Wednesday, April 8, 2020

Price Analysis of BTC, ETH, LTC, XMR, ADA: 6th September

The Takeaway:

Cryptocurrencies have been unpredictable lately, but this week looks good for the cryptocurrencies as they move towards the end of the week with a bullish trend. However, ADA is facing trouble keeping up with the market.

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As we are moving towards the end of the week, things are looking good for the cryptocurrencies. Bitcoin is headed in the right direction as the upward trend continues and is directed towards the major resistance levels of $11,000.

The weekend is bringing joy for the investors as well as the traders as the prices see a sudden rise from yesterday. The key support levels have been left in the dust as the bulls are trying their best to take the currencies to their major resistance levels.

 

Let’s see what the charts have to say today.

BTC/USD

Bitcoin yesterday reached the support level of $10,500 as it was having a hard time breaking through the $10,700 resistance levels. Bulls finally came through and took the price beyond the resistance level of $10,700.

20-days EMA and 50-days moving average, both are moving towards the trading line as Bitcoin is currently, trading at $10,866.26. The upward trend is taking Bitcoin close to the key resistance of $11,000.

An immediate support level is forming near the $10,550 level as the price moves upwards. If the price passes the resistance level of $11,000, we can expect the price to move ahead and aim for the next key resistance of $11,500.

 

ETH/USD

After facing a bearish trend for the day, ETH was finally able to move ahead of the resistance level of $175 as it opened the trade for today.

Currently, Ether is trading at $176.00 as it faces strong resistance near the level of $179. Finally, the moving averages are headed upwards as we notice a rise in the price. The way ETH has been trading recently, a downward correction won’t be a surprise for the market.

Support levels are present at $173 and $170 whereas major resistance is still the same, $181.

 

LTC/USD

Litecoin is finally moving towards the upwards region of the charts as we notice a bullish trend forming in the price. Moving averages are finally facing upwards as they move towards the trade line.

Currently, LTC is trading at $67.22 with a strong resistance forming near $69 while immediate support forms at $65. Any downward correction will take the price lower to test the key support level of $60.

But this prediction will be proved wrong if the bulls can defend the price above $67 and move towards the resistance levels.

 

XMR/USD

Yesterday XMR was going through a bearish trend as the price went down to $76.15, but the bulls were able to save the day. Monero was able to break through the resistance of $76.50 as it moved further upwards.

Currently, Monero is trading at $78.67 and looking at the trends in the past; it would be hard to say to mention the next move of XMR. Support levels are forming at $75, and the resistance is available at $80.86.

 

ADA/USD

Cardano continues its downward correction as it trades around the support levels of $0.043. Currently, ADA is trading at $0.044336, which makes it stable as yesterday, but the downward correction is not looking good for the charts.

Resistance can be seen, forming near $0.0446 while an immediate support level is available at $0.0438.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

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