BTC is stuck again, ETH closer to testing $1500. Discover more in from today's summary.
BTC has been stuck in the $35,000 range and has not been able to break above this range. Even after yesterday's relative stability. Eventually, it even did below the $34000 level and reached as low as $32,178. It is currently staying at a crucial support level of $33k.
On the hourly BTC/USD pair chart, there appeared to be a crucial contracting triangle forming up with resistance near $34,500. Above this level, the next significant support is at $34,850. A break out above the latter level and the triangle resistance could lead us to the $35,000 mark. A breakout above this level could see the BTC heading for the $36,000 level, where it will face another crucial resistance at $36,150.
Recently we've seen ethereum try to break back above its all-time high close to the $1500 range. And many times, it has tried to rally and declined even below the $1300 level.
Later, on the price chart, ETH formed a swing low close to $1,260. The bulls defended it, and we saw a break put above $1,300.
On the 4-hourly, a vital ascending triangle pattern formed with resistance near the $1,440 range. It scaled the resistance at $1,440 and is currently trading above the latter range. The next critical support zone is at $1,480 and, after that, $1,500. If it breaks past the $1,480, then in all possibility, it would break above $1,500 and to a new ATH. The next important support levels above that are the $1,550 and $1,560.
BCH takes on a bearish trend, while Litecoin remains at the resistance line.
Bitcoin cash is in a bearish market. In just a week, the altcoin saw a retracement of 9% as its market came under selling pressure.
The price somewhat confirmed this as it dropped below the 20-SMA (yellow) and 200-SMA (green) on the 4-hourly chart.
Despite this bearish turn, there were bullish indicators, such as the Awesome Oscillator and the sharp move of the Chaikin Money Flow upwards.
LTC has been facing resistance for days now. But finally, they seem to have broken above it. It is currently trading at above $140.
In conclusion, the bulls seem to be back in charge of most crypto markets, especially ethereum, which is steadily moving towards a new ATH. We could see one soon.
XRP price spiked towards the USD 0.7500 level before starting a major decline. It trimmed most of its gains and even traded below USD 0.400. The first major support is at USD 0.350. The main support is now forming near the USD 0.300 level, which acted as a crucial hurdle in the past few weeks.
