The cryptocurrency market hasn’t been at its best this week with Bitcoin falling below a crucial support level of $8,000.
Price Analysis for Ethereum (ETH)
After dipping as low as $650, Ether managed to recover to $720. The next challenge it will face will be the $820 local high. The apparent support is at $355 while the local support is at $650. Ether is still holding firm above the local support levels and has moved above the Kijun-Sen and Tenkan-Sen toward $820.
Price Analysis Bitcoin Cash (BCH)
Bitcoin Cash earned the biggest gainer a few weeks ago but has since fallen from a high of $1,800 to a low of $1,150. It is currently trading at $1,300. This dip in price may be related to the Bitcoin Cash hard fork from may 15th. Although the price is recovering, it may face a barrier at the $1320 level.
Price Analysis for Bitcoin (BTC)
After hitting a $7940 low this week, Bitcoin managed to recover to around $8,500. It is now holding the $8,000 local support level remarkably well as few people are willing to sell at that price. The trading volume is on the low side and has been on a downtrend since February.
Price Analysis for Ripple (XRP)
Ripple managed to reach $0.92 but fell as low as $0.63 although it is currently trading at $0.70. The price resistance starts near its local high, and it is moving sideways above its local support levels. Currently, Ripple is trading above the Tenkan-Sens and outside the cloud. It is near a flat bullish cloud. Ripple may retest the bullish cloud again soon. Also, a bearish cloud is forming to support the downtrend.
Price Analysis for Litecoin (LTC)
Litecoin bounced off the cloud support and fell to $128 holding a support level of $110. The next major hurdle is around $180.
Hopefully, this week will be more promising for the cryptocurrency market. Traders need to wait and see.