Let's take a look into the crypto market today, looking into bitcoin prices and ethereum prices as well as that of significant performing altcoins.
Yesterday we saw Bitcoin finally scale above the $50,000 range and trade clearly within that range. It also reached a new all-time high at $50,600 before going through a correction to trade below the $50,000 level. It formed a low close to $47,819 before the price began to climb again.
On the hourly chart of the BTC/USD pair, a crucial contracting triangle saw a break above it with resistance close to $49,500. The price continued higher towards the $50,600 level. It scaled $51,000 to set a new record high at $51,500. It corrected below $51k after that but began a new climb again. It is currently trading above $51,000 and seems likely to attempt to scale its most recent all-time high.
Meanwhile, Veteran trader Peter Brandt has pointed out that Bitcoin is in the middle of yet another parabolic advance. This is the third one in this decade, a feat previously unheard of.
Compared to bitcoin, ethereum seems stuck. Yesterday it traded above $1800 but was not able to scale past $1,840 and began a decline. It fell below $1,800 and traded at the $1,730 level before the bulls took charge.
It seems to be facing strong resistance at the $1,800 and the $1,850 level. As of the time of this report, it is trading above $1,820.
What are altcoin price levels today
XRP ailed to clear the USD 0.585 resistance and started a fresh decline. It is now trading below the USD 0.550 and USD 0.532 support levels. If the bulls fail to protect the USD 0.500 support, there is a risk of a steady decline towards the USD 0.465 support zone.
Litecoin seems to be still gaining. The altcoin has seen an increase since yesterday. It has also seen a new high at $231, although it looks primed to keep going higher. As of the time of this report, it is trading at $229.
After its recent rally, Bitcoin cash seems to be consolidating gains. It is currently trading above $710.
In conclusion, the bullish turn of the bitcoin seems to have affected some of the altcoins as well. BTC also appears to be hearing for more gains. We could see another ATH this week.
