Bitcoin (BTC), Ethereum (ETH) and VeChain (VEN) Price Analysis: Cryptocurrencies Breaking Barriers for Higher Corrections

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Bitcoin (BTC) price is holding ground above $9,300, although upside movements have been limited below $9,400. BTC/USD proved its strength above $9,000 during the bear momentum that swept across the cryptocurrency market yesterday. The market has been bullish since the beginning of April, Bitcoin almost breached the major long-term resistance level at $10,000.

Cryptocurrencies have been receiving mixed messages from the Wall Street big player companies, for instance, Nasdaq said that it would consider launching a crypto exchange if regulations are ironed out. At the same time, Goldman Sachs recently announced plans to open a Bitcoin trading unit. Significantly, New York Stock Exchange parent company is also working on a platform that could help customers buy and hold Bitcoin.

All these positive sentiments in away affect the demand for Bitcoin (BTC) in the market which also affects the price as well as the trading volume. Bitcoin price is yearning for a support to retrace towards the coveted $10,000 mark. In the meantime, it is trading at $9,330, while it is up slightly by 0.50%. The 100 SMA is providing immediate support on the downside close to $9,300. BTC/USD must clear the resistance at $9,380, before attacking $9,400, but the buyers are eyeing $9,500. The MACD on the one hour chart is in the positive levels (31.8 mark) besides, the gap between the moving averages is reducing to signal that BTC/USD will consolidate higher.

Ethereum Price Analysis

Ethereum (ETH) price is trading within a contracting triangle on the 1-hour chart but the upside has been capped at $770. The price is sitting squarely above $750, besides, it is up 1.70% in the last 24 hours. After yesterday’s declines below $720, the price bounced attacking key resistance levels at $730, $740 as well as $760.

The attempts to break above the descending trend line of the triangle pattern have been hindered by growing selling pressure. The bulls are looking forward to $780, however, $770 is a major hurdle to the upside. ETH/USD is trading above the Simple Moving Averages, while the gap between the 50 SMA and the 100 SMA is reducing to signal that an upside break is in the horizon and Ethereum (ETH) price could revisit $780 on the journey to $800. A short-term support has been formed at $750, the other support areas include $740 and $730 respectively.

VeChain Price Analysis

VeChain (VEN) price is among the biggest gainers in the top twenty cryptocurrencies by market capitalization list. VEN/USD is surging by 7.38% and trading above $5.300. The upside movement was initiated above $4.90 which opened the gate to higher corrections breaching the resistance at $5.00, $5.300 and even traded briefly above $5.400.

VEN/USD is currently trading at $5.33, the bulls are eyeing the major resistance at $5.00, but they must overcome the immediate resistance at $5.4. The RSI on the 15’ timeframe chart is above the 50 mark, however, it is pointing north to signal that VeChain price will continue to correct higher in the short-term. The immediate support is at $5.300, although there are several support areas on the downside; lined at $5.100 and $5.00 respectively.




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