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.
Yesterday, under the $55,500 support zone, we saw a significant decline of bitcoin. Before beginning an upside correction, BTC even broke the $54,000 level.
A recovery exceeds the resistance of 55,000 Dollars. The price was even higher than $55,500, but no follow-up. A high of about $55,757 was created before the price again dropped. It smashed the support area of 55,000 dollars. An initial upside resistor is almost 54,650 dollars. The first big resistance was close to 54,850 dollars and 55,000 dollars.
The price must be above $56,500 and $57,000 to sustain a steady recovery. The next big bull resistance will be close to the area of $57,000.
While the recent decline may be seen by novice traders and new traders in cryptocurrency as a sign of a bizarre reversal, some analysees and seasoned traders view the reversal as a bullish development for Bitcoin.
Coinshare data show that BTC continues to be the preferred asset for institutional investors, despite substantial growth in the industry as institutions currently run $57 billion in assets.
Ethereum checked the support zone of $1,650 and began a backing correction. It went up above $1,700, but it had trouble testing even $1,750. Nearly $1,720 was created before the price began to decrease again.
The $1,700 level was broken and the support was checked for $1,660. Ether trading now is well below the average of $1,750 and a 100-hour move. Nearly $1,650 is low and the cost is consolidating losses at present. For a fresh increase in the short term, a clear break above the $1,720 level then a continuation above $1,750 is required.
What are the prices of altcoins today?
Bitcoin's lowest point was at $505. I peaked at $529 before undergoing a minor correction. It is currently still trading above $525.
Ripple's highest peak as at the time of writing this was at $0.579. Its intraday low level was below $0.539. It is still in an increase and is trading above $0.550
Litecoin reached an intraday low of $181. It hit a high of $197 and is currently trading above $195.
In conclusion, things seem to be stabilizing as bitcoin finds its footing again. Should the uptrend continue, it is likely to pass it's ATH again.
