Bitcoin and Ethereum Are Trying to Hold Ground
Bitcoin price dropped below the USD 9,000 support before recovering to USD 9,050. Ethereum declined sharply by more than USD 50 before finding a strong support near USD 625. Bitcoin Private is gaining traction and is currently up 32% to USD 42.00.
The past three sessions were mostly bearish as there was a downside reaction in bitcoin, ethereum and a few other major cryptocurrencies. Small cap altcoins also faced a fresh round of profit booking, resulting in losses. However, prices recovered during the past few hours (GMT 9:30 AM) and the crypto market is currently showing positive signs.
Bitcoin price failed to hold the USD 9,000 support and dropped towards USD 8,800. BTC/USD declined roughly USD 400 before an upward correction. The price is currently down 1.2% to USD 9,050, with resistances on the upside at USD 9,200 and USD 9,250.
On the downside, the price must stay above the USD 9,000 level. An hourly close below the stated support could increase bearish pressures on bitcoin in the near term. The next major support is at USD 8,600.
The current price action is showing recovery signs, but a push above USD 9,250 is required to decrease selling pressure.
Ethereum declined sharply and traded close to the USD 600 level. ETH/USD dropped around USD 50 before buyers appeared near USD 625. The price recovered nicely and is currently down 1.3% to USD 670.
It seems like ETH/USD is facing a key resistance around USD 685 and USD 690. A successful close above the mentioned resistances could clear the path for more gains above USD 700.
Bitcoin Cash and Ripple
Bitcoin cash is losing momentum below USD 1,350. BCH/USD could not overcome selling pressure near USD 1,400 and declined. It is currently down 4.4% to USD 1,325 with an immediate support at USD 1,300. On the upside, resistances are seen at USD 1,350, USD 1,380 and USD 1,400.
Ripple was stable and held the USD 0.82 support level. XRP/USD must move above the USD 0.85 resistance to avoid a retest of USD 0.80. Above USD 0.85, the price may perhaps test the USD 0.90 resistance.
Other Altcoins Market Today
Today, Bitcoin Private gained more than 30% and surged above USD 40. A major cryptocurrency exchange, HitBTC is listing BTCP, which boosted the market sentiment and increased buying interest. It may continue to rise in the near term towards a key barrier at USD 50.
To sum up, prices have recovered substantially, but bitcoin has to gain upside momentum to overcome bearish pressure in the short term.