The price of Bitcoin has remained relatively stable for several days, below 58,000 USD. However, during this time, the quotations of selected Altcoins increased noticeably. Only in the last nine days, the price of ETH has increased by, for example, almost 60%. All this made Bitcoin’s share in the entire cryptocurrency market drop below 50%. It is noteworthy that this is the first time since August 2018. It is also worth noting that in the past, this decline heralded the beginning of the Altseason.
Looking at the Bitcoin prices, we notice that the price of the oldest virtual currencies has recently increased to around 59,000 USD, where there was a significant supply reaction.
As a result of the subsequent depreciation, the BTC rate has dropped to local support of 55,500 USD. If only this zone is rejected, Bitcoin’s price could increase up to 65,000 USD.
However, considering that no significant demand response has occurred in this support area, one cannot rule out that it will overcome the currently tested zone. If that happened, the BTC price could drop to 52,500 USD.
The current situation on the Polkadot quotations is quite similar, the rate of which has recently increased to technical resistance of 38.5 USD, where the first supply reaction appeared yesterday.
If only this zone is permanently rejected, the DOT quotes could slide down to the level of 29 USD.
When looking at the 4-hour timeframe, there are two reasonably significant support levels of 35.3 USD and 32.3 USD on the way to these declines. So it means that the potential depreciation does not have to be that deep.
The current situation on the Ethereum quotes looks quite different, the price of which has increased by almost 60% over the last nine days. Such a significant appreciation meant that ETH exceeded another psychological barrier of 3,000 USD and hit the highest level ever.
The current trend is an upward trend, and it may also continue in the near future. Nevertheless, given that this market has never been higher, it is technically impossible to pinpoint the potential range for further gains.
However, it is worth noting that if there is a more significant supply response in the market, a potential correction could lead to a drop in the ETH price to the area of the recently defeated resistance (now support), i.e. even to 2,550 USD. Historically this market always checked out, fulfilling the principle of changing opposites. Therefore, every level that until now was tested as a resistance (from below), after being broken, should be tested as a support (from above).
Looking at Doge’s quotes, we can see that its rate recently broke above technical resistance of 0.415 USD. It is also worth noting that this level was already tested from the other side (from the top — as support). Furthermore, yesterday’s demand response signalled a permanent rejection of this zone so that we could expect further Doge price increases in the near future.
More comments on the cryptocurrencies described above and an analysis of several more can be found in the market review from Geco.one on Comparic Markets TV
