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So, are you ready to see how Bitcoin and other cryptocurrencies end last week with an upward run? Bitcoin is the crypto industry’s biggest digital currency and the bell weather for assessing the current market conditions. After dipping below the $3600 threshold a few weeks back, it tested the $4000 level late last week before retreating closer to $3,900.
Heading into this week’s trading, investors are still looking for a few encouraging signs that Bitcoin can cross that important $4,000 threshold over the next few days of market activity. According to a post on ArmyOfBitcoin.com Bitcoin’s (BTC) slightly upward tick last week also led to increases in value for Ethereum (ETH) and Ripple (XRP) as two of the next largest cryptocurrencies. All three will be carefully monitored in the market to see if they can keep trading over key supports. ETH traded above $135 and $145 before falling back below the $145 level. Ripple’s modest gains tested $0.32, but it also retreated to a support level of $0.31.
Most of Bitcoin’s trading hinges on which resistance level it can sustain. The bulls continue to point to $4,050 on the high side while bears see that level holding steady at $3,900. Every crypto investor is mainly looking for a certain level of stability in what has been a highly unstable market going back to the first few months of 2018. The value of ETH is also stuck in a familiar trading pattern with the top level resistance at $140 for bulls and down to $130 for the bears. It did test the $145 level, but that is not seen as sustainable in recent trading.
Bitcoin Cash (BCH) is also factored into the equation when it comes to assessing the crypto market as a whole. Last week’s trading values pushed the $148 resistance level all the way to $165 before making a slight retreat. It appears to have settled into the range between $150 and $155.
One good sign across all of these digital currencies is a better sense of consistency in recent trading sessions. Resistance levels continue to be pushed upwards with smaller retreats. If that trading pattern can persist over the second half of the month, it could signal a certain level of stability that would help calm investor’s concerns.
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