The price analysis depicts the current bearish trend which has been witnessed in all cryptocurrencies this week. According to the recent news, even though Bitcoin has been involved in a downside trend, the Hashrate shows that the cryptocurrency might experience a bullish trend soon. Additionally, a charity auction which was held by CryptoKitties raised an amount of $15k for a children’s hospital. Easy fix primarily meant for Ethereum was involved in a contract with ZeppelinOS.
Let’s find out the current cryptocurrency prices from the price analysis.
During the previous week, bitcoin has been subjected to a drastic falling trend from the start of the week until the end. During the start of the week, the cryptocurrency was trading at the $8,531 price level. It has, therefore, dropped below the various support levels of $8,000 and $7,500. Currently, Bitcoin is trading at the $7,317 price level which is sharp drop since the start of the week. At the $7,600 price level, the cryptocurrency required a push which did not happen and this pushed prices further down.
While looking at the current chart, bitcoin has been struggling to move from the $7,300 price levels and recover at least to the $7,500 price level. On the other hand, a crucial support of $7,200 still holds.
Support level: $7,200
Resistance level: $7,500
Ethereum investors have been experiencing heavy losses from the $724 high according to the statistics from the start of the previous week. Further, the price then failed to hold the $637 support level and further fell sharply. The intensity was so high that the $600 and also the $575 support levels were broken. Currently, a low has been formed in the $560 price levels where Ethereum has been struggling to improve.
From the start of the wee, the bearish trend has been in domination and this trend might continue. However, a break just above the $600 levels might push the prices to the $637 levels. On the downside, the $540 acts as the support level.
Support level: 540
Resistance level: $600
Bitcoin cash BCH
Just like Bitcoin, Bitcoin cash has been experiencing a downside from the start to the end of the previous week. The cryptocurrency has fallen from the $1.302 high during the weeks start to the $985 price levels. Therefore, it has broken the $1,100 and the $1,000 support levels. Therefore, the major investors have been suffering losses and selling has been triggered through the entire week.
Through the current trend, we are still not sure if the downside trend has ended or if the price has reached the lowest price which might trigger buying. However, we hope that an upside is just around the corner. On the downside, dropping below the $980 price level might attract losses.
Support level: $980
Resistance level: $1,000
The key investor in Ripple has also been subjected to a drastic fall in prices which has triggered losses. During the start of the week, the cryptocurrency was trading at the $0.70 price level. Through the week, several support levels were broken; $0.65 and also the $0.60. However, for the last two days, Ripple has been trying to engage in an upside move. Currently, it has improved from below the $0.60 price levels.
With the current trend. We should expect a slow upside towards the $0.62 price level which might trigger the $0.65 price levels soon. Additionally, on the downside, in case of Ripple drops significantly below the $0.59 price levels, this might attract losses for the investors.
Support level: $0.59
Resistance levels: $0.62
Though the price analysis, a downside has led to huge losses to the investors. Almost all the major coins have been facing a continuous downside from the start to the end of the week. However, as stated in the price analysis, an upside is possible in case the downside ends soon.