Bitcoin is facing a lot of hurdles from the past few days. Once it reaches a resistance level, it gets hard for it to break through, which eventually leads to the price falling back to extreme support levels.
After spending almost a week in the bearish zone, yesterday we noticed a bullish trend in the chart of Bitcoin. Yesterday Bitcoin managed to break the resistance and rise till $10,500 but looks like that was a short-lived trend.
Today Bitcoin again noticed a downward correction and the price has gone down testing new support levels for Bitcoin. Currently, Bitcoin is trading at $10,128.40 with an immediate resistance forming near the $10,250 level. Bitcoin has been testing both the support level as well as the resistance since yesterday.
The price formed a downward swing near the $10,095 part, but it gained a little momentum upwards. The drop from yesterdays $10,650 is enormous, and now Bitcoin is facing problems in maintaining a steady trend line. The Fib retracement level of this recent decline is also formed somewhere near $10,210. The next major resistance is near the $10,350 level.
If there is a downward correction at this point, we can expect the Bitcoin price to test the immediate support level of $10,000. If this decline goes any further, then we can expect it to test the same old $9,800 and $9,600 area.
Yesterday was a good day for Bitcoin as well as other cryptocurrencies because of the rise in the price of Bitcoin. Today is going wrong for them again.
Yesterday we noticed a slightly bullish trend in the Ethereum as it broke the resistance level of $188 and traded at $190. With the push, it was expected that the price would go up, and it will test the critical resistance levels of $192 and $195.
Currently, Bitcoin is trading at $186.37, and a strong resistance can be seen forming at the $188 level which if it crossed, then further we have major resistance at $192 and $195. The chart of Ethereum is currently facing a downward correction and the recovery made yesterday failed at $191. There is immediate support available at $184 and further down at $180.
Ripple can be seen moving downwards in comparison with the U.S. Dollar causing a bearish trend to form up in the chart. XRP was trading at $0.2705 yesterday, and it has seen a further decline today.
XRP is currently trading at $0.2680, which proves that XRP tested yesterday’s support level. A downward trend means that the price can further test the support levels of $0.2650 and $0.2600.
The chart shows strong resistance can be seen near $0.2700. The next key resistance is set at $0.2750 level, which once crossed can give hope of the price reaching $0.2800 and then further to $0.2900.
Litecoin lost the stability in its price yesterday when it faced a downward correction in the price and went down to $73.80. This trend, however, saw a slight recovery during the day, but it further came down as LTC closed the day.
Currently, Litecoin is trading at $72.69, and we can see a further decline in the price in the future. LTC has an immediate support level at $71, and it is facing strong resistance at $73.50 and $74.
This decline in the price can further go down if the bulls do not give a long-awaited push. In that case, the price can decline and test the support levels at $70 and $68.
A wave has been formed in almost every cryptocurrency chart with the fall in the price of Bitcoin. BCH recovered yesterday from a weak closing in the previous week but only for a short period.
Currently, BCH is trading at $304.81 with a strong resistance faced by it at $306. The major resistance, however, is set at $310 after which BCH can aim for the sweet spot of $315 level. An immediate support level is available at $300 and $295 yet again.
Binance Coin(BNB) is the cryptocurrency of the Binance platform, and recently it has gained some popularity amongst the crypto enthusiasts. It is ranked as 7th in the market ranking of cryptocurrencies.
BNB reached a peak price of $27 yesterday and closed the day at $26.11. This price further saw a downward trend today as the price declined. Currently, BNB is trading at $25.055 with immediate support available at $24.350.
Strong resistance can be seen at $26.130, and for a rise in the price, bulls will have to push the coin to close the day above the resistance level. If there is a further decline in the price, then BNB can test the support levels of $24.100 and $23.950.