Bitcoin, Ethereum, Bitcoin Cash, Ripple: Daily Price Analysis And Prediction, May 9
Current Downside Believed to be Short-lived
We believe that the ongoing correction and regulation might have caused the current downside as depicted in the price analysis.
From the current news, the founder of the New York stock exchange as plans to let the customers purchase Bitcoin. Additionally, regulations have increased in almost all the countries in the world. In the US, an organization called Cblocks plans to relocate to Canada citing high regulations. On the other hand, BMW might adopt Blockchain technology for the tracking of car mileage.
Let’s find out the current cryptocurrency prices from the price analysis.
During the start of the week, Bitcoin was trading just above the $9,500 price level. However, a downside was initiated which saw the cryptocurrency drop and surpass the $9,300 and the $9,200 support levels. Yesterday, Bitcoin experienced a low of $9,140 and resumed a recovery trend.
From the analysis, bitcoin may have experienced a short correction phase. We, therefore, anticipate an upside trend above the $9,300 price level soon. On the other hand, a downside may see Bitcoin drop below the $9,100 price level soon and attract losses.
Support level: $9,000
Resistance level: $9,300
During this week’s start, Ethereum was eyeing the $800 price level and trading at the $794 price level for some hours. However, a downside started and this saw Ethereum experience the lowest levels on March 7 of $710 price level. From the time, an upside resumed and the cryptocurrency has been trading above the $740 price level.
In case Ethereum is faced with an upside from the current price level which we anticipate might happen, it should rally to the $770 price levels soon. On the downside, a resistance level of $710 is being experienced and dropping below this point might attract losses.
Support level: $710
Resistance level: $770
Bitcoin Cash BCH
Bitcoin cash has been rallying in price last week which saw it trade above the $1,700 price level from below the $1,000 price level few weeks ago. From this week’s start, Bitcoin cash was trading at the $1,748 price level. On Monday, a downside started and this saw it drop slightly below the $1,600 price level. Currently, it still trades below the $1,600 price level but we expect an upside soon.
On the upside, Bitcoin cash might experience the $1,650 resistance level which might attract more profits. Additionally, on the downside, the cryptocurrency is experiencing the $1,490 support level.
Support level: $1,490
Resistance level: $1,650
This week has not been good for Ripple. From the start of the week, the cryptocurrency has been experiencing a downside which saw it move from the $0.90 price level and attained a low of $0.80. This is a significant drop for Ripple.
According to the current statistics, the bulls should work hard to ensure that they push the cryptocurrency back to the $0.85 and the $0.90 level. On the downside, Ripple is experiencing the $0.80 support level.
Support level: $0.80
Resistance level: $0.85
As compared to the previous week’s analysis, this week has been tough for the major cryptocurrencies. The last two days were faced with downsides. However, as anticipated in the price analysis, we should experience an upside soon.