This month started well for all the cryptocurrencies as almost every cryptocurrency and altcoin were aiming for their respective significant resistances. But things took a different turn when Bitcoin faced an unexpected bearish trend in the charts.
Bitcoin is known for its dominance in the market, and this sudden downfall in the charts affected other altcoins also as the price declined quickly for the altcoins. Bitcoin and altcoins are struggling to make it to the resistance levels as bears dominate the market.
Let’s see what the charts have to say today:
Bitcoin tested the support levels of $7,800 as the price declined further yesterday. BTC faced a strong resistance near the support levels of $8,200 while the support level was forming at $7,500.
Both the moving averages are meeting each other with the trading line as Bitcoin continues the downward correction trends in the charts. A slight upward movement was seen in the charts as the price reached the resistance level of $8,300, but the price fell back again.
Currently, Bitcoin is trading at $8,160.87 as the price continues the downward correction. The price is likely to decline further and aim for the support levels of $7,800 and $7,600. Strong resistance is forming near the $8,300 and $8,350 levels.
Ethereum is trying to recover the loss in the price as the bulls enter the market for an upward trend. The trading price was able to break yesterday’s resistance levels of $168 and $172, but the trade volume has declined, which might lead to another decline in the price.
Currently, ETH is trading at $174.18 after recovering from yesterday’s downfall, but the charts witness another bearish trend forming near the $175 level as the price struggles to climb up. The price might face another decline trend if the bears gain control over the market.
Strong resistance can be seen near $177 and $180 levels as the price struggles to go up. Support levels are forming near $172 and $168 levels.
The formation of a wave-like trend in the charts is making XRP most volatile as the trade volume continues to decline to form a downward trend in the charts.
Currently, XRP is trading at $0.2420 as the trade line moves along the moving averages. However, we notice a slight downward correction in the chart as the price struggles to pass through the resistance level of $0.2460.
We can expect a further bearish trend in the charts as the price heads towards the support levels of $0.2380 and might test the support levels of $0.2350 and $0.2250.
Litecoin has failed to recover from the price drop as the altcoin continues to trade between the resistance-support pair of $58-$53. The moving averages are moving parallel to the trade line as a downward correction trend forms in the chart.
Currently, LTC is trading at $55.63 against the U.S. Dollar as the price is well supported at the $53.50 level while it faces strong resistance near $57 as it struggles to go up. A downward correction can make the price test the support levels at $53 and further take the price down to $50.
Bullish trend in the charts might take the price towards the major resistance levels of $60 and further.
Conclusion: The recent trends in the charts have shown that Bitcoin and altcoins are suffering a downfall as the bears continue to dominate the market trends. A further downfall can be expected at the prices if the bulls don’t reach out to help the market trends.