Bitcoin and Altcoins At Risk of Breakdown
- Bitcoin price is struggling to break the USD 3,450 and USD 3,500 resistances.
- Ethereum and ripple are finding it hard to gain bullish momentum.
- Bitcoin private and PAY gained more than 10% today.
The past few sessions were mostly neutral for bitcoin as it continues to trade in a range with a bearish angle below USD 3,450. BTC/USD is struggling to rebound, which might result in a strong bearish reaction below USD 3,350 or USD 3,300 in the coming sessions. Similarly, ethereum price failed to surpass the USD 95 and USD 100 resistance levels on a couple of occasions. Ripple price is stuck just above USD 0.300 and below USD 0.310. Therefore, bitcoin and altcoins could either start a decent rebound soon or they might breakdown to new yearly lows.
Total market capitalization
There were mostly range moves below the USD 3,450 resistance level in bitcoin price . BTC/USD seems to be struggling (UTC 08:20 AM) near the USD 3,450 and USD 3,500 resistances. A successful close above the USD 3,500 barrier could clear the path for buyers to take control in the near term.
If buyers continue to fail near the USD 3,450 and USD 3,500 resistances, there could be a strong bearish reaction. A break below the USD 3,350 level may perhaps accelerate losses towards the USD 3,300 or USD 3,220 levels.
Ethereum price failed recently near the USD 91 level and declined below USD 90. ETH/USD is currently consolidating just above USD 88, with resistances near the USD 91, USD 94, USD 96 and USD 98 levels.
If there is no break above the stated levels and USD 100, the price might decline to USD 80 or even USD 75. A break above USD 100 could improve the market sentiment in favor of buyers.
Bitcoin cash and ripple price
Bitcoin cash price extended declines below the USD 98 support level. BCH/USD is down more than 1% and it is currently near USD 95. The main support is at USD 92, followed by USD 90. BCHSV is down around 5% and it is currently trading near the USD 85 support. If the price continues to slide, there could be a test of USD 80.
Ripple price remained confined in a tight range above the USD 0.300 support. XRP/USD must surpass the USD 0.308 and USD 0.310 resistance levels to gain bullish momentum. If not, the price may drop significantly to USD 0.280 or USD 265.
Other altcoins market today
During the past few hours, a few small cap altcoins gained bullish momentum and jumped more than 10%, including BTCP, PAY, DEX, QTUM and WAVES. Out of these, BTCP rallied around 14% and PAY climbed close to 13%.
The current price action is slightly bearish for bitcoin below USD 3,450. If BTC/USD continues to struggle, there is a high possibility of a breakdown below USD 3,350 and USD 3,300 in the near term. Conversely, if there is an upside break above USD 3,450 and USD 3,500, bitcoin and altcoins such as ethereum, ripple, eos and litecoin may stage a solid comeback.