The major cryptocurrencies, for instance, Bitcoin, had attained high levels on Wednesday’s price analysis before being subjected to a slight fall in prices yesterday. We believe that the selloff is due to the tensions in the United States and China.
Through the price analysis, let’s find out the current trend of the four major coins.
In the last 36 hours, the Bitcoin sell-off has pushed the price to the downside below the $7,000 and the $6,700 support levels. However, a bullish trend is forming currently, and a high might also lead to selling offs. Therefore, Bitcoin might have the capabilities to bounce from the current price.
The support level lies at the $6,495 level and the resistance level at the $7,500 level. However, we believe that the current fall in prices could be due to tensions created in US and China. Therefore, initiation of buying might place Bitcoin above the $7,000 price level.
Since Ethereum went above the $400 price level two days ago, it has since dropped below the $390 price level. Yesterday, it attained a low of $371 and had since been trading above the $375 level. The support level lies at the $360 level ad going below this could attract more losses.
Additionally, breaking up from the current price level under positive market conditions might send Ethereum back to the $400 price level. Therefore, the support level of Ethereum is at the $360 level, and the major resistance level lies at the $395 price level.
Bitcoin Cash (BCH)
Just after Bitcoin cash price rallied to the $725 level, it then broke the $680 and $650 resistance levels and attracted more declines. Yesterday, the Bitcoin cash pair experienced a $622 low but had since slightly rallied to $642 price level. A break below the $622 level might attract more losses.
Additionally, Bitcoin cash needs to rally above the $670 price level in order to initiate a recovery which is required to achieve the December 2017 high. Therefore, the major support level currently lies at the $622 price level, and the major resistance level currently lies at the $670 price level.
After Ripple price failed to surpass the $0.5500 level, it was subjected to a low of $0.485 according to yesterday’s statistics. However, it has since slightly improved to the $0.494 price level. Therefore, currently, the $0.4700 and the $0.4500 levels act as the support levels for Ripple, and a fall below the $0.4500 could translate to more losses.
Additionally, a rally above the $0.500 price level could attract more profits which might lead to an improvement to the $0.5200 level. Therefore, the major support level for Ripple lies at the $0.4700 and the major resistance level lies at the $0.500 price level.
The four major coins price analysis depicts that a fall below the support levels in each coin might attract losses. On the other hand, an improvement above the resistance level in the price analysis of each coin could attract profits.