In accordance with the price analysis, a downside has affected all the four major cryptocurrencies. According to the recent news in the crypto market, IBM might just be involved in the launch of blockchain-based carbon footprint trackers. Additionally, JPMorgan Case has been considering launching Bitcoin futures. The Microsoft based search engine, Bing has been involved in the banning of the crypto related ads. Additionally, more and more organizations have been adopting blockchain technology for various transactions.
Well, let’s see the currency cryptocurrency prices from the price analysis.
Bitcoin has in the past two days been involved in a downside. From May 15, bitcoin has taken a bearish trend dropping from the $8,800 levels to the current $8,200 price level. This could be due to the action of Microsoft based search engine Bing banning the crypto related ads. This has triggered sell-off which translates to low prices.
We are not sure when the downside will end. However, upon reaching the lowest level, we should experience an upside. On the downside, dropping further to the $8,100 price level could drive the price further to the $8,000 levels.
Support level: $8,100
Resistance level: $8,400
Ethereum has not been involved in a sharp downside. However, the cryptocurrency has been suffering upsides and downsides from time to time. However, the cryptocurrency has broken the $700 support level and dropped significantly below the $690 level. Currently, it is trading at the $689 price level.
Since an upside has already manifested in Ethereum charts, the bulls might drive the price above the $700 price level soon. On the downside, dropping significantly below the $680 price level might attract losses.
Support level: $680
Resistance level: $700
Bitcoin Cash BCH
Bitcoin cash has followed the same downside trend just like the case of Bitcoin. From May 15, the cryptocurrency has dropped significantly below the $1,400, $1,300 and the $1,250 support levels. The bearish trend has been continuous for the past two days and has left Bitcoin cash in the $1,232 price levels. The possible news could be due to the ban of the crypto ads in Bing search engine.
With positive market conditions, a purchasing phase might face the cryptocurrency and drive it to rally above the $1,260 and the $1,280 price levels. However, on the downside, the $1,200 price level is possible if the cryptocurrency drops significantly below the $1,220 level.
Support level: $1,220
Resistance level: $1,260
Ripple has also been facing a downside in the last two days. On May 16, the cryptocurrency hit the $0.67 low before it initiated a short-lived upside to the $0.70 price level. Upon reaching this high, a downside initiated and currently, Ripple is trading at the $0.680 price level.
With positive news from the cryptocurrency market, the trend might turn out to be bullish and this might drive the prices higher. On the downside, dropping below the $0.66 price level.
Support level: $0.66
Resistance level: $0.70
In accordance with the price analysis, a bearish trend has been affecting all cryptocurrencies. The various negative news might have prompted selling by the investors. However, as predicted in the price analysis, upon attaining the lows, cryptocurrencies might initiate a bullish trend.