The crypto market had a bullish outlook last week as it experienced a significant increase in the total market cap.
With different cryptocurrencies experiencing significant hikes in price, it’s no surprise that the total market cap increased significantly. However, there was a pullback over the weekend which left the total market cap of cryptocurrencies at $430 billion.
Technical Analysis for Bitcoin (BTC)
Bitcoin, the largest cryptocurrency in the market was able to move up as high as $10,000. However, it fell to $9990.
Short term, the next resistance level will be $10,000, but if Bitcoin can break that level, it will progress into the red resistance area.
Technical Analysis for Ethereum (ETH)
For a while now, Ether has been soaring through resistance levels. This week, Ether sits on the breached resistance level which now serves as a support level. The price action in the coming weeks will determine if it will bounce off that area.
Technical Analysis for Litecoin (LTC)
The chart for Litecoin this week is similar to last week’s chart. LTC tasted a local resistance level. However, it turned away shortly after. Litecoin is on the verge of exiting the cloud. The price action in the coming weeks will show how strong the cloud break will be.
Technical Analysis For Bitcoin Cash (BCH)
Bitcoin Cash had a 35% increase over the last few weeks. It is moving toward a new resistance level, and it will require a breakout to see an increase.
Technical Analysis of Ripple (XRP)
Ripple has gotten to a local support level of $.45-$.55. Irrespective of the lawsuit it was slammed with a few days ago, Ripple managed to hit $.85 cents.
Although all the coins above showed promise over the past weeks, they all show some signs of bearish divergence. A bearish divergence happens when an oscillator is making lower highs, and the price is making higher highs.
The next few trading sessions will help traders determine what next week’s trading will look like.