Let's get a view of what's going on in the cryptocurrency market at the moment now, like bitcoin and ethereum rates, and also the prices of some of the more common altcoins.
Bitcoin News
It was a bloody weekend for the price action of most currencies. The foremost cryptocurrency experienced a massive correction, and many feared it would drop as low as the $30,000 range. It experienced a downside break below $48,000 and even prolonged its decline to dip below the $45,000 support level. It tested the support at the $43,000 zone.
The price began a higher recovery towards the $47,000 resistance and the 100 hourly simple moving average. It scaled the $47,000 level and is currently trading above $48,000. To go on a sharp increase, the bulls must scale the 100 hourly SMA and then $48,000. The next crucial resistance could be $50,000, above which the bulls are likely to gain strength.
Ethereum News
Like bitcoin, ethereum has had a massively bloody weekend. It remained in a bearish zone below the $1,500 level after its decline. It even continued its drop below the $1,450 and $1,400 support levels.
It tested the $1,300 support zone and recently started an upside correction. There was a break above the $1,380 and $1,400 resistance levels.
It then started a new increase. However, the road upwards wasn't an easy one as it experienced many breaks and dips along the way. Sellers continued to take profit as it rose, sending it down a few times.
A crucial bearish trend line formed with resistance close to $1,480 on the hourly chart of ETH/USD.
But it was able to clear the $1,500 zone, which opened the doors for a decent recovery. It is currently trading at $1,535. The next significant resistance sits near the $1,580 level.
Other altcoin news
Let's go over more altcoins.
1. Bitcoin Cash
Bitcoin Cash began the day in an increase. Its lowest point was at $462. It started a rise shortly after that and peaked at $488 before undergoing a minor correction. It is currently still trading above $480.
2. Ripple
Ripple began the day in a slight increase. Its highest peak was above $0.430. Its intraday low level was below $0.420. It is still trading above $0.430.
3. Litecoin
LTC reached an intraday decline of $163 before beginning an increase. It hit its peak at $172 and is still increasing.
