. The cryptocurrency opens the day quoted at US$ 45,386, down 1.6% in the last 24 hours, but keeping monthly earnings above 30%.

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Altcoin movement

Although the market is going through a moment of slight correction after a strong rally yesterday, some cryptocurrencies in the top 100 stand out and make new gains. This is the case, for example, of the XDC Network (XDC), which shoots almost 33% to US$ 0.130261 and has already reached a weekly high of 66%.

Right behind appears IoTex (IOTX), token of a project that unites DApps and Internet of Things, which has soared 300% in recent days, entered the top 100 and registered gains of 20% on the day. In the week, the valuation is already close to 450%.

Next comes Ripple (XRP), which, despite a token dump by co-founder Jed McCaleb, managed to break the $1 mark again.

The worst of the day so far is Ravencoin (RVN), which retreats almost 10%, but still accumulates impressive 100% high in the last seven days. SAFEMOON, HNT, RUNE and ICP are also currently down, between 6% and 8%.

As a result, the cryptocurrency’s total market capitalization drops slightly to $1.94 trillion after breaking the $2 trillion resistance on Wednesday. This had been the first time the value of all cryptocurrencies added together had gone above $2 trillion since it fell on May 20th.

What to expect from Bitcoin

According to crypto-currency analyst Valdrin Tahiri, Bitcoin is likely to try once again to break through the $46,800 resistance zone a day after being sizably rejected.

However, graphical analysis across multiple timeframes shows signs of weakness in the move, suggesting that a dip to support levels is increasingly likely.

Bitcoin shows weakness on the two and six hour charts.

According to Tahiri, the two- and six-hour charts show indicators in negative terrain, and the wave counting tool, which measures longer movements, shows a double top, a pattern considered negative that normally precedes a dip.

Double top standard suggests that BTC could drop to under $40,000 again.

If the scenario actually holds, the BTC could fall back below $40,000 – more specifically, to support levels at $39,900 and then $37,770.

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