Daily insight into the cryptocurrency market examining highlights of the day. And following price actions of cryptocurrencies such as bitcoin and ethereum, and some of the other altcoins.
Bitcoin continued to climb after breaking through the $57,000 resistance mark. It broke through the $58,000 resistance level and settled comfortably above the hourly simple moving average of 100.
It also pushed through the $58,500 mark, hitting a new weekly high of $58,615. It's now correcting lower and trading below $58,000. On the hourly chart of the BTC/USD pair, a central bullish flag pattern appeared to be developing with resistance around $57,700. The $56,800 level is near the channel help.
A decisive break above the flag resistance near $57,700 will pave the way for a new rise. It has now reached previous resistance near $58,500 and is trading above $59,000. It is likely to trade above $60,000 in the nearest future. Its next key resistance is at $60,000 and $61,500.
Over the $1,750 resistance, Ethereum began to rise steadily. It smashed through the $1,780 and $1,800 resistance thresholds to pass into the green zone.
The market also broke through $1,820 and settled comfortably above the 100 hourly simple moving average. It reached a peak of $1,840 before beginning a downward trend. Below the $1,820 and $1,800 stages, there was a split. On the hourly chart of ETH/USD, an extensive bullish trend line developed with support near $1,720.
On the plus hand, bulls are likely to run into resistance between $1,840 and $1,850. The price is expected to rise in the coming sessions if a good close above the $1,850 level is achieved. It is currently trading at $1,842, and it seems that the bulls are in control. It is likely to trade above $2,000 in the immediate future.
Let's how altcoins did.
Bitcoin's lowest point was at $480. I peaked at $520 and it is still increasing. It is currently trading at $519.
Ripple's highest peak as at the time of writing this was at $0.567. Its intraday low level was below $0.539. It is still in an increase and is trading above $0.560
Litecoin reached an intraday low of $190. It hit a high of $199 and is still on an increase. It is trading around $196.
In conclusion, the market looks like it would still.move higher especially bitcoin and ethereum. There is a probability of their revisiting their all-time highs.
