Market Summary 22/2: BTC Consolidating Gains. ETH Pulls back after Hitting ATH

Bitcoin News

After bitcoin's stellar performance during the weekend that culminated in it smashing a new high above $58k at $58,352, bitcoin dropped below $57,000 as it began a correction. On the Fib retracement level, there was a break below the 23.6% of the upward move from the $54,000 swing low to $58,350 high.

The price dipped below $57,000 but found support close to the $56,200 level. A crucial bullish trend line formed with support close to $55,000 on the one-hour chart of the BTC/USD pair. It began to ascend once more and peaked above $57,400 but failed to clear the resistance level of $57,500 and $58,000 and so started descent afresh. It dipped below $55,500 at a point today. If it continues to correct lower, the next important point of support is at $55,000, after which it could fall as low as $52,000. If it breaks out above, the coming resistance levels are at $57,000 and $58,000. If it successfully scales these, it could reach $60,000.

Ethereum News

After recently hitting its all-time high above $2,000, ethereum went through a correction below $2,000.
After recovering from the decline, it tried again to increase up to $2,000 but failed to do so. It peaked above $1,950 at $1,976 before it started a descent.

The price dropped to the $1,850 level before the price began consolidating losses. It increased again to peak at $1,891 before starting another descent which it still is in. As of the time of this report, ethereum is trading below $1,840. If it continues its decline, the next support level is at $1,800. If the bulls succeed in gaining control, the next support is at $1,900.

Other Altcoin News

Here's how altcoins perfomed:

1. Bitcoin Cash

Bitcoin Cash reached a peak level of $733 yesterday before undergoing a correction. Today its peak price was above $710; before beginning a descent, it is currently trading at $660 and seems to still be in descent.

2. Ripple

Ripple began a fresh increase above the $0.5500 and $0.6000 resistance levels against the US dollar. It peaked at 0.635 before starting a descent. It is currently trading above $0.5000.

3. Litecoin

Litecoin peaked at $226 early this morning but is currently in decline. It is trading below $710 presently.