- Bitcoin (BTCUSD on xStation5) managed to stay above a key support area, a bullish candlestick was drawn in the aftermath
- Central Bank of South Korea promises to carry out more in-depth research on digital currencies
- Ripple (XRPUSD) may be poised to resume its bullish trend as a promising candlestick has emerged
We outlined quite the upbeat outlook for Bitcoin yesterday taking into account a technical analysis. Let us remind that we pointed to a pivotal support which was expected to halt a drop in the Bitcoin price. Since then several hours have passed and one could conclude that we’ve been right when it comes to importance of a support zone. Consequently, a decline has been stopped while the price has drawn bullish engulfing pattern suggesting that bulls are ready to keep a lid on the market anew.
Bitcoin managed to keep its bullish momentum as it stayed within an upward channel. Source: xStation5
A technical view appears to be conducive to Bitcoin buyers as the price drew a bullish engulfing in a key place we wrote about on Tuesday. Subsequently, a strong white candlestick has been drawn which could be seen as a green light for everybody being interested in buying the digital currency. Thus, it seems that a continuation of the ongoing leg higher would be justified as bulls could eye $5800 as their closest target. To sum up, until the price is able to hover above a key support zone (marked by a red arrow), Bitcoin could be in demand.
Meanwhile, the central bank of South Korea reported that it had carried out “poor” research on digital currencies including Bitcoin and Ethereum (ETHUSD). Nevertheless, the central bank’s governor promised to conduct more in-depth research on this topic claiming simultaneously that cryptocurrencies are not currencies. That said, there is little possibility that the central bank will recognize digital currencies as currency in the future.
Ripple (XRPUSD) has drawn a bullish candlestick alike which could bode well for the price in the nearest future as it may go in tandem with Bitcoin. An increase towards $0.295 may be on the cards but it’s contingent on the future of Bitcoin which could be a major driver for other virtual currencies. Source: xStation5