Bitcoin, Ripple & Tezos - American Wrap
Bitcoin price has gained over 6% on a day-to-day basis and 4% since the start of Thursday. The first digital coin hit the intraday high of $9,944 and retreated t0 $9,720 by the time of writing. The further recovery is capped psychological $10,000, which is still a hard nut to crack for Bitcoin bulls. This barrier prevents BTC from moving towards $10 500. Once it is cleared, the recovery may start snowballing.
While the short-term momentum remains bullish, the RSI on the intraday charts has shown signs of reversal, which means, the coin may stay range-bound in the nearest future.
Ripple’s XRP is in good shape to replace Swift as an international payment network, according to the Ripple founder Chris Larsen. Speaking in the interview on the Block Stars podcast, he said that banks were unlikely to use Bitcoin’s proof-of-work system for validating transactions. To prove the point, he underlined that banks may be wary of the risks of 51% attack, in which a miner or a group of miners can gain control over more than 50% of the network hash rate and manipulate the entries in the ledger.
Tezos has had better days and today XTZ has broken some key technical levels. The price has now made a lower high wave on the 4-hour chart below and the support zone of 2.61 has also been taken out and subsequently used as resistance.
The Fibonacci extension target at the 161.8% area has been hit perfectly and now the price has retraced back to the aforementioned resistance zone. Moving forward if this is to be the 3rd wave in the Elliott Wave series then a break of 2.23 is on the cards.
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