- Bitcoin has now seen a 5.2% price increase over the past 7-days as it trades above $9,145
- Ethereum has seen a 6% price increase this past week as it breaks above $235.
- Ripple saw a 3% price and broke above $0.24.
The entire market capitalization for the industry increased by over $20 billion this week after rebounding from the $240 billion level to reach the current value at $260 billion. Bitcoin still remains the dominant cryptocurrency but it is still helping other cryptocurrencies to rise.
Following is an overview of Bitcoin, Ethereum, and Ripple price analysis.
BTC/USD – Daily CHART – SHORT TERM
Bitcoin saw a 5.23% price increase over the past 7-days after meeting support at $8,461 which is provided by the downside 1.618 Fibonacci Extension level. It went on to rebound from here as it managed to break above $8,750, $8,900, and $9,000 to reach the current trading price of $9,152.
Short term prediction: NEUTRAL
Bitcoin remains neutral and will need to break above $10,000 before we can even consider it to be bullish. If it drops beneath $8,461 it would turn bearish.
Toward the upside, resistance lies at $9,270, $9,506, $9700, $9,741, and $10,000.
On the other hand, if the sellers step in and push lower, support lies at $9,000, $8,798, $8,750, $8,672, $8,500, and $8,461.
The RSI has now returned to the 50 level which shows that the buyers are trying to regain momentum within the market. However, it also shows that there is indecision between the bulls and the bears.
ETH/USD – Daily CHART – SHORT TERM
Ethereum saw a 6.2% price increase over the past 7-days of trading as it rebounds from support at $217 which is provided by the downside 1.414 Fibonacci Extension level. It has since increased to break back above $220 and managed to climb above resistance at $228 which is provided by the short term bearish…