The market is lite up as Bitcoin and Altcoins eye higher prices.
After its recent effort to climb to $47,000, bitcoin began a decline and eventually traded below the $46,000 level before moving into an immediate bearish turn. On the hourly chart of the BTC/USD pair, a break occurred below a key contracting triangle pattern close to the $46,000 level. It traded below the $45,000 and $44,450 levels and formed a low close to $43,748.
It began an increase after clearing the $46,000; it scaled $47,000 and started new growth. It traded at the $48,000 level before retracing a little. It is currently trading above $47 800 and seems to be gearing to scale $48,000 again. If it does so, it could surpass its ATH at $48,216 to reach a new high.
Ethereum consolidated above the $1,750 range and even reached a new all-time high at $1,840 before a decline. The correction saw it trade below the $1,780 & $1,760 support levels and even dip below the $1,700 level. It began a climb after $1,730.
The one hourly chart of the ETH/USD pair indicated that a crucial contracting triangle cropped up with resistance close to $1,760. It broke above the resistance at $1,760 and started a fresh increase. It climbed slightly above $1,800 before beginning a decline. It is currently trading above $1780 as of the time of this report.
Litecoin broke above $150 and $155 resistance levels recently. The bulls took control after this, ensuing in propulsion above the $170 level. It also broke above the $180 level, where it traded at its highest peak at $195. It started correcting after this and traded below $180. It is currently trading above $185.
After Ripple climbed to $0.55 yesterday, the market turned bearish as sellers took profits. It dipped to $0.45 before correcting higher to trade above $0.50. Trading volumes and price volatility have decreased, but there is still hope of it will clear the $0.50 level. BCH is trading at above $520 as of the time of this report.
In conclusion, Bitcoin seems to be consolidating and is preparing to reach $50k probably by the end of the week. ETH also appears to be consolidating, prepping for more significant future gains.
