Bitcoin has been involved in a price rally by almost $1,000. Additionally, the price analysis depicts that the other major cryptocurrencies have also rallied in price significantly from yesterday’s values. Therefore, we might expect higher prices in some days.
Let’s find out the current prices for the price analysis.
Bitcoin has been trading just below the $7,000 price range for two days. This is after falling from a high of $7,177 level. The bulls have been in the quest to push the prices above the $7,000 level. However, just some hours ago, Bitcoin price rallied by almost $1,000. The reason has not however been determined from the time and is steadily above the $7,500 level.
Although we are not aware of the reasons for the current rally in prices, an improvement from this point might subject the cryptocurrency to the $7,900 levels soon. On the downside, the support levels lie at the $6,600 price level.
Support level: $6,600
Resistance level: $7,900
Ethereum broke the previous swing in prices which was experiencing a $415 resistance level to the $433 level and higher. In the last few days, the cryptocurrency was significantly rising in price to the $435 price level yesterday. According to the current statistics, however, the price has rallied and attained a high of $467. However, it is currently trading just above the $460 price level.
A continuous rising trend might place Ethereum in the $470 price level. On the other side, a drop below the $425 level might attract losses.
Support level: $425
Resistance level: $470
Bitcoin Cash BCH
There has been an upside move in Bitcoin cash from a low of $625. From the time, the price has traded at the $650 and the 4640 resistance levels. For the last two days, the price has been trading steadily above the $640 level. However, a few hours ago, the price rallied steadily to the $725 level just a similar case to BTC. The price is now trading just above the $711 price level.
Bitcoin cash might experience $725 as the resistance level. Gong above this level might translate into higher profits. On the other hand, dropping below the $650 level might attract losses.
Support level: $650
Resistance level: $725
Ripple has been in an upside move in the last two days. The cryptocurrency was steadily trading above the $0.500 price level. However, some hours back, the price rallied to the $0.5500 level in just minutes. Ripple price then dropped slightly to the $0.50 levels and had not improved to the $0.585 levels.
If this trend continues, ripple might attain the $0.60 price level soon. However, if it was short-lived, we might experience the $0.480 levels soon.
Support level: $0.50
Resistance level: $0.60
According to the price analysis, all the major cryptocurrencies have rallied in the last few hours. Therefore, we might experience two things from this price analysis; first, if this trend continues, all the cryptocurrencies might rally to attain high values. However, if it is short-lived, the cryptocurrencies might be involved in a drop.