According to last week’s price analysis, all the cryptocurrencies were at their lowest points. Bitcoin was trading below the $6,700 price level. However, currently, it has rallied above the $8,000 level. Likewise, all the cryptocurrencies have rallied significantly. This has been influenced by various positive market conditions and news which did not trigger sell-offs.
Let’s find out the current cryptocurrency prices from the price analysis
Bitcoin has been experiencing an upside movement for some days now. This has seen it move from the $6,600 price levels to attain the levels above the $8,000 price level. This upside move as seen it break the $8,000 resistance level and attained a price level above the $8,300 level. The bulls have been successful in pushing the price towards the $10,000 level.
Therefore, this week, we expect Bitcoin to continue in the same trend. With positive market issues and buying, the cryptocurrency might hit the $9,000 price levels within the week. Various individuals think that the upside will continue significantly. On the other hand, a drop below the $8,000 price level might attract more losses. However, we anticipate an upside move.
Support level: $8,000
Resistance level: $8,400
Ethereum has also been subjected to an upside according to last week’s information and data. From the weeks start, the cryptocurrency moved from the $400 price levels till the price range above the $510 level. However, the $525 level was the highest recorded last week with today’s statistics depicting the $523 price level.
According to the current trend, we still believe that the bulls are working hard on pushing Ethereum to the $600 price levels and above. Therefore, the next resistance levels could be at the $550 and the $600 levels which might be the new highs this week. On the other hand, dropping below the $490 level might attract losses.
Support level: $490
Resistance level: $540
Bitcoin Cash BCH
Bitcoin cash was also not left behind in last week’s upside. During the weeks start, it was trading at the $650 price level. Currently, it has crossed the $680, $720 and the $750 resistance levels and now trades at the $775 price level. However, Bitcoin cash attained a high of $783 yesterday.
Therefore, we believe that the current bullish trend will continue. From this position, we should expect Bitcoin cash to attain the $790 levels and later the $800 levels soon. On the other hand, a drop below the $720 price level might subject the cryptocurrency to the levels below the $700 range.
Support level: $740
Resistance level: $800
Ripple has also been, in the past week, subjected to an upside. From the start of the week, Ripple was trading at the $0.50 level. With time, the cryptocurrency has rallied to the $0.55 level, the $0.60 level and currently trades at the $0.673 level. Therefore, this depicts a significant rise in price. Last week, Ripple attained a high of $0.685.
In case the current upside trend continues, we should experience the $0.700 levels this week. A rally above the $0.700 level might further push the prices to the $0.7500 levels. On the other hand, a drop below the $0.6200 level might further indicate that a drop in price is likely to the $0.5800 level.
Support level: $0.6200
Resistance level: $0.700
As seen in the price analysis, all the four major cryptocurrencies have been subjected to a rally in prices above the previous resistance levels. Therefore, in case the anticipated levels in the price analysis are attained, we might further experience an upside in all cryptocurrencies which might then translate to profits to the investors and crypto companies.