In accordance with the price analysis, cryptocurrencies have slightly dropped but this might be short-lived. In the current news, the Huobi cryptocurrency exchange is in the quest for decentralization and wants to walk the talk now. Tom Lee has once again made a prediction that the price of Bitcoin might hit the $25,000 level by the end of 2018. Circle has been holding talks with the US-based regulators in order to become a licensed bank.
Therefore, let’s find out the current prices from the price analysis.
Bitcoin was moving towards the $8,000 price level and had already attained the $7,728 price level but was subjected to a decline. Currently, bitcoin has experienced a slight decline in prices to the $7,635 price level. This could be due to various factors such as selling but we are not sure of the major reason for the decline.
A continuous decline might subject Bitcoin to the $7,500 level and lead to further losses for the investors. On the other hand, a positive turn might place the cryptocurrency to the $7,800 levels soon.
Support level: $7,500
Resistance level: $7,800
Ethereum had started an upside from last week which pushed the prices higher and higher breaking the $600 resistance level. However, it has been trading safely above this position. However, it has currently been involved in a slight drop in prices from the $614 level to the $602 level.
Since Ethereum seems to have initiated an upside already, we should expect the $610 and the $620 price levels soon. On the other hand, dropping significantly below the $600 price level might attract losses for both the investors and the crypto exchange corporations.
Support level: $600
Resistance level: $610
Bitcoin Cash BCH
Bitcoin cash in the recent days has been enjoying an upside in prices from the $988 price levels. The cryptocurrency attained a high of $1,205 this week on Monday and since then, it has been involved in various downsides and upsides. Currently, a downside has affected bitcoin cash because it has been involved in a drop to the $1,125 price levels.
We hope that an upside trend will initiate soon and push the prices to the $1,150 levels which might translate to more profits. On the other hand, dropping below the $1,100 price level might attract losses.
Support level: $1,100
Resistance level: $1,150
Ripple has also been subjected to an upside trend in the previous week and also some sections of this week. However, this week has been faced with downsides and upsides. Currently, the cryptocurrency has been subjected to a slight drop in prices to the $0.67 levels from the $0.68 level yesterday.
Therefore, in the case that the current downside comes to an end, we expect Ripple to rally to the $0.70 levels soon. On the other hand, dropping below the $0.66 level might attract losses to the investors.
Support level: $0.66
Resistance level: $0.70
According to the price analysis, all the major digital coins have suffered a downside from yesterday. However, this should be short lives and an upside might face each cryptocurrency as it has been suggested in the price analysis.