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 began a decent recovery yesterday above the $55,500 and $56,000 levels. It even spiked above the $57,000 resistance and the 100 hourly simple moving average.
But the prices were struggling to keep rising, and after the $57,235 high, it began a new fall. It broke some major support close to $56,000 and $55,500 levels. There was also a break from the hourly chart of the BTC/USD pair under a major bullish trend, with support around $54,220.
The price was also lower than the $54,000 support level and the $53,200 pivot. It hit a new weekly low of $51,634. The initial obstacle is close to $53,000.
The first significant resistance is located around $53,200. If the price rises above $53,200 again, it could climb back above $54,500.
If bitcoin does not rise above $53,200 or $54,500, there is a chance of more decline in the short term. The first major support on its way down would be close to $51,000 below the price of the $50,000 support area.
Ethereum attempted but failed to gain power above $1,740 and $1,750. Similar to bitcoin, a peak was created around $1,737 before the price began to fall again.
It moved into a bearish zone after breaking the primary $1,650 support stage. The bears were able to drive the price below the $1,600 support mark. Near $1,545, a low is created. On the upside, resistance is seen between the $1,590 and $1,600 stages.
Near the $1,640 and $1,650 stages, the key resistance is forming. If the price breaks out to the upside above $1,650, it could reach $1,700. On the hourly chart of ETH/USD, a big bearish trend line is developing with resistance around $1,700.
Check out altcoin's performance today.
Bitcoin's lowest point was at $456. I peaked at $528 before undergoing a minor correction. It is currently still trading above $476.
Ripple's highest peak as at the time of writing this was at $0.465. Its intraday low level was below $0.561. It is still in an increase and is trading above $0.500
Litecoin reached an intraday low of $172. It hit a high of $191 and is currently trading above $176.
In conclusion, now might be the time to buy the dip because long term we are still in an uptrend.
