After a bearish week and testing all the support levels that came in its way, Bitcoin finally started the new month and week with good signs for the traders. The downward correction was reversed as the bulls decided to provide the Bitcoin a push which came after a week.
The bullish trend came bearing some good news with it as the price of Bitcoin went up, its effect on the altcoins was also visible as a bullish trend was seen in the charts of the altcoins as well. The trade volume also increased as the price crossed the $10,000 resistance level yesterday and moved towards the major resistance of $10,500.
The upward trend continued today as well as the Bitcoin price decided to break the $10,300 resistance and moved towards the $10,500 resistance today. The moving averages are moving in the upward direction after a week of facing down.
Currently, Bitcoin is trading at $10,448.97, and it is slowly moving towards the resistance mark of $10,500. The price is steadily moving towards the resistance levels, and if the bulls can maintain the bullish trend, then we can expect the price to go all the way to the resistance levels of $10,700.
The major resistance has been moved to $11,000. Last month also Bitcoin faced trouble passing this resistance level and that’s when the price fell. Immediate support is forming near $10,300 and $10,250. In case of another downward correction, we can expect the price to test the support levels $10,000 and $10,200.
Ethereum is having a hard time maintaining a bullish trend, but the recovery from last weeks low prices worked well for the currency. Ethereum rallied and recently broke the $175 resistance level. A bullish trend in the Bitcoin helped Ethereum gain upward momentum, but the bulls were not able to push further.
Currently, Ethereum is trading at $177.74, and resistance can be seen near $180 as the price is not able to push further. Immediate support for ETH is forming near $173 levels as the price is facing issues breaking through the resistance level.
In case the bulls can push the price; further, we can expect the ETH to move towards the major resistance level of $185, which it has crossed before. In case the price faces a downward correction, we can expect the price to hit the $173 support levels. If the decline continues, ETH can test the support levels of $168 and $170 in the future.
Ripple has finally got a slight bullish push, and an upward movement has started for it. Ripple was struggling to reach the $0.2600 resistance levels, but it was finally able to push through that resistance level today.
Currently, XRP is trading at $0.2603, which is an improvement from yesterdays $0.2550. XRP reached a high price of $0.2634, but the $0.2650 level acted as the strong resistance for the price, and it came down. Immediate support is forming near the $0.2585 level. Strong resistance can be seen near the level of $0.2610 as the price is moving upwards.
In case of the resistance breaks, we can expect the price to aim for the major resistance levels of $0.2650 and $0.2700. If there is a sudden downward correction, the price can test the support levels that are present at $0.2550 and $0.2480.
Litecoin(LTC) is on the upward movement as it moves towards the resistance level of $70 and $72. The slight bearish trend yesterday was soon recovered, and now LTC is moving upwards as the moving averages face upwards as well.
Currently, LTC is trading at $68.81 while a strong resistance can be seen forming near the $70 level. LTC must settle near or above $70 as it closes the day to continue the upward trend. In case there is a decline in the price of LTC, we can expect the price to go down to the support levels of $65. If the trend continues, we can expect the price to go down further and test the $62 support level.
BCH started the week by trading at $282.07, and since then it has seen a bullish trend as the price moved upwards. Strong resistance was seen at the levels of $284-$285 as the price recovered from last weeks decline below $280.
Currently, BCH is trading at $296.94 as strong resistance can be seen forming near the $300 level. The BCH/USD pair is recovering at a decent pace as it goes up and is trying to break the resistance level of $300 and $305. A major resistance level is present at $315 level. In case a downward correction occurs in the price, the $290 level will act as the immediate support level. Any fall further can push it to test the support levels of $285 and $280.