Bitcoin is the dominant cryptocurrency with over 70% market cap in the whole world of cryptocurrencies. The trend we have noticed is that in the majority of the cases, a slight rise or fall in the Bitcoin price can lead to change in all the altcoins as well. Lately, we have seen a bullish trend in the Bitcoin price, which has lead to the whole market being bullish.
Yesterday we noticed that Bitcoin went bullish and broke the resistance of $10,500 and $10,600. Bitcoin started the day at the price of $10,935.60 and broke the next resistance of $10,850 and closed in at almost $11,000.
This rise in the Bitcoin price from $9,830 to almost $11,000 in just 5 days shows that bulls take an interest in the market as the price goes down and pull the market up. But today we notice a downward correction in the Bitcoin price.
Currently, Bitcoin is trading at $10,693.29, which shows the downward trend that can test the $10,500 support levels again this week. Despite breaking the $10,850 resistance, Bitcoin is now facing resistance at $10,750.
The bulls have to defend the $10,750 resistance level; otherwise, a further downward correction will take the Bitcoin price to $10,500 support level and further decline to $10,200 and $10,300 support levels.
The chart has shown a bullish trend from the past 2 days, and we can expect the price to rise again, in this case, we have the resistance levels at $10,900 and $11,000. So chances of Bitcoin price reaching $11,000 is possible. If bulls continue to stay in action, they can easily push the price beyond the $11,000 resistance levels.
With a downward correction in Bitcoin, we noticed a similar trend in Ethereum price as well. Ether started the day at $202.73, but overtime during the day, it lost some value, and it is currently trading at $197.20.
Luckily it hasn’t tested any support levels yet, but we have to wish for another push by the bulls to pick up the price and break the resistance level of $202. The chart shows the first support level at $195, followed by the next support at $192.
Like the other cryptocurrencies, Ripple also faced a downward correction yesterday after a momentary bullish trend in the past 2 days. Currently, XRP is trading at $0.27272. Ripple price is facing strong resistance at the $0.2900 level, and the recent decline is taking it down to test the $0.2700 and $0.2690 support levels.
With an immediate resistance at the $0.2850 level, the support levels of $0.2750 and $0.2720 levels remain attractive for the bulls. Even after the downward correction, if Ripple manages to rise to the resistance level of $0.2900, we can expect the price to move towards the $0.3000 level.
Any further downward correction will take the price down to the next support levels of $0.2750 and $0.2720, and if the bulls fail to push the market, then it can even test the $0.2700 barriers.
Litecoin has been bearish and has been trading below the resistance level of $80. Currently, Litecoin is trading at $ 75.45, and it is facing major resistance near the $80 and $78 level.
The support levels for LTC are formed at $72 and the immediate key support after that is at $70. The bulls will have to focus on the Litecoin market as well and pick up the prices to bring an end to the bearish trend.
Bitcoin Cash(BCH) has seen a bullish trend since 18th August, and it reached the weeks highest point of $325.27 today when the market closed at midnight. However, a downward correction was seen through the chart, and this lead to a decline.
Currently, BCH is trading at $317.15 with the support levels set at $315 followed by immediate support at $312. BCH is facing strong resistance at the $330 level. If the bulls manage to push the market up, we can expect the price of BCH to rise to $360 and even touch the $400 levels.
However, if the bulls fail to save the market, the downward correction can continue and reach the support levels at $312 and $295. These can further test the levels of $250 and $200 where we can expect the bulls to make some move to bring it up again.