Cryptocurrencies have this week been involved in a downside. However, according to the price analysis, they have started an upside trend significantly.
According to the current news during the week, it turns out that China crypt regulations might strengthen the crypto sector. Additionally, Binance has been found to be more profitable than the largest bank in Germany. Finally, Bitcoin cash has been working on a software upgrade which might be launched in 15th may. This will include the smart contracts and also corrected vulnerability issues which were raised during the previous upgrade. Buffet has also claimed that purchase of Bitcoin is not investing.
Therefore, let’s check the current cryptocurrency prices from the price analysis.
In the past week, Bitcoin has been facing both an upside and a downside trend in some instances. During the weeks start, bitcoin was trading at the $8,900 price level and rallied to break the $9,000 and the $9,500 resistance levels where it attained a high of $9,735. From that point, it was involved in a downside which saw it trade at the weeks low of $8, 727 level. However, currently, it has been involved in slight rallies from day to day and currently trades at the $9,327 price level.
The next resistance levels lie at the $9,500 and the $9,600 price levels and rallying above these points might subject the cryptocurrency to the $9,800 price levels during the week. However, on the downside, dropping below the $9,000 price level might attract losses.
Support level: $9,000
Resistance level: $9,500
Ethereum experienced an upward trend from 23rd to 24th April and managed to break the $700 resistance level. After trading above $700 for some hours, Ethereum was involved in a downside which saw it attain the $600 price level. However, it has been in a significant improvement which has seen it attain the $679 price level currently.
The next resistance level lies at the $690 and the $700 price level. Therefore, breaking these resistance levels might attract profits for investors. On the downside, a drop below the $650 price level might attract more losses this week.
Support level: $650
Resistance level: $690
Bitcoin cash BCH
On Aril 24th Bitcoin cash rallied to the highest price level during the week breaking the $1,500 resistance level. The cryptocurrency went ahead to trade at the $1,560 levels for some time before a downside started. The lowest level attained by Bitcoin cash during the downside was the $1,250 price level and since then, it has been involved in slight improvements in price. Yesterday, it almost hit the $1,500 price level once more but has slightly dropped in prices and trades at the $1,422 level.
Therefore, Bitcoin cash will experience the $1,500 and the $1,550 resistance levels which might see it rally to the $1,600 price level soon. On the downside, dropping below the $1,400 price level might attract losses.
Support level: $1,400
Resistance level: $1,500
During the start of the week, Ripple was trading slightly below the $0.90 price level. On April 24 however, the cryptocurrency slightly improved above the $0.90 price level and traded at this level for some time. However, a downside was experienced where Ripple traded just below the $0.80 price level for some time before an upside resuming. Currently, it is trading at the $0.864 price level.
On the upside, Ripple might experience the $0.88 and the $0.90 resistance levels. Therefore, rallying above these levels might subject it to the $0.92 price levels. On the downside, dropping below the $0.80 price level might attract more losses.
Support level: $0.80
Resistance level: $0.88
According to the price analysis, the week was tough for all the major cryptocurrencies. This week, all the digital currencies dropped below the support levels. However, in accordance with the price analysis, all the coins have picked up an upside trend.