Bitcoin Might Attain $8,000 Level
In accordance with the price analysis, the various coins were involved in a short upside trend just before initiating a downside. Recent news suggests that Bitcoin might be involved in hitting the $8,000 price level and below due to the three week low. Thailand additionally commenced the crypto regulation. In other news, the global Blockchain leader just resigned in order to join a start-up based in Blockchain. Finally, the Venezuelan cryptocurrency has been growing and this is due to a Russian Bank.
Therefore, these are the current cryptocurrency prices from the price analysis.
According to the analysis from the last few days, Bitcoin seems to have adopted a bearish trend. Some days ago, Bitcoin was comfortably trading above the $9,000 price level. This did not last long as the bearish trend initiated. From 11th May, it dropped below the $9,000 level and currently trades at the $8,550 price level.
A report has suggested that Bitcoin might see the $8,000 price level due to the current market state. Upon dropping below the $8,300 price level, the $8,000 level is possible. On the upside, an improvement might place the cryptocurrency in the $8,800 levels.
Support level: $8,300
Resistance level: $8,800
Ethereum was also subjected to a downside for some days. On May 12, it was trading at the lowest levels just before initiating an upside to the $734 levels. Ethereum has been trying to stabilize through upsides and downsides from this week’s start. This has placed it currently at the $714 price level.
Once Ethereum stabilizes, it might be involved in purchases and this might push the prices towards the $750 price level. On the downside, dropping significantly to the $700 price level might attract losses.
Support level: $700
Resistance level: $750
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Bitcoin Cash BCH
BCH Bitcoin cash has been involved in a downside continuously from last week. The cryptocurrency attained its lows on 12th may. However, as it was trying to recover this week, it has further dropped significantly to the $1,361 price level. This indicates a bearish trend in Bitcoin cash.
It seems Bitcoin cash is trying to stabilize according to the market forces. When the bearish trend is complete, we should expect Bitcoin cash to rally significantly to the $1,400 price level. On the downside, dropping below the $1,320 price level might attract more losses.
Support level: $1,320
Resistance level: $1,400
Ripple has also been experiencing upsides and downsides for some days now. Last week, the cryptocurrency was involved in a downside until May 12 when it started an upside recovery. However, upon reaching the $0.73 price level, Ripple has dropped again significantly to the $0.70 price level.
In case the correction and the downside come to an end, we expect Ripple to rally to the $0.75 price level. On the downside, dropping below the $0.69 level might attract losses.
Therefore, we do not recommend any trade to take place currently.
Support level: $0.69
Resistance level: $0.75
From the price analysis, it appears that the major cryptocurrencies have not yet recovered properly. However, we anticipate significant rallying once the correction and the downside are over as depicted in the price analysis.
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