Bitcoin And Altcoins Continue To Fail Near Major Hurdles
Bitcoin price failed to clear the USD 9,550 resistance and corrected lower. Ethereum is still above USD 230, but XRP is struggling to stay above the USD 0.190 support. SwissBorg (CHSB) rallied more than 20% and SEELE is up close to 10% today.
Yesterday, bitcoin made another attempt to climb above the USD 9,550 resistance zone. However, BTC failed to continue higher and recently started a slow decrease. It is currently (08:30 UTC) trading well below USD 9,500 and it might continue to move down towards USD 9,300.
Similarly, most major altcoins saw an increase in selling pressure, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is holding the USD 230 support but faces hurdles near USD 235 and USD 240. XRP/USD is declining steadily and it seems like the bears are aiming a downside break below the USD 0.190 support.
Total market capitalization
After another rejection near USD 9,550, bitcoin price started a slow and steady decrease. BTC traded below the USD 9,500 level and it is approaching the USD 9,400 level. If there is a break below USD 9,400, the price could continue to move down towards the USD 9,300 level. The main support is now forming near the USD 9,250 level.
On the upside, an initial resistance is near the USD 9,500 level. The main resistance is still near USD 9,550, above which the price might start a strong increase.
Ethereum price is still holding ground above the USD 230 support. Having said that, ETH must surpass the USD 235 and USD 240 resistance levels to start a steady rise. The next major resistance is near the USD 250 level.
If the bulls continue to struggle, there is a risk of a fresh decline below USD 230, similar to bitcoin. The main support is now forming near USD 220.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is consolidating near the USD 240 level. It seems like BCH might slide back towards the USD 230 support area. The next key support is near the USD 220 level. Conversely, the price might settle above USD 242 and it could grind higher towards the USD 250 and USD 255 resistance levels.
Litecoin settled above the USD 43.20 level, but it is struggling to clear the USD 44.50 and USD 45.00 levels. If the bulls succeed, the price could rise steadily towards the USD 48.00 level. If not, there is a risk of another drop towards the USD 42.20 support. The main breakdown support is still near the USD 40.00 level.
XRP price is consolidating near the USD 0.192 level and it seems to be struggling to stay above the USD 0.190 support. If the bears succeed, the price could continue to move down towards USD 0.182 and USD 0.180. On the upside, there are many hurdles near the USD 0.195, USD 0.198 and USD 0.200 levels.
Other altcoins market today
In the past three sessions, a few small altcoins gained more than 5%, including CHSB, SEELE, LEND, STX, HBAR, NANO, ALGO, ABBC, SC and ICX. Conversely, FXC trimmed its rally by more than 30% and ZIL is down close to 10%.
Overall, bitcoin price is facing a minor increase in selling pressure below USD 9,500. To start a steady increase, BTC must settle above the USD 9,550 level. If not, there are chances of a fresh decrease towards USD 9,300 and USD 9,250.