Here comes another scintillating rally from Bitcoin and most altcoins in the market. Bitcoin yesterday surged pass $11,400 psychological barrier it maintained for 3 days, rising up to $11,800, and $11,900 as at hours of the North American trading session yesterday. XRP also managed to touch the $0.4 level after bouncing off the $0.38 support level.

In the last seven days, Bitcoin has been on a steady but slow uprise pattern while XRP made no significant upturn movement in the market after the last drop below $0.4 resistance level.

Since the breakout witnessed in April, Bitcoin has been extending its trend upward, except for the 30% pullback that surfaced after the leading crypto asset tested $13,800 speedily.

Bitcoin tends to overextend its trend during every breakouts, fake out fractals to high values and a correction follows. These take place 3-4 weeks before new highs are formed.

Looking at the 1D market chart, one can identify that Bitcoin and the entire market is aiming higher. The 12H chart signifies that BTC initially saw a shift from $11,900 to beyond $12,000 and later found a rally above $12,600 and $12,700.

The four hours chart confirms a breakout as Bitcoin made a test above the major counter trendline drawn from the $13,800 peak value.

Image Credit: Trading View.

The counter trendline was followed by a short-term downward movement which places BTC at $12,300 as at press time, but a bullish rally is buzzing and Bitcoin might rally up with a fractal toward $14,600 value before a slight fall would be witnessed.

Image Credit: Trading View.

Ripple XRP Bounces off Support with Potential Rise to $0.44

Trade pair XRP/USD has managed to bounce off its support around $0.38 which it has been maintaining after a fall from $0.4 high. After trending below $0.4 since July 6, XRP triggered a momentum which placed it above $0.4 yesterday in an upward movement where the altcoin first tested $0.39.

While on the upside trend, the altcoin made it up to $0.406 and later settled around $0.403 and $0.405. Nevertheless, XRP/USD trading pair is now trading on the downward side of the market with a red coluor signaling value loss.

Image Credit: Trading View.

A unit of the altcoin is trading for $0.397240 against USD as at press time, but Eliot wave indicates that XRP/USD won’t fall below $0.47 support before a rebound would be made, and XRP will be headed for $0.44.