In comparison to the previous price analysis, the four major cryptocurrencies have turned bullish except for the Bitcoin cash which was involved in a rally above the $1,500 level and slightly dropped today. With the current finalization of regulations and Blockchain technology adoption, this turns out to be portraying positive results for the major cryptocurrencies. A further rally in prices might set new highs before the month ends.
Therefore, let’s find out the current prices for the price analysis.
Bitcoin has been experiencing a substantive upside trend from April 21 when it faced a downside correction. Therefore, Bitcoin has broken the $9,000 resistance level, rallied above the $9,200 level and is currently trading above the $9,450 level. This is a serious bullish trend from April 23rd.
On the upside, since Bitcoin current trades at the $9,487 level, we might experience a bullish trend to the $9,500 and the $9,600 levels soon. This is with positive market conditions for Bitcoin. On the downside, however, dropping below the $9,000 price level might attract losses.
Support level: $9,000
Resistance level: $9,600
Ethereum has maintained a solid upside trend from the lows of $585, crossed the $640 and also the $650 price resistance levels and rallied above the $680 price level. Currently, the cryptocurrency has attained the $705 price level. From yesterday, the cryptocurrency improved from the $640 price level to above the $700 level.
Therefore, a continuous bullish trend might subject the cryptocurrency to the levels above the $710 and the $720 price level. However, on the downside, dropping below the $670 price level might subject the cryptocurrency to further fall in price to the $640 level.
Support level: $670
Resistance level: $710
Bitcoin cash BCH
There have been further upside swings in bitcoin cash in the last two days. The cryptocurrency broke the $1,200 support level, went further to break the $1,300 level and even rallied above the $1,500 price level. However, in the last few hours, it has slightly dropped below this level to the $1,446 levels.
Bitcoin cash might still experience a rally in prices to reclaim the $1,500 level in case the market turns bullish. On the other hand, dropping below the $1,400 price level might attract losses and selling.
Support level: $1,400
Resistance level: $1,560
Ripple slightly experience a downside correction in the last few days However, the bullish trend stated manifesting today and this has seen its rally to the $0.95 price levels from $0.86 low today. Ripple broke the $0.900 and the $0.9200 resistance levels to attain the current high.
However, since the current treed turned bullish today, we should expect Ripple to rally above the $1.00 levels soon. It has gained the momentum and we believe the market conditions will remain positive. On the downside, dropping below the $0.850 level might attract losses.
Support level: $0.85
Resistance level: $1.00
Through the price analysis, the four cryptocurrencies were involved in a significant upside since the week started. It seems the market has been positive and the bulls have been working hard to attain new highs. Therefore, it turns out that all cryptocurrencies have crashed the previous price analysis resistance levels to attain new highs.