The major cryptocurrencies were involved in a low yesterday. However, according to today’s price analysis, the cryptocurrencies have slightly rallied towards the resistance levels.
This weekly price analysis depicts the previous week’s trend and a prediction of the coming week.
Just after a decline in price, Bitcoin formed a support level just slightly above the $6,500 position. However, after the decline yesterday, it has been involved in a bullish trend which has pushed the prices back above the $7,000 level.
Currently, the cryptocurrency might experience barriers especially in the $7,200 and the $7,500 levels. According to the current trend, Bitcoin might be involved in a rally approaching the $7,500 price level. It is also possible for the cryptocurrency to rally above the $7,500 level but might be impossible because this forms the resistance level. However, a rally above these positions could attract more profits for the investors.
On the other hand, $6,500 forms the support levels in Bitcoin. The major resistance level being $7,500, we might experience trading within this range for some time.
In the past week, Ethereum price dropped significantly which saw it trade just above the $350 price level. According to yesterday’s statistics, the pair traded at a low of $367 before rallying above the $390 price level. This s a bullish sign.
According to the current price action, it seems that the price might rally above the $400 price level to the $415 level. Therefore, Ethereum and the bulls must ensure that the price stays above the $370 price level to remain in a positive zone. However, in case the cryptocurrency drops below the $370 price level, this could attract more losses. A rally above the $415 level indicates more future profits.
Therefore, the major support level lies at the $360 price level, and the resistance level lies at the $415 price level.
Bitcoin Cash (BCH)
During the previous week, the Bitcoin cash pair was involved in a drop in prices which saw it form the $599.5 pair. After the drop, the cryptocurrency has been faced by many barriers starting from the $670 price level. Yesterday, the Bitcoin cash pair experienced a low of $606. It has however rallied to the $650 level.
Therefore, an upside break in prices above the $660 price levels could translate to a higher rally to the $680 and $700 levels. Additionally, if the price breaks above the $700 level, the price could attain a bullish trend. On the other hand, if Bitcoin cash experiences a downside, $600 forms the support level. Therefore, going below this level might attract more losses for the investors.
Therefore, the major support level in Bitcoin cash lies at the $600 price level, and the resistance level lies at the $680 price level.
In the past week, Ripple has also been affected by the drop in prices which saw it trade below the $0.480 levels. Yesterday, the cryptocurrency was trading at the $0.470 level before being subjected to a slight rally in prices to the $0.490 price level.
Therefore, according to the current statistics, Ripple might attain a bullish sign and rally to the $0.5200 levels and also attain the $0.5500 levels soon. This upside move could lead to profits for the investors. On the other hand, if the price goes below the $0.470 level, it could attract more losses to the $0.4500 levels.
Therefore, the current support level in Ripple lies at the $0.470 level and the resistance level at the $0.525 level.
Through the price analysis, the cryptocurrencies are slowly approaching the resistance levels. Therefore we expect an upside move in all the major digital currencies.