Daily insight into happenings in the cryptocurrency market every day examining, including the prices of bitcoin and ethereum, and some of the other altcoins.
Bitcoin has found support above the $53,000 mark after a sharp drop. BTC has recently begun a new upward trend after trading as low as $53,222. It broke through resistance at $54,200 and $55,000.
The price also surpassed the $56,000 mark. However, it met resistance close to $58,000.
Near $57,000 level , an inverse head and shoulders trend emerged with resistance. On the hourly chart of the BTC/USD pair, a key bearish trend line formed with resistance close to $58,000. It broke below this line and began a decline. It fell below $55,000 but is currently trading above $55k.
Current market trends like liquidity of bitcoin on exchanges and it's doubling time(i.e the period.it takes the price of BTC to double during a bull run) suggest that bitcoin could rally more soon.
The bulls appeared as Ethereum dropped into the $1,700 support zone. ETH traded as low as $1,712 before beginning an upward correction.
It traded above the resistance levels of $1,750 and $1,760. Nevertheless, near the $1,800 mark, the price appears to be meeting stiff resistance. On the hourly chart of ETH/USD, a main bearish trend line is forming with resistance near $1,800.
Ethereum failed to rise above the $1,800 and $1,828 resistance levels, and began a decline. It traded as low as $1,750. On its way up it would face resistance at $1,800. The next crucial resistance is at $1,850. Above that ethereum may attempt to reach $2,000.
Reports shows that the increase in the number of regular active addresses on Ethereum network and the decline of Ethereum levels on exchanges suggests that Ethereum could retest $2,000. Only a weaking bitcoin could stand in the way of this.
Check out BCH, LTC, and XRP prices for today.
Bitcoin Cash's lowest point was at $514. It then peaked at $533, but it is trading close to $520.
Ripple's highest peak was above $0.479. Its intraday low level was at $0.457. It is still trading close to $0.460.
Litecoin's intraday low point was at $196. It hit its peak at $205 and is trading above $197.
