Ripple Price Analysis: XRP/USD Hesitates, But More Gains Likely Bitcoin formed higher lows and higher highs to create an ascending trend channel on its 1-hour time frame. Price is currently hovering around the middle of the channel, still deciding whether to continue the climb to the top or pull back to support.
The 100 SMA has crossed above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This suggests that the rally is more likely to resume than to reverse.
In addition, the moving averages are close to the bottom of the channel to add to its strength as a floor. However, RSI is already starting to turn lower to indicate that buyers are tired and may let sellers take over.
Stochastic is also heading south so bitcoin price could follow suit. Bitcoin appears to be on much better footing these days though, as it shrugged off news of Bithumb’s hack and the loss of millions’ worth of cryptocurrencies.
This was a different reaction compared to the one for the hack of Coinrail, which is a smaller exchange wherein lesser-known altcoins were affected. Perhaps the sentiment has improved overall thanks to indications that Tether might not have been used to manipulate bitcoin price last year. Read more from ethereumworldnews.com…
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