Bitcoin is finally taking the highway to reach high prices as it enters the new week with a bullish trend. Yesterday we saw a great recovery movement in Bitcoin, Ethereum, and Ripple whereas other currencies also saw a decent move in their prices.
Yesterday was a good day for Bitcoin trading as the whole day Bitcoin was trading above the support level of $10,300 and it was continuously moving towards the resistance level of $10,500. Apart from the bullish-bearish trend, there was a new trend seen forming in the charts.
We noticed that since Monday the trade increased as Bitcoin was close to the end of the day. A day before yesterday, we saw the price breaking the resistance point of $10,500 by the end of the day. Similarly, yesterday Bitcoin traded close to $10,500 resistance level the whole day, but by the end of the day, the price further moved upwards and broke the resistance level of $10,700 as it touched the $10,730 trading price for the day.
Currently, Bitcoin is trading at $10,576.37 with the resistance level forming near $10,750 level. Immediate support is forming near the $10,450 level. Further, the moving averages are headed upwards, and the RSI is currently above 50%, which gives us hope of further upward movement. If the trend continues, we can expect the price to move beyond the $10,800 support level and aim for the major resistances of $11,000 and $11,200.
In case there is a downward correction in the price, we can expect the price to come down to $10,450 and then to $10,300. Followed by this, any further drop can lead to Bitcoin testing the $10,000 and $10,200 support levels.
After spending a few days in the bearish trend, the cryptocurrencies saw a sudden boom in their prices as they moved to the new month. Yesterday, we saw an upward movement in the price of Bitcoin, Ethereum and Ripple along with other cryptocurrencies against the US dollar.
ETH moved above the resistance levels of $173 and $175 and reached the price of $177. By the end of the day, ETH broke the $180-$181 resistance levels for few hours and came down to $178 levels again.
Currently, Ethereum is trading at $178.38 with strong resistance from the $181 level. The immediate support level has changed to $175. ETH needs a bullish pull to break through the resistance level of $181 and rally towards the major resistance of $185 and $190.
If a downward trend forms in the charts, then we can expect the price to go beyond $175 support levels and move towards $173 and $170.
Ripple is facing a slow and steady rise in its price as it keeps moving upwards. A wave can be seen forming in the trend as the price moves upwards and then again faces a slight downward correction.
Ripple yesterday broke the resistance level of $0.2650 as the price reached the peak for the day by trading at $0.2651. However, this momentum was short-lived as the price came down. The price is well supported at the $0.2600 level.
Currently, XRP is trading at $0.2601 as the price is moving slightly below the averages and facing a strong resistance near the $0.2650 level. If an upward trend forms in the price, we can expect the price to pass the $0.2650 and $0.2665 levels and move towards the $0.2700 and $0.2720 levels.
In case of a downward correction, an immediate support level is forming at $0.2590, and a further decline can allow XRP to test the $0.2580 and $0.2550 support levels.
Litecoin is having a hard time maintaining a steady trend in the market as its price is moving sharply. The recovery in the price is slow, but there is the risk of downward trends forming in the chart.
Currently, LTC is trading at $67.56 with strong resistance at $71. Immediate support is forming near the $65, and if a downward trend is formed, then we can expect the price to test the support levels of $63.
On the other hand, if the bullish trend forms and continues beyond the $71 resistance levels, then the next hurdle will be present at $72 and $75 levels.
Bitcoin Cash is facing the same trend as seen by Bitcoin and Ethereum, where the price passes the resistance levels by the end of the day and then forms a downward trend the next day.
Yesterday, BCH reached a peak of $304.12 and then came down to the previous trade price. Currently, BCH is trading at $296.85 with immediate support present at $294. BCH is facing strong resistance at $302 level, and the critical resistance level stays the same i.e., $315.
If a downward correction occurs in the price, then BCH can go further down and test the support levels of $290 and $288.