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's price rose above $59,500, indicating an upside extension. BTC even approached the $60,000 mark before the bears intervened. Before the dip, a high was created near $60,040. The support levels at $58,500 and $58,000 were broken. It dipped below $57,000. It corrected by about 4%.
The bulls defended the 50% Fib retracement stage of the upward step from the swing low of $53,761 to the high of $60,040. On the hourly chart of the BTC/USD pair, a crucial rising channel formed with support near $56,150.
It remained above the $56,200 and $56,000 support levels and began a new upward trend. On the upside, it overcame the resistance at $58,500 and is trading above it.
If the price breaks through the $58,500 mark, it can move towards the $60,000 resistance zone. Any more advances in the coming days are likely to set the stage for a move towards $61,500 or even a new all-time high.
Ethereum broke through the $1,800 and $1,820 resistance stages to continue its ascent. Even though ETH broke $1,840, it could not break through the primary $1,850 resistance zone.
Before the price began to fall, a peak was created near $1,849, and the price started to rise again. It broke through the $1,800 support level. The bulls took a firm stand at the $1,710 support zone, where Ether was checked. The price appears to be moving in a range between the $1,850 resistance and the $1,710 support.
On the upside, the market is hitting resistance near $1,800. If the price closes above the $1,800 resistance, it may move towards the $1,850 mark. In the near term, the price must settle above $1,850 to begin a substantial rise.
Altcoin's price summary.
Bitcoin Cash's lowest point was $520. It subsequently reached a high of $547, but is now trading above $535.
Ripple reached its highest point at $0.485. It plummeted to an intraday low of $0.462. It is still trading above $0.470.
Litecoin hit an intraday low of $196. It hit a high of $209 and is currently trading above $200.
