Last week has been pretty rough for Bitcoin, and other cryptocurrencies as all of them saw a huge dump in their prices. Bitcoin is dominating the cryptocurrency market since the beginning, and any fluctuation in its price start a whole trend for the market.
The past week has seen Bitcoin trade below the resistance levels of $10,100, and the trade volume for the past week was very low as compared to the other weeks. After a sharp decline to $9,375, Bitcoin has finally started seeing a rise towards the $9,800 and $10,000 levels. The price managed to rise above the resistance levels of $9,500 and $9,550.
Currently, Bitcoin is trading at $9,821.86, and till yesterday it was trying to break the resistance level of $9,600. The new week showed an upward trend in the price in the charts, and the trading price moved above the moving averages.
Bitcoin is currently trying to break through the resistance levels of $9,950 and move towards the major resistance level of $10,300. If the upward trend continues, then we can expect the Bitcoin to reach the resistance levels of $10,500 again. With this price rise, initial support is forming at $9,750, and if there is any further decline, Bitcoin can test the support levels at $9,500 and $9,450.
ETH/USD
The past week has been a bumpy ride for Ethereum as it’s trading price came all the way down to the $170 levels from $192-$195. In the last week, Ethereum saw a swift downward correction and reached the critical support level of $170. It further went down to $163, making it the months lowest.
With the beginning of a new week, ETH showed some good signs with a positive trend as it started moving upwards in the charts. The bullish trend started above the $168 level, and the moving averages showed an upward movement as well.
Currently, Ethereum is trading at $172.69 with a strong resistance forming up at $174, and immediate support is forming at $168 as the trend continues. If Ethereum can break the resistance of $174, then we can expect the price to climb up towards $180.
In case of another downward correction trend, we can expect the price to go down to the support levels of $168 and further test the $165 support levels.
XRP/USD
While all Bitcoin and Ethereum have seen an upward trend in the charts, Ripple, however, is moving in the opposite direction as there is a downward correction trend that is forming in the charts. Ripple broke the support levels of $0.2650 and $0.2600 and entered the bearish zone.
Currently, XRP is trading at $0.2550 with the support level forming at $0.2530, and a strong resistance can be seen near $0.02575 level. If there is an upside break above the $0.2580 level, then we can expect the price to climb up to $0.2600 and $0.2650 level.
If there is a decline in the charts, we can expect the price to go further down to the support level of $0.2530, and if the bulls are not able to defend the position, then we can expect the price to go further down and test the support levels of $0.2500 and $0.2450.
LTC/USD
Litecoin suffered with the rest of the coins last week as the prices saw a massive dip in the charts and market. Litecoin traded at the weeks lowest of $62.20, but as the week came to an end, an upward trend was seen forming and this continued till today.
Currently, LTC is trading at $65.69 as it trades above the moving averages. Strong resistance can be seen around $68 as immediate support forms near the $64 level. The trading volume is low because of the fluctuation in the past week.
If LTC can break through the resistance level of $68, then we can expect the price to rise towards the major resistance level of $75. In case another bearish trend comes in the market, we can expect a further decline in the price towards the support levels of $62 and further test the support level at $60.
BCH/USD
Bitcoin Cash(BCH) was trading at the highest at $306 last week, but it was struck with a downward correction again as the prices went down till $285. The price saw a further decline yesterday as it reached $276.52, but an upward trend was formed as the new week began.
Currently, BCH is trading at $286.35 as strong resistance can be seen forming near $290, and immediate support is available at $280. The currency is trading above the moving averages as the price goes upwards. If the trend continues, then we can expect BCH to get back into the $300 and above levels of trading and aim for the major resistance at $315.
In case another bearish trend comes in their way, we can expect the prices to go down and test the critical support levels at $278 and $275.
