All the major cryptocurrencies have been experiencing a drop in prices. This saw the cryptocurrencies record new lows to the end of last month. According to the statistics, Bitcoin dropped in price below the $6,600 price level, and it almost attained the lowest level this year.
In other news, NVidia CEO said that cryptocurrencies might be around for a very long time. This comes as a major car dealer based in Japan makes the decision to start accepting Bitcoin payments. Banks and also other institutions of finance are adopting Blockchain based storage systems.
Bitcoin is considered the major cryptocurrency among all. However, according to the current market state, investors have been losing faith in the cryptocurrency. According to the previous analysis, we made a forecast that BTC/USD would attain the $6,500 price level once it fell below the $7,000 level. This was the case. BTC/USD fell to the $6,560 price levels. However, it did not cross the $6,500 support level.
From the time, Bitcoin has acquired a bullish sign and rallied to the $7,000 price levels. Even upon the negative news and market conditions which saw it drop in prices last month. Among the various market threats were; googles decision to ban cryptocurrency related ads and Decision by Twitter to ban the ICO ads.
Therefore, according to the current rally in prices, this is an indication that the cryptocurrency has attained a bullish trend and might improve back to the resistance levels. It then indicates that the lows attracted buying of the cryptocurrency with minimal restrictions and regulations in the current market. If this trend continues, the cryptocurrency might reach the $7,500 price level and later $8,000.
On the other hand, if faced with other market conditions and sell-off, the support level lies at the $6,500 level.
ETH price dropped below the $380 and also the $360 support levels. The price of the cryptocurrency then experienced a new low which is in the $355 price level and has started gaining an upside correction. ETH/USD was involved in improving slightly above the 23.6% Fib retracement level. This is because it moved from the $419 level to the $360 level. Barriers are being experienced at the $390 price level.
However, the cryptocurrency has already improved to the $390 price level. Therefore, we expect the next hurdle to be at the $400 price level. Moving above the $400 level might further attract more gains. On the other hand, a break below the $360 price level means that the cryptocurrency might attain the $350 price level. Therefore, we expect the major support level to be at the $360 level and the resistance at the $400 level.
Bitcoin cash experienced a massive drop in prices below the $700 level. The price further went below the $650 level. BCH/USD experienced a new low near the $625 level, and this initiated an upward correction. The price is currently trading at the $675 price level which represents an improvement.
We expect the BCH/USD pair to improve back to the $700 level since it has broken the $660 resistance level. The bulls are in the quest to ensure that the cryptocurrency reaches the $700 resistance level. Therefore, we expect the support level at the $625 price level and the resistance level at the $700 level.
Ripple was involved in further price decline from above the $0.600 level. This saw the cryptocurrency break the $0.550 and the $0.500 support levels. The decline was very strong for the cryptocurrency has this saw it trade at the $0.4496 low. However, Ripple started an upside move and now trades above the $0.4800 levels.
We had made a forecast that by dropping below the $0.50 level, XRP/USD would further attain the $0.470 level. Therefore, the price dropped below the anticipated levels. Therefore, we expect the cryptocurrency to move back to above the $0.50 level soon. The major support level lies at the $0.4500 and the resistance level at the $0.500 level. Therefore, investors can currently add to their holdings for long-term profits.
IOTA/USD was also involved in just a slight drop in prices. According to the statistics, the cryptocurrency crossed the $1.00 on the downward trend. This was a representation of the bearish trend in the cryptocurrency. We had made a forecast that by going below the $1.08 level, IOTA would then drop to the $1.00 level and this was the case.
IOTA/USD has currently adopted a bullish trend and has improved back to the 1.05 levels. Continuous improvement might see the cryptocurrency improve above the $1.10 soon. However, the support and the resistance levels lie at the $0.96 and the 1.10 levels respectively.
Litecoin has been involved in further fall in prices from the previous levels. The bearish sign and trend have been continuing from the $133 price level to the $122 price level, and now, it was involved in a low of the $110 price level. However, it has been involved in a rally in prices and now trades at the $119 price level.
Continuous improvement in prices might subject the cryptocurrency to the $130 price levels. On the other hand, the support levels lie at the $110 level. Therefore, going below the support level might subject it to the $105 levels. However, we are in an expectation that we will experience a rally in prices.
During the previous analysis, we forecasted that the cryptocurrency might hit a low of $0.18 if it dropped below the $0.20 level. However, this was not the case due to the fact that XEM/USD just attained a low of $0.19. NEM has currently been involved in a slight improvement in price to the $0.2166 level.
A continuous trend in improvement might subject the cryptocurrency to the $0.230 levels soon. However, a drop below the $0.19 support level might subject the cryptocurrency to the $0.18 levels.
Cardano has been the weakest cryptocurrency in the market. It was also involved in the current fall in prices a hit a low of the $0.0000136 levels. It has since improved to the $0.00001519 levels.
We are not sure of the next move in Cardano, but we expect it to rise back to the $0.0000180 levels soon.