After yesterdays crash in the prices, the whole crypto market is still in shock as they are trying to process and cope up with the losses that they have faced. This price was a major one as it became a record drop for many altcoins.
Every digital currency is trying to recover from the loss as they try to move away from the support levels and form an upward trend in the charts. Bitcoin has been trying to head towards the resistance levels of $8,500-$8,600, and it managed to trade there for a while, but the bears are dominating the market currently.
Bitcoin is trading at $8,400.62 as the downward correction in the chart continues. Strong resistance can be seen near the $8,600 level as the price fails to climb through. Bitcoin is well supported at the $8,300 level as the price continues to stay above the support level.
If the downward correction continues, this time the bulls will fail to defend the support level and we can expect the price to test the support levels of $8,200 and head further down towards $8,000 and $7,500. In case the bulls gain some power, we can expect the price to pass the resistance level of $8,600 and head towards the major resistance of $8,800 and $9,100.
ETH/USD
After yesterdays massive decline in the price, Ethereum has managed to maintain a slightly stable trend in the market as the price gains a little control of the situation.
Currently, ETH is trading at $169.94 as the RSI stabilizes and moves towards the breakeven point of 50%. ETH is facing a tough time breaking past the $172 resistance level as it is well supported by the $167 level today.
In case the bulls gain control of the market, we can expect the price to break through the resistance level of $172 and head towards the significant resistance levels of $180 and $185. In case of a downward correction, we can expect the price to go down and test the support levels of $165 and further head towards the $160 major support level.
XRP/USD
Ripple was able to recover from the price drop rather quickly as compared to others as we see a bullish trend forming in the charts. The market is still on high alert as any unexpected move can prove the predictions wrong.
Currently, XRP is trading at $0.2470, which is decent progress from yesterday trade at almost $0.2250. Strong resistance can be seen near $0.2520 as the price struggles to pass that level. XRP is well supported at $0.2410 as the price continues to move towards the resistance.
Any further downward correction will take the price towards the support levels of $0.2200 and $0.2180. Further fall will test the support levels of $0.2100. In a bullish push, though, the price can expect to touch the resistance levels of $0.2600 and further towards $0.2680 and $0.2720.
LTC/USD
Litecoin is not performing so well in the charts as the price further declined yesterday for a few moments but gained the position back in the charts almost instantly.
Currently, LTC is trading at $56.79 as the price faces a strong resistance near the $59 level. Immediate support can be seen forming near $54 level. In case a downward trend continues, we can expect the price to test the support levels of $52 and a further drop to $50-$48. A bullish trend can give the price a momentum towards the resistance levels of $60 and further take it higher towards the significant resistance of $65 and $68.
BCH/USD
Bitcoin Cash faced a harsh crash just like other as the price declined to new lows at a swift pace. However, there was a slight upward trend forming in the chart which took the price close to $230 trading price.
Currently, BCH is trading at $224.93 as the price struggles to gain its position back in the charts and market. Strong resistance can be seen near $230 while the price is being well supported at $220.
In case the bears pull the market further down, we can expect the price to reach the support levels of $220 and test the support levels present at $210 and $200. In case of an upward correction, we can expect the price to pass the $230 level and aim for the resistance levels of $250 and $280.
