A downside has affected all the four major coins as depicted in the price analysis. According to the current news, Tom Lee admitted that the prediction he made for Bitcoin after the consensus was very wrong. Chris Lee joined Huobi crypto exchange and Bitcoin could be a problem especially for the US-based security clearance in a debate where the cryptocurrencies are in some way viewed as risk instruments which can be used for money laundering and drop trafficking.
Let’s find out the current cryptocurrency prices from the price analysis.
During the last two days of last week, Bitcoin was facing an upside to the $8,561 price level. However, from the start of this week, a downside started which has seen Bitcoin drop significantly below the $8,300 price level to the $8,205 level.
We are not really sure of the major reason prompting the drop in Bitcoin. However, this might be a correction phase. We should expect an upside once the price level reaches the lowest and initiated buying. On the other hand, dropping below the $8,000 price level might attract losses.
Support level: $8,000
Resistance level: $8,300
Ethereum has taken a sharp downside trend from the start of the week. Last week, the cryptocurrency attained a low of $663. This was before engaging in an upside which saw Ethereum attain the $723 high. Currently, it has sharply dropped below the $700 price level to the $665 level and might further be involved in a drop.
Since it seems that this is a correction trend, an upside might begin once the lowest price level has been attained. On the downside, a drop below the $650 price level will automatically lead to more losses, especially for the investors.
Support level: $650
Resistance level: $680
Bitcoin cash BCH
Just like the other cryptocurrencies, Bitcoin cash has also experienced a downside from 21st May. Last week, the cryptocurrency experienced a low of $1,151 before rallying to the $1,301 level. Currently, the downside has subjected Bitcoin cash to the $1,149 levels.
Since we are not sure about the next move in Bitcoin cash, once this bearish trend comes to an end, we should expect an upside. On the other hand, dropping significantly below the 1,120 price level might attract losses for the investors.
Support level: $1,120
Resistance level: $1,200
For some days now, Ripple has been experiencing a bearish trend. However, even if the drop is minimal, the trend has been continuous for some time. This has in some way worried the major investors of the future of Ripple. From above the $0.70 price level, Ripple is currently trading at the $0.65 level.
Therefore, we expect Ripple to attain the lowest level soon which might trigger buying. This might, therefore, translate to an upside above the $0.70 price level. On the other hand, dropping significantly below the $0.64 price level might attract losses.
Support level: $0.64
Resistance level: $0.70
According to the price analysis, all the four major coins have been subjected to a downside. This has seen all coins drop significantly below the previous support levels. This might be a correction period as suggested in the price analysis.