The cryptocurrency market has crashed, and there were several casualties. Yesterday we were discussing how Bakkt Futures contracts service is live and what possible effects it can have on the Bitcoin price. Earlier this month we called out how the Bitcoin price is showing bearish, and there can be a downfall in the price soon.
Looks like the long term prediction, unfortunately, turned out to be true as Bitcoin faced an unexpected crash in the market yesterday. The price was trading well near the support level of $9,500, but by the end of the day, the market crashed, and the price went all the way to $8300 level. This trend further continued, and its effect was seen on the altcoins as well as even they witnessed double-digit losses in their prices.
Currently, Bitcoin is trading at $8,353.62 after it tested the support level of $8,200 during the day. The price is crashing hard, and the bulls didn’t get enough time to defend the price fall. Strong resistance can be seen near $8,500 level as the price struggles to reach there.
Immediate support is available at $8,200 and $8,000 levels. In case the downward correction continues, we can expect the price to test the support levels of $8,000 and $7,800. In a further decline, the bulls will be helpless as the price will head towards the $7,500 and $7,300 levels. In case a bullish trend enters the market, the price might climb towards the major resistance levels of $8,800 and $9,100.
ETH/USD
a downward correction that started at a slow pace took a different turn after yesterday’s market massacre as the price for Ethereum declined at a fast rate falling beyond the support levels.
Currently, ETH is trading at $167.54 after it declined from the trade price of $197.49. No one expected this massive drop in the price. ETH faces a strong resistance near $175 while immediate support is present near the $164 level.
A push by the bulls might take the price towards the resistance level of $175 and head towards the major resistance levels of $185 and onwards. If a decline continues, the price can go beyond the $165 level and head for the $160 support level. If the downward correction continues, we can expect the price to test the support levels of $158 and $150.
XRP/USD
Ripple was under attack as well as the price declined piercingly after it broke the support levels of $0.2620 and $0.2550. This similar drop in the price was seen after the price for Bitcoin and Ethereum crashed hard.
Currently, XRP is trading at $0.2370 as strong resistance can be seen near $0.2450 and immediate support forms near $0.2300. This crash has painted the market red along with the others.
In case the downward correction continues, we can expect the price to go towards the support levels of $0.2300 and $0.2280. If a further decline takes place, the price can test the support levels of $0.2250, $0.2200, and $0.2130. In case the price goes upward, we can expect the price to head towards the resistance levels of $0.2450, $0.2550 and $0.2650.
LTC/USD
Litecoin faced one of the biggest drops it has ever seen over a long time as the price changed from $72 and went all the way down to $54 support level.
Currently, LTC is trading at $54.55 as the price continues the downward trend by trading near the support levels of $54. Strong resistance can be seen near $55.50 and $57 levels while immediate support is forming near the $53 and $52 levels.
In case of the downward correction continues, we can expect the price to go further down and reach the support levels of $52 and $50. Any further decline in the price will make it test the support levels of $48 and $46. An upward trend, however, can take the price towards the resistance levels of $60 and head towards the major resistance levels of $65 and $70.
BCH/USD
Bitcoin Cash is amongst the list as well as it faced a hard fall from its trading level of $290 and came all the way down towards the $210 levels. The double-digit loss in LTC and BCH has affected their trading volumes as well as the market value.
Currently, BCH is trading at $218.17 as strong resistance can be seen near $240 level, and the price is well supported near the $210 level. In case a bullish trend enters the market, we can expect the price to head towards the major resistance level of $250, and if it closes near or above $250, the price can head towards the major resistance levels of $280-$290.
If the downward correction continues, we can expect the price to go down towards the support levels of $210 and $208. Any further decline for here will take the price to test the support levels present at $200 and $190.
