Let's take a look at what is happening in the crypto market today, looking into bitcoin and ethereum prices as well as that of significant performing altcoins.
After the cryptocurrency's massive slump recently and it's scary decline below There were heavy losses in bitcoin below the $52,000 and $50,000 support levels. BTC even tested the $45,000 support zone and it settled well below the 100 hourly simple moving average.
A low was formed close to $44,960 and the price is currently recovering losses. It corrected above the $46,500 and $48,000 resistance levels. It tested the $50,000 resistance, but cleared it to trade well above the range and well below the 100 hourly simple moving average. The crucial resistance is now forming close to the $51,000 and the $51,500 level.
Ethereum declined below $1,500 against the US Dollar. Its price dipped massively, decreasing towards $1,350. The price corrected losses to trade above $1,500. The price broke out above and price again rallied to trade above the $1,600 level.
To continue higher, the price must settle above the $1,640 and $1,650 resistance levels. The next major resistance on the upside is near $1,700. Any more gains could lead the price towards the $1,780 level.
Explore the up to date Altcoin analysis.
Bitcoin Cash began the day in a decline from yesterday. It's lowest point was at $483. It began an increase after that and reached a peak level of $555 today before undergoing a slight correction. It is currently trading above $540.
Ripple began today from yesterday's decline. Its lowest peak today was at $0.460 and $0. 506 before starting a descent. It is now trading close to $0.5000.
Litecoin began the day in a decline but peaked at $190 this afternoon but is currently in a decline again. It is trading at $186 presently
It really seemed like the Bitcoin was heading towards a massive slump, probably close to the $40,000 dollars range. Thankfully, it rallied and was able to stay above water in the $50000 range. the price would likely be consolidating around the range of $49k-$50k before we see any increase.
