It has been a dark week for Bitcoin and fellow altcoins as the prices saw massive drops in the market and a significant drop in their trading volumes as well.
Bulls were present in the charts as they were looking for the opportunity to pick up the prices, but bearish dominance in the market took over again. Bitcoin went down the $8,000 level after a slight upward correction. The price fell towards the key support level of $7,500 as it broke the $8,000 level.
Bitcoin is currently trading at $7,970.21 as strong resistance can be seen forming near the $8,200 level. If the price closes above $8,200, we can expect the price to rise again and reach the $8,600 and $8,800 resistance levels.
On the other hand, immediate support can be seen, forming near $7,800 levels as the price continues to trade close to $8,000. If a bearish pull comes in the charts, we can expect the price to reach the support level of $7,500, and any further decline will take the price towards the $7,200 and $7,000 support levels.
Ethereum failed to push through the $172 or $175 resistance levels as the bulls couldn’t provide a powerful enough force to the price. The sudden crash in Bitcoin affected ETH as well as the price went down towards the support level of $160. This drop was quickly recovered as the price came back above the $165 support level.
Currently, ETH is trading at $165.50 as the price faces strong resistance near $168 level. Immediate support is forming near the $163 level. In case a bearish trend continues, we can expect the price to go further down and test the support levels of $163 and $160. If the decline continues, we can expect the price to test the support levels of $158 and $156.
In case a bullish trend enters the charts, we can expect the price to head towards the $172 and $175 resistance levels. Any further push will take the price to the critical resistance level of $180 and $182.
Ripple is facing the most changes in trading volume as the price is turning volatile and a wave pattern has entered the charts. Ripple is facing a downward correction as the price trades between the levels of $0.2480 and $0.2360.
Currently, XRP is trading at $0.2383 as strong resistance can be seen near the $0.2480 as the price continues the downward correction. Immediate support can be seen, forming near $0.2365 level. In case the price continues with the downward correction, we can expect the price to go to the support levels of $0.2360, and any further decline will make it test the support levels of $0.2300 and $0.2250.
If a bullish push enters the charts, we can expect the price to head towards the resistance levels of $0.2500. Any closing above $0.2500 will give the price a chance to aim for the major resistance levels of $0.2550 and $0.2650.