The four major coins have been involved in an upside trend from 18th May as discussed in the price analysis. According to the recent news, Bing crypto ads ban affected the market in a huge way and this is one of the reasons why a downside initiated. Many organizations have also continued to adopt and use the Blockchain technology in various departments. Monex group has also been in the quest for expansion in the United States. Steve Wozniak also left Facebook and claimed that Ether might be the New Apple.
Let therefore see the currency cryptocurrency levels from the price analysis.
Last week has been tough for Bitcoin. This is due to the fact that a downside was initiated from the start of the week and this saw Bitcoin attain the lowest cryptocurrency level this month. From the $8,700 price levels, Bitcoin dropped significantly below the $8,500, 8,300 and also the $8,000 support levels. However, it traded slightly below the $8,000 price level for some time before initiating an upside on May 18. From 18 may, an upside has been imperative as it has placed the cryptocurrency slightly above the $8,500 price level.
Since we anticipate an upside this week, we believe that the $8,700 and the $9,000 price level is possible. This attaining this might further push Bitcoin to the $9,200 price level. On the downside, the support level lies at the $8,300 price level.
Support level: $8,300
Resistance level: $8,700
Last week has not been so good to Ethereum. This is because the cryptocurrency was involved in a downside from the start of the week until 18 may where it experienced the week’s low of $663 price level. From the time, an upside was initiated which has seen Ethereum break various resistance levels such as the $690 and the $710 resistance levels. The cryptocurrency currently trades at the $722 price level.
On the upside, a continuous trend might see Ethereum attain the $750 and the $780 price levels this week. On the downside, the $680 price level is possible once the cryptocurrency drops below the $700 price level.
Support level: $700
Resistance level: $750
Bitcoin Cash BCH
Just like Bitcoin, Bitcoin cash was also involved in a significant downside during the previous week. During the weeks start, Bitcoin cash was trading above the $1,500 price level. However, a downside trend started which saw it drop below the $1,300 and the $1,200 price level. The cryptocurrency attained the $1,149 price level before an upside initiated which has placed it at the current $1,291 price level.
Since the bullish trend has initiated, we should expect the $1,300 and the $1,350 price levels soon. On the downside, in case the cryptocurrency drops significantly below the $$1,200 price level, losses might be incurred.
Support level: $1,200
Resistance level: $1,300
Last week for Ripple was filled with a huge downside to 18th May. The cryptocurrency dropped from the highest level of $0.75 to the $0.65 price level. This caused losses and sell-offs due to the market panic. Currently, it has been involved in an upside which has seen it hit the $0.70 price level but dropped slightly.
We are in expectation that Ripple might continue with the upside due to the market conditions. In the case where an upside might be initiated and continue, the $0.72 and the $0.75 price level is possible. On the other hand, dropping below the $0.67 price level might attract losses.
Support level: $0.67
Resistance level: $$0.72
Just as it has been depicted in the price analysis, the four major coins have initiated an upside. This upside might lead to a huge recovery in the presence of positive market conditions which might trigger purchasing of the major digital coins. We hope for the best as we have forecasted in the price analysis.