Cryptocurrency Market Update: Bitcoin needs to settle above $10,600 to avoid the sell-off

• Bitcoin and major altcoins are locked in tight ranges.
• A break through in either direction may be violent. 

Bitcoin will go down before it goes up. This popular opinion is shared by Bob Loukas, the founder of The Financial Tap. He confirmed that the first cryptocurrency may retreat to $8,800-$7,800, while a close above $10,000 would confirm the bullish trend. He also added that in the mid-term, Bitcoin looks super bullish and on the verge of.a major four-year cycle. 

Action #bitcoin for intermediate term is super bullish IMO. The 4-Year Cycle is ready to begin it’s 12-20 month rising trend to blow-off top. However, move back towards $7.8k-$8.8k looks needed into July Cycle Low. Unless we close above $10.6k, where I’d say bull move confirmed, he tweeted.

Top-3 coins overview

BTC/USD has barely moved in recent 24 hours. At the time of writing, the first digital asset is changing hands at $9,750, while the local resistance is created by $9,800. This area was rejected on several occasions earlier this week, which makes it harder for the bulls. The support comes at $9,600, which is the upper line of the broken triangle pattern.

BTC/USD 1-hour chart

ETH/USD is trapped in a narrowing range with the local resistance at $245.00. A sustainable move above this level will allow for an extended recovery towards a stronger barrier created by psychological $250.00. The initial support comes at $240.00. At the time of writing, the second-largest coin is changing hands at $243.00. It has stayed unchanged since the start of the day. 

ETH/USD 1-hour chart

XRP/USD settled at $0.2030 on Wednesday after a short-lived dip to $0.2000 during early Asian hours. The support is created the lower line of the 1-hour Bollinger Band at $0.2010. This barrier is closely followed by psychological $0.2000. If it is broken, the sell-off may gain traction with the next focus on $0.1980 (June 7 low). On the upside, the local resistance at $0.225 limits the recovery. At the time of writing, XRP/USD is changing hands at $0.2020.

XRP/USD 1-hour chart