In accordance with the previous price analysis, the current upside has seen the four major cryptocurrencies attain high levels during this month. With the positive news which has been flooding the crypto market, we expect the prices of the major cryptocurrencies and other cryptocurrencies to be involved in an upside.
From the price analysis, let’s find out the current prices of the four cryptocurrencies.
For this past week, Bitcoin was first involved in a downside which saw it trade slightly below the $9,000 price level on May 1. From the time, it has broken various resistance levels such as the $9,200, $9,500 and also broke the $9,800 price level on May 6. However, from this high, Bitcoin has slightly experienced a downside in price and has further dropped to a level above the $9,500 price level. Bitcoin almost attained the $10,000 price level last week but that did not happen.
Since we are still not sure what transpired causing the current slight downside, if this is short-lived, Bitcoin might be involved in a rally in prices to the $9,800 price level which might see it go above the $10,000 mark. On the downside, dropping below the $9,400 price level might attract losses.
Support level: $9,400
Resistance level: $9,800
Ethereum experienced a low during the start of the week. From the time, a bullish trend was experienced as the day’s progress up until March 6 when Ethereum attained the $834 high. The upside from the $638 price level to the $834 price level was a significant improvement. However, currently, Ethereum has been involved in a slight downside which we assume should be short-lived.
In case the current downside is short-lived, we should expect the $800 price level soon since the cryptocurrency trades at the $777 level. On the downside, dropping below the $750 price level might attract losses.
Support level: $750
Resistance level: $800
Bitcoin cash BCH
Bitcoin cash as well was involved in a downside during the start of the week. This saw it attain a low of $1,274 level. An upside then started where Bitcoin cash surpassed the $1,300, $1,400 and also the $1,800 resistance levels. Therefore, on May 6, bitcoin cash attained a high of $1,837. Currently, a slight drop in prices has been witnessed to the$1,728 price level which we believe might be short-lived.
An upside from this position might see Bitcoin cash return to the $1,800 price level and the $2,000 price level is possible. On the downside, a drop below the $1,650 price level might attract losses.
Support level: $1,650
Resistance level: $1,850
Ripple has been experiencing an up and down trend throughout the week. The lowest price level last week in Ripple was experienced on May 1 where the cryptocurrency attained the $0.80 price level. The cryptocurrency rose significantly to attain the $0.92 price level and was subjected to a downside. The downside as subjected the prices to the $0.86 price level currently.
The current trend in Ripple is not predictable due to the fact that it has not maintained a consistent trend. However, an upside might see it improve back to the $0.90 price level. On the other hand, a drop in prices might see it go below the $0.80 price level which will automatically lead to losses in the market.
Support level: $0.80
Resistance level: $0.90
Through this price analysis, the trend of the four major cryptocurrencies might be unpredictable. This is due to the fact that they have all been involved in upside and downsides. However, we believe that a bullish trend might manifest and push the prices higher as the price analysis suggests.