Bulls Press Bitcoin, Ethereum, Ripple Prices Higher, But Will It Last?

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Bulls Press Bitcoin, Ethereum, Ripple Prices Higher, But Will It Last?
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The prices of Bitcoin, ethereum and ripple were all carried higher early on Monday after the volatility witnessed last week, although some cryptocurrencies ended the week on a high note. Bullish momentum boosted most cryptocurrencies early, but bitcoin turned lower after approaching $9,000 over the weekend, not able to surpass that resistance level. Ripple and ethereum reversed course as well, although ripple seems to be holding up the best of the three, at least for now.

Watching bitcoin’s relative strength index

FXStreet expects $9,500 to be the next resistance level for bitcoin at a 61.8% Fibonacci ratio. The site pegs bitcoin’s new key support level at $8,000. On CoinDesk, the bitcoin price bounced between $8,070 and $8,845 today. The site notes that the typical bitcoin price action is a rally to fresh highs following a bottoming of the relative strength index at or below 30, which is oversold territory. This would suggest that the next short-term high for bitcoin could be north of $20,000.

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