The ban of cryptocurrency trading in China, the same was also anticipated to happen in South Korea, and also the current fear in the various cryptocurrency regulations in the world were the most significant reasons why the cryptocurrencies were involved in a decline in prices.
However, according to the latest news, Yi Gang was appointed the head of the Peoples Bank of China (PBoC), the central bank. This means that there is a possibility that the current ban of cryptocurrencies might be overturned.
In other news, John McAfee charges a total of $105,000 per a tweet which promotes the cryptocurrency projects.
Let’s find out the current market state.
Bitcoin has been involved in a rally in price from the lowest level. This has seen BTC/USD pair break the $700 resistance level and also the $7,500 level. The cryptocurrency attained a high of $7,561 before it was subjected to a downside correction. However, it has still maintained the range above the $7,200 price level currently.
According to the current price level, Bitcoin trades at the $7,372 level, and this is a slight drop from the highest level. We, therefore, believe that this correction was short lived and the cryptocurrency should rally back to the $7,500 levels and later the $7,800 levels. On the other side, dropping below the $7,200 level might further subject the cryptocurrency to the $7,000 price levels.
The current improvement in prices means that the downside correction initiated buying of the cryptocurrency which has led to improvement in price.
Ethereum was experiencing a decent upside improvement from the $370 level. Therefore. Momentum was gained by the cryptocurrency, and this saw it go above the resistance level between the $390 and $395 levels and the price rallied above the $400 level.
According to the statistics yesterday, the cryptocurrency gained a bearish trend with a resistance level at the $395 price level. The ETH/USD pair was involved in trading at the $417.84 high, and this was the point it faced sellers. At the point, a correction was then initiated below the $410 level.
Currently, the cryptocurrency trades at the $407 level. However, we are in expectation that the correction will be over which might turn bullish and push the price back to the $417 high and later the $450 level. On the other side, a drop below the $400 level might subject the cryptocurrency to the $390 levels.
The resistance level lies at the $417 price level and the support level at the $390 level.
This week, we experienced more recoveries where BCH/USD went above the $675 level against the US Dollar. Additionally, the price was subjected to a higher rally and broke the $680 resistance level. Bitcoin cash also managed to go above the $700 level and now has been trading nicely above the $680 price level for quite some time.
Bitcoin cash formed a new high at the $723 price level. This saw it experience minor corrections on the downside. However, there is the support level which lies at the $680 level. Currently, the cryptocurrency trades at the $695 level.
We, therefore, hope that this downside correction is just a minor correction. After this is over, we expect the cryptocurrency to rally to the $723 high and higher. On the other side, the support level lies at the $680 price level and going below this might subject the cryptocurrency to the $660 levels.
Therefore, the major resistance level lies at the $725 level and the support level and the $680 price level.
More and more gains were recognized in XRP/USD above the $0.500 level. The cryptocurrency price was involved in breaking the $0.5175 and also the $0.5500 resistance levels. Currently, it has been trading just above the $0.500 level.
According to the recent statistics, the cryptocurrency formed a $0.5537 high before it started the downside correction. However, XRP/USD is experiencing the $0.5200 support. Therefore, we still expect the cryptocurrency to continue rallying to the $0.60 levels. On the other hand, going below the $0.500 level might lead to a further drop in prices.
Therefore, the resistance level lies at the $0.5500 level and the support level at the $0.5175.
IOTA/USD has also been faced with a rally in prices in the last two days. The cryptocurrency was involved in going above the resistance levels to the $1.12 price level. During the previous analysis, IOTA/USD was trading at the $1.05 level. Currently, it has adopted a correction phase which has seen it drop slightly to the $1.06 level.
We expect this to be just a minor correction phase which might later translate to a rally in prices above the $1.12 level. On the other hand, if IOTA/USD drops below the $1.02 levels. $0.99 is possible. We, however, hope that the cryptocurrency will gain a positive trend.
LTC/USD experienced a decent rally in prices from the $115 price level, and this saw it cross the various resistances, for instance, the $120 price level. The cryptocurrency was even subjected to improvement in prices above the $130. This saw the cryptocurrency attain the highest level at the $136.553 level before it started facing a correction on the downside.
Currently, LTC/USD has been facing a support level at the $125 level and s trading just above this level. Currently, it is at the $129 price level. Therefore, if it drops below the support level, it might further fall to the $120 level. On the other side, if this was a short correction, it might improve to the $140 price level.
NEM has also been faced with a rally in prices and risen above the $0.263. However, it has faced a slight correction phase which has seen it drop to the $0.240 level.
If this is short-lived, the cryptocurrency might improve to the $0.280 level. On the other hand, a drop further might subject it to the $0.23 levels.
An upside move in Cardano started from the $0.1500 level. Therefore, the price gained pace and ended up breaking the $0.1600 level. Therefore, it was subject to the high of $0.1763 just before the downside started. The reaction downside was involved in breaking the resistance at the $0.1600 support level.
The current price is just above the $0.1710 level. Therefore, we expect more and more improvement in price from the current state. However, in case ADA/USD drops below the $0.1600 level, it might further be subjected to the $0.1500 levels.
Therefore, the current support level lies at the $0.1600 and the resistance level lies at the $0.1750 level.