In accordance with the previous price analysis, the major cryptocurrencies have rallied in prices. According to the current news, cryptocurrencies are highly favoured and this might be the reason why there has been a rally in prices.
Let’s look at the current price levels from the price analysis.
Bitcoin has been involved in an upside in the last few hours. Earlier today, it was trading just below the $9,200 price level. Therefore, it was involved in the rally above the $9,400 and the $9,600 resistance levels and now currently trades at the $9,656 level. This represents a bulling trend in Bitcoin.
Therefore, according to the current price level, the bullish trend has dominated the Cryptocurrency, during the previous analysis, we suggested a rally which has been possible. Therefore, if this rally continues, the Cryptocurrency might attain the $10,000 price level soon. On the downside, if Bitcoin crops below the $9,400 price level, it might attract losses.
Support level: $9,400
Resistance level: $9,800
In the current time, Ethereum has also been subjected to the current price rally. The price has rallied from below the $680 price level yesterday and has currently rallied to the $765 price level. Therefore, it has been subjected to rallying above the $700, $740 and the $760 price level in the last few hours.
If this bullish trend continues, however, the Cryptocurrency might rally to the $800 price level soon. On the downside, if this was short-lived, Ethereum might drop considerably below the $740 price level.
Support level: $740
Resistance level: $800
Bitcoin cash BCH
Bitcoin cash has in the last few hours been subjected to a rally in prices from the $1,270 low to the $1,591 high. However, it has been involved in the downtrend to the $1,498 which is slight drop below the $1,500 price level. Therefore, Bitcoin cash has rallied above the $1,300 and the $1,400 resistance levels.
Therefore, in case the bullish trend continues, Bitcoin cash might be subjected to a rally in price s above the $1,520 price levels. On the downtrend, the Cryptocurrency might experience a drop in prices in case it drops below the $1,270 price level.
Support level: $1,520
Resistance level: $1,270
Ripple has also been subjected to a significant price increment from the $0.84 price levels earlier today to the $0.87 price levels. Therefore, the Cryptocurrency has not been involved in a significant rally in prices. However, the rally in prices has not been significant as compared to the price rally in Bitcoin and the other cryptocurrencies.
Therefore, since there was a significant rise in prices, the price might take the same trend and improve to the $0.90 price level and this could attract profits. On the other hand, if the price drops below the $0.85 price level, it might be subjected to further losses.
Support level: $0.85
Resistance level: $0.90
Through the price analysis, the major cryptocurrencies have been involved in a rally in prices. Therefore, we should expect them to continue with the bullish trend in the next few hours and even days. Therefore, the rally should be evident as the price analysis suggests.