Bitcoin and Altcoins at Continued Risk of Weakness
Bitcoin price recovered recently, but failed to surpass key resistances and declined again. Ethereum is trading below USD 185 and ripple price is down below USD 0.265. JCT, NEX, REN and CCX gained more than 10% today.
After a strong decline, bitcoin price recovered above the USD 10,000 resistance level. BTC/USD even traded above USD 10,150, but it struggled to gain strength above USD 10,350 and USD 10,400. As a result, the bears took back control and pushed the price back below the USD 10,000 support level. Similarly, upsides were capped in major altcoins, including ethereum, ripple, litecoin, EOS, XLM, BNB, bitcoin cash, ADA and TRX. ETH/USD is trading (08:10 UTC) below the USD 185 and USD 190 resistances, and XRP/USD is under a lot of pressure below USD 0.265 and USD 0.280.
Total market capitalization
The recent recovery in bitcoin price struggled to continue above USD 10,350 and momentum faded above USD 10,200. BTC/USD started a fresh decrease and traded below the USD 10,100 and USD 10,000 support levels. The price is now trading below USD 10,000, with an immediate support near the USD 9,920 level.
The main support on the downside is at USD 9,800, below which the price is likely to revisit the USD 9,500 support area. On the upside, an initial hurdle is near the USD 10,150 level. If the price recovers above USD 10,150, it could continue to rise towards the USD 10,350 level.
Ethereum price failed to correct above the USD 190 and USD 192 resistance levels. ETH/USD declined again and is now trading below the USD 185 level. The key support is near the USD 175 level, below which there is a risk of a major drop to USD 162.
On the upside, the USD 185 level might act as an initial hurdle. The main resistance is now near USD 190, above which the price could correct higher towards the USD 200 barrier.
Bitcoin cash, eos and ripple price
Bitcoin cash price remained below the key USD 320 resistance and is currently approaching the USD 305 and USD 300 support levels. If BCH/USD breaks the USD 300 support area, there is a risk of a strong drop towards the USD 280 and USD 275 support levels.
EOS is under a lot of pressure below the USD 4.000 and USD 3.850 support levels. The price is trading below USD 3.650 and it remains at a risk of more downsides below the USD 3.500 and USD 3.450 support levels. The next major support is now near the USD 3.250 level.
Ripple price is currently trading in a major downtrend below the USD 0.285 and USD 0.272 resistance levels. Therefore, XRP/USD might continue to slide towards the USD 0.250 support. If there is a break below USD 0.250, the price could accelerate losses towards the USD 0.235 and USD 0.221 support levels.
Other altcoins market today
Despite bearish moves in bitcoin and ethereum, a few small cap altcoins recovered and gained more than 6%, including JCT, NEX, REN, CCCX, XMX, ZRX, VSYS, WTC and MAID. Out of these, JCT is up around 14% and NEX gained nearly 13%.
To sum up, bitcoin price is struggling to recover above the key USD 10,200 and USD 10,350 resistance levels. As long as there is no close above USD 10,400, there is a risk of more downsides below USD 9,800 in the coming sessions.