Last week has been a tough one for the cryptocurrencies as, despite their extreme efforts, the bullish trends in the charts didn’t survive for a longer time. This week, however, started low, but slowly a change in the trend was seen.
Upward correction can be seen in the charts as Bitcoins and altcoins try to move towards the respective resistance levels. The trading volumes have increased since the latest low of almost $7,600 for Bitcoin. Ethereum can be seen heading towards the support levels of $182-$185, and Ripple is facing a slight decline in the price as it moved towards the $0.2850 resistance level.
Let’s see what the charts have to say today:
After facing a sudden decline towards the $7,600 support level, Bitcoin has seen an upward correction in the chart as the price decided to rally towards the resistance level of $8,300.
Currently, Bitcoin is trading at $8,187 as the price faces a strong resistance near the $8,300 level. An immediate support level is available at $8,100 for Bitcoin.
A bullish trend in the charts can take the price to the resistance levels of $8,450 and $8,500 and aim for the major resistance of $9,000. In case a downward correction takes place, we can expect the price to test the immediate support level of $8,100 and further decline towards $8,000. The 50% Fib retracement level is marked near the $8,050 level.
Ethereum has recovered from the week-long slump rather nicely as compared to other cryptocurrencies. The bullish trends have been taking toll of the chart as the bulls are determined to take the price towards the resistance zone.
Currently, ETH is trading at $183.70, as it faces strong resistance near $186 levels. Immediate support can be seen, forming near $179 as the price tries to move upwards.
In case a bullish trend enters the charts, we can expect the price to move towards the resistance level of $186 and move further towards the major resistance of $190. In case of a downward correction, the price can decline towards the $179 support level, and any further decline will take the price to $175 support level, which also marks the 50% Fib retracement level.
Ripple has been performing well despite the sudden market drops and low trading volumes. Ripple manages to support the bullish push well and gains a lead in the price.
Currently, XRP is trading at $0.2809, as strong resistance can be seen near $0.2850 with immediate support forming near $0.2720. The 50% Fib retracement level for XRP can be seen, forming near $0.2805.
In case of an upward trend, we can expect the price to pass through the resistance level of $0.2850 and head towards the major resistance levels of $0.2920. In case of a downward correction, the price will head towards the support level of $0.2720 and further decline towards $0.2650.