Key Bitcoin Indicator Signals Surge to $13,500 – BTC, XRP, Ethereum, Litecoin Market Update

[the_ad id=”36860″]

A key technical indicator suggests the price of Bitcoin could be poised for a 193% surge.

According to the market strategy and research firm Fundstrat, BTC’s recent rally above its 200-day moving average will remain one of the most crucial metrics to watch moving forward.

As reported by MarketWatch, Fundstrat analyzed Bitcoin’s average returns over a six-month period whenever the cryptocurrency traded above or below its 200-day moving average.

“Based on BTC’s trading history, a move above the 200D for BTC is meaningful statistically. When BTC is above its 200D, its win-ratio is 80% compared to a mere 36% when it is below its 200D. And 6M forward returns average 193% compared to a measly 10% when below its 200 [day moving average] – hence, being above the 200D is a big deal.”

[the_ad id=”36860″]

When Fundstrat released its report on Tuesday, Bitcoin’s 200-day was set at $4,620, which means a 193% rally would lift the price to about $13,500, a number not seen since January 15, 2018.

Right now, the crypto market is mostly in the red. Looking at the top three cryptocurrencies by market cap, Bitcoin is down 2.21% at $4,927; Ethereum is down 0.23% at $163.64; and XRP is up 5.16% at $0.3677.

Overall, technical analysts are offering mixed outlooks on the short-term prospects of Bitcoin, Ethereum, XRP and Litecoin.

Bitcoin

FXStreet – Upside momentum is fading away amid declining volatility

Blockonomi – Bitcoin currently consolidating in a range for the next wave

Coinspeaker – BTC pullback unlikely to start now

Ethereum

FXStreet – Bulls need to break back above $160-170 or be punished

NewsBTC – ETH price holding uptrend support, can buyers bounce back?

Coinspeaker –ETH/USD price increase rejected at $178

[the_ad id=”36860″]

XRP

NewsBTC – Is this the correction?

CryptoGlobe – XRP/USD medium-term trend looks bullish

FXStreet – Second resistance level is at $0.39

Litecoin

CryptoPotato – Following 40% weekly gains, could LTC overcome $100?

FXStreet – Will the 61.8% Fib level hold?

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

The post Key Bitcoin Indicator Signals Surge to $13,500 – BTC, XRP, Ethereum, Litecoin Market Update appeared first on The Daily Hodl.