Bitcoin started the week strong with a bullish trend seen in the charts and reached the trading price of $10,935, followed by a slight downward correction to reach $10,693. The resistance of $10,700 was again broken by Bitcoin yesterday, and it ended the day at $10,779.49.
However, today, we are seeing a huge downward correction in the Bitcoin price as it falls below the immediate support levels that were expected yesterday. Currently, Bitcoin is trading at $10,080.11, a price that has tested all the support levels and fell below the $10,200 support level as well.
This downward correction in the price has made the trade volumes increase below the $10,400 and $10,450 levels. The pair is trading below the 23.6% Fibonacci retracement level, and the support levels have gone down to $10,000 and $9,850 again. Bitcoin is facing strong resistance at the $10,250 and $10,200 levels, and it will be a crucial time for the bulls to step in and help with a push.
If the bullish trend is not achieved, Bitcoin can reach the immediate support level of $10,000 and further it can test the support levels of $9,800 and $9,700. The bearish trend in the chart is not looking good, and if Bitcoin fails to close the day above $10,000, then it can revisit the $9,500 low.
In the case of a bullish trend, we can expect the price to test the $10,400 and $10,500 resistance levels. If the price continues to fall, we can expect a strong bearish move around the range of $9,700 and $9,500.
With the sharp decline in the prices of Bitcoin today, Ethereum faced a similar trend in the charts, and it went down from yesterday’s $197.20. Currently, Ether is trading at $188.46, which is near the $192 support level.
It further went below the $192 support level and tested the $188 support level. Strong resistance can be seen through the chart around $189 and $191 levels.
If the price breaks the resistance and goes above $191, we can expect the price to rise to $195 and $200 level. If the price struggles near the current resistance levels, we can expect a further downward correction in the coming time.
XRP prices broke the resistance levels of $0.2850 recently, but it couldn’t break the $0.3000 resistance level. Instead, a downward correction has started since yesterday, and currently, XRP is trading at $0.2637 and going down.
It recently broke the support level of $0.2700, and strong resistance is forming near the $0.2680 level in the chart. The support levels are set t $0.2620 and $0.2600, below this we can expect the XRP to test the $0.2590 and $2580 levels.
If the bulls fail to defend the $0.2630 price, then we can face more downward correction, and XRP can test the support levels of $0.2580.
Litecoin is still facing some strong downward corrections, and it is currently trading at $72.12, which is near yesterday’s predicted support level. It is facing a strong resistance near $72.50 level.
If the bearish trend continues, then, we can expect LTC to reach the next support level of $70, and it can further test the $68 support level. The chart suggests a downward trend for today as well, and if this continues, then we can expect Litecoin to hit this month’s lowest price soon.
Bitcoin Cash captures the 4th largest market in the cryptocurrency world. From the past few days, we have seen a bullish trend in the price of Bitcoin Cash, but there was a drastic change yesterday in the price of BCH.
Currently, it is trading at $299.13, which is lower if we compare it with yesterday’s $317.15 mark. BCH was able to test the support levels of $312 and $300. Current trading price, according to the chart, shows a strong resistance faced at the $303 level and the immediate support available for BCH is at $295.
This downward correction can lead to a further decline in the price of BCH, and it might test the support levels at $290 and $285 in the coming days. However, if a bullish trend is achieved by today, then we can expect the next major resistance at $317 level.