LONDON (IT BOLTWISE) – Bitcoin, Ethereum and Ripple continue their price gains and show strong bullish signals. Technical analysis suggests further upside potential as market sentiment improves. Investors are watching eagerly to see whether Bitcoin can reach the psychologically important $120,000 mark.
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Bitcoin, Ethereum and Ripple have recorded significant price gains over the past week, driven by improving market sentiment and positive technical indicators. Bitcoin, the flagship cryptocurrency, has stabilized after supporting at the 61.8% Fibonacci retracement level and is now showing signs of further rise. Bulls are targeting $120,000, which would mark a significant milestone.
Bitcoin’s technical analysis shows that the price is above the 50-day EMA, which is considered a bullish signal. The Relative Strength Index (RSI) is above the neutral level, indicating increasing purchasing power. Should Bitcoin clear the 78.6% Fibonacci retracement level, it could pave the way for further increases.
Ethereum is also showing positive signals after crossing the 50-day EMA. The price is approaching a key resistance level and a break could pave the way for further gains. The technical indicators such as RSI and MACD support the bullish view, suggesting a continuation of the uptrend.
Ripple has seen an impressive rise of over 10% in the past week. The price has overcome a key resistance and could rise further if it breaks the next resistance level. Here too, technical indicators support the bullish outlook, suggesting further upside potential.
Overall, the cryptocurrency market is in a recovery phase, with technical indicators pointing to further growth. However, investors should remain cautious as the market remains volatile and rapid price changes are possible.
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