All the major coins have been involved in a rally in prices according to the price analysis. In accordance with the current news, miners have been complaining that the Bitmain’s Antminer B3 Mining machines have been underperforming. Additionally, Binance crypto exchange has been in the search for the top partners in the setup of $1 billion funds. The founder of Pantera capital also urged the investors to get involved in the purchase of Bitcoin when it is still cheap. Finally, IBM might be a better long-term investment other than Bitcoin.
Let’s, therefore, see the current cryptocurrency prices in the price analysis.
Bitcoin has adopted a bullish trend in the previous week. This is due to the fact that it has broken various resistance levels since the weeks start. From the $7,200 price levels, bitcoin has soared above the $7,500 and the $7,600 price level to trade slightly above the $7,700 price level. Bitcoin is currently trading just above the $7,700 price level and this is a good sign.
According to the current state of the bullish trend, bitcoin might still be involved in a recovery this week. This is due to the fact that the trend seems to be continuous and investors are now involved in the purchase. On the downside, a drop below the $7,500 price level might attract losses.
Support level: $7,500
Resistance level: $8,000
Ethereum has also been involved in an upside trend in the previous week. The cryptocurrency has moved from the $515 price levels and broken the $550 and the $600 resistance levels. Currently, Ethereum is trading above the $617 price level which a substantial improvement is given the turn things had taken in the previous month.
This trend should see the recovery to the $630 and the $650 resistance levels. This is due to the fact that investors are involved in the purchasing that this should push the price higher. On the downside, a drop towards the $600 price level might attract losses for the investors and the crypto exchange companies.
Support level: $600
Resistance level: $630
Bitcoin cash BCH
Bitcoin cash adopted a bullish trend in the previous week which saw it improve significantly. According to the statistics, the cryptocurrency improved from the $880 lows in the previous week and crossed the $900, $1,000 and the $1,150 resistance levels. Currently, it is trading just slightly above the $1,180 price levels and we anticipate for more of the bullish trend.
A continuous bullish trend in Bitcoin Cash might push the prices to the $1,250 levels and the $1,300 levels this week. Therefore, we expect investors to involve themselves in the purchasing to ensure that this is attained. On the downside, dropping below the $1,100 price level might attract more losses.
Support level: $1,100
Resistance level: $1,250
Ripple has been experiencing the bullish trend in the previous week. From the lows of $0.55 in the previous week, Ripple has crossed the $0.60, 0.65 and the $0.69 resistance levels and some point, the price was above the $0.70 level. Therefore, this means that a recovery was initiated which might see the cryptocurrency soar higher. Currently, the cryptocurrency is trading just below the $0.70 level.
Due to the current bullish trend which has been initiated by purchasing, we expect Ripple to soar higher and attain the $0.72 price levels this week. On the downside, dropping below the $0.67 level might attract losses for the investors.
Support level: $0.67
Resistance level: $0.67
According to the price analysis, all the major coins have been involved in a bullish trend from the previous week’s statistics. Therefore, we expect this trend to continue during this week. This is since earlier, all the major coins had taken a bearish trend and this is the recovery period. As suggested in the price analysis, recovery should continue.