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 started to fall after breaking below $53,000. It moved deeper into a bearish zone after breaking the $52,500 and $51,200 support levels.
The bears also attempted a trial of the $50,000 level. Over $50,500, however, the price remained steady. Near $50,400, a low was established, and the price is now consolidating losses. It was selling for a lot less than $55,000. Above $51,500, there was yet another correction.
On the hourly chart of the BTC/USD pair, a key contracting triangle formed with resistance near $52,500. However, the stock broke through to trade above $53,150 after an upside break above the triangle resistance. The next big resistance is about $53,800. Near this mark is the 50% Fib retracement stage of the recent descent from the $57,234 high to the $50,400 low. A good break above $53,800 would almost certainly lead to a jump towards $54,500 or $55,000.
Robert Gutmann, CEO of New York Digital Investment Group, disclosed in interaction with Real Vision's Raoul Pal that the company has been in talks with sovereign wealth funds about potential Bitcoin investments. Pal confirmed this by saying that Temasek, a Singaporean investment company worth $306 billion holds bitcoin.
Unlike bitcoin, Ethereum finds support around $1,550 and has recently begun an upward correction. Until climbing back above $1,600, the price developed a low around the $1,545 mark.
The $1,605 and $1,610 amounts were broken above. On the hourly chart, it appears that the price is following a rising channel, with resistance near $1,640. Near the $1,650 mark and the 100 hourly simple moving average, the key resistance remains. On the same map, a critical bearish trend line is forming with a resistance around $1,660.
Although the pair can correct higher, sellers may take profits near $1,650 or $1,660.
News Summary for altcoins
Bitcoin's lowest point was at $460. I peaked at $493 and it is still increasing. It is currently trading at $492.
Ripple's highest peak as at the time of writing this was at $0.566. Its intraday low level was below $0.480. It is still in an increase and is trading above $0.560
Litecoin reached an intraday low of $168. It hit a high of $180 and still in an increase. It is trading around $180.
In conclusion, long-term, bitcoin's market outlook remains bullish. Things could pick up once it successfully steadies above $55k. From all indication, people are buying the dip and holding for gains in the long run.
