Bitcoin and Altcoins Consolidate Below Key Resistances
Bitcoin price is consolidating and facing hurdles near USD 8,250. Ethereum is struggling to clear USD 180, XRP is back below USD 0.250. KMD and EKT are down more than 10% today.
In the past few sessions, there were mostly range moves above the USD 8,000 support. BTC/USD made an attempt to climb above the USD 8,200 and USD 8,250 resistance levels, but it failed. It is currently (09:00 UTC) consolidating and remains at a risk of more losses below USD 8,000.
Likewise, many major altcoins struggled to recover and remained in a bearish zone, including ethereum, XRP, bitcoin cash, litecoin, EOS, BSV, ADA, TRX and XLM. ETH/USD is still trading below the USD 178 and USD 180 resistance levels. Besides, XRP/USD struggled to stay above USD 0.250 and it is now trading lower towards the USD 0.245 support area.
Total market capitalization
Recently, bitcoin price started a short term upside correction from the USD 8,000 support. BTC/USD climbed above USD 8,120, but it failed to surpass the USD 8,200 and USD 8,250 resistance levels. It is now trading in a range above USD 8,000 and it seems like the bears are eyeing another downside break.
The next support is near the USD 7,850 level. On the upside, the price must move above the USD 8,250 resistance to start recovering towards the USD 8,500 and USD 8,650 levels.
Ethereum price settled below the USD 180 pivot level and tested the USD 172 support. ETH/USD is currently trading near USD 175 and facing a strong resistance near the USD 178 and USD 180 levels.
On the downside, the price could extend its decline if it breaks the USD 172 and USD 170 levels. The next major support is seen near the USD 164 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price declined below the USD 250 support and tested the USD 235 level. BCH/USD is currently consolidating losses above USD 240 and it is facing resistance near USD 250. The main support is near USD 235, below which it could test the USD 220 support area. On the upside, a break above USD 250 might lead the price towards USD 265.
Litecoin is down more than 3% today and it even broke the USD 55.50 support area. LTC/USD is trading near USD 53.80 and it seems like the price could continue to move down towards the USD 51.20 and USD 50.50 support levels. To start an upside correction, the price must surpass USD 55.50.
XRP price failed to settle above the USD 0.250 support area. XRP/USD is currently declining and trading near the USD 0.248 level. The next major support is near the USD 0.245 level, below which it could revisit the USD 0.242 support. On the upside, the bulls are facing resistance near USD 0.250 and USD 0.252.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins declined and weakened more than 5%, including KMD, EKT, BCN, CRPT, THETA, BAT, VET, BTT, DOGE, XVG and ZRX. Out of these, KMD is down more than 12% and EKT declined close to 11%.
Overall, bitcoin is struggling to start a convincing upside correction and facing hurdles near USD 8,200 and USD 8,250. Therefore, there is a risk of further declines in BTC and major altcoins in the near term.