Dogecoin blows hot after Elon Musk's Tweets, Bitcoin makes an unexpected recovery. Continue reading below...
After its recent gains where bitcoin traded at the $40,000 level over the weekend. It tried to break into the $41,000 level but was not able to do so and went into a correction that saw it dip below $38,600.
It formed a low close to the $37,400 level after which the price began a recovery. A connecting bearish trend line formed with resistance close to $38,880 on the BTC/USD chart. This trend line is situated near the 61.8% on the Fib retracement level, recent decline from the $39,778 swing high to $37,403 low.
However it broke upside of the trend line which indicates the strong possibility of bitcoin reaching $40k once again. Currently it is trading above $39,450.
After a bullish week, that saw ethereum attain an all-time high of $1,760. It began a correction where it traded below $1,500. It fell past support levels at $1,650, $1,600 and at $1,560.
A low was formed close to $1,487 after the price began an increase. It encountered resistance close to the $1,620 level.
It is currently trading above $1,650. But a critical bearish trend line is forming with resistance close to $1,660 on the hourly chart of the ETH/USD chart. This critical trend line could be the key to its uptrend if it breaks above it. In this scenario, we could see it trade above its ATH.
Here's how other coins performed.
The coin of the moment is at it again – with dogecoin (DOGE) rocketing back into the top 10 tokens per market capitalization, and Elon Musk is again being linked to the meme-themed asset, despite recent claims that his DOGE-themed Twitter posts were a “joke.”
Last weekend saw ripple rally towards $0.5000. It began a decline after this and fell below $0.4000. it formed a low close to $0.3442 before it began a correction to the upside. It is currently trading close to $0.4300.
If it breaks out towards the upside it could reach towards $0.4500 and $0.4600. But if it breaks out downside, it's key support levels include $0.4000, $0.3800 and $0.3500.
Bitcoin cash has once again been relegated by an upcoming crypto. In the past it has been superseded by BNB and even LINK. BCH's market cap of $8.48B is trumped by meme coin, DOGE which stands at $9.59B and XLM at $8.63B. As at the time of this report, It is trading above $450.
Third richest man in Mexico has revealed that 10% of his liquid portfolio is vested in Bitcoin. Ricardo Salinas Pliego who is estimated at $13B said that bitcoin is his “best investment ever".
In conclusion, there is a possibility of bitcoin surpassing it's former ATH in this bull run. Same with Ethereum which has shown its not afraid of repeatedly smashing new ATHs.
