- Credit Suisse’s CEO claims Bitcoin fits a bubble definition
- Bitcoin (BTCUSD on xStation5) storms higher and breaks the yesterday’s peak
- Ripple (XRPUSD) and Litecoin (LTCUSD) seem to be poised to follow the Bitcoin’s rally
Bitcoin doesn’t slow down its outstanding pace and continues marching higher. Let us recall that the ongoing upward move has been ushered in following an announcement that the CME will launch trading in Bitcoin futures by the end of the year. The price of Bitcoin broke through a round $7000 during Thursday’s session and even downbeat remarks from Credit Suisse’s CEO Tidjane Thiam didn’t spoil the fun. According to him speculation around Bitcoin is the “very definition of a bubble”. He also added that “the only reason today to buy or sell Bitcoin is to make money” and such speculation “has rarely led to a happy end”. Thus, expressing that kind of comments he joined a camp of skeptics with JPM Jamie Dimon being at the forefront.
Bitcoin plays down subsequent resistances and keeps rallying. The next target may be placed at $8000. On the other hand an upper limit of an ascending channel could be seen as the nearest support for bulls. Source: xStation5
While Bitcoin has been making an astounding rally its major peers have lagged behind. Nonetheless two of them might be already ready to commence a move to the upside given a technical view. We mean Litecoin (LTCUSD) and Ripple (XRPUSD). Let’s begin with the former.
The Litecoin price has drawn a bullish candlestick at an ascending trend line which has served so far as a notable support for buyers. Once this line is to keep its relevance one may count on an increase towards ca. $63. On the other hand, if the price breaks through the trend line to the downside, it could lead to an extended pullback towards $34.
Ripple might be worth looking at as well as the price drew a similar pattern yesterday. Thus, until buyers are able to keep the price above $0.193, a rise toward $0.295 might be in the offing. However, a breakout of the mentioned support could result in a pullback nearby $0.15.