- Needs to reach into 17k to have a new support line rather than confirming a 16.540 resistance line.
Bitcoin is showing some life, breaking through the top line of the as it reaches out to the previous high of 16,540 following the 17th Dec 2017 decline. If Bitcoin breaks past 16,540 and establish this as a new rather than confirming a , the game moves into the 17k<->20k pressure region. This pressure area will either push the coin back down or push it upwards and finally set it off on a bull run above 20k.
There's some talk of Ripplers taking profit and converting to Bitcoiners thus creating this price hike, and the coming day will determine whether Ripple can indeed find stable grounds at $3.00. I don't think it's the case of herds converting over though. I think that investors wanting to get into Ripple in the first place did so as it is an affordable coin which can provide high ROI . These same investors taking profit would most likely seek out other more affordable cryptos rather than going back into the pricier mainstream. Even Tron is in the top 15 or 10 and is wildly cheaper than Bitcoin , though Tron is currently showing as it finds higher support grounds following a recent surge.
Everyone loves a Bitcoin . Go Bitcoin!
Solid support at this level would allow Bitcoin to set it eyes on the .786 fib level. Most likely will be choppy ride up. This would be a convincing win for Bitcoin and give bitcoin it's second attempt to find 20k support.