Bitcoin and Altcoins Facing Significant Resistance
- Bitcoin price broke the USD 6,000 hurdle and is currently facing resistance near USD 6,250.
- Ethereum price is struggling to move above the USD 460 - USD 470 resistance zone.
- THETA, Cortex and Populous post more than 20% gains today.
The past few sessions were mostly positive considering bitcoin price moved above the USD 5,750 resistance. BTC/USD even crawled above the USD 6,000 pivot level to move into a short-term uptrend. However, it is facing a significant resistance near USD 6,250 - USD 6,300. Similarly, major altcoins like Ethereum posted intraday gains, but they failed to gain momentum above crucial resistances. Going forward, the market must gain traction to break important barriers and accelerate upsides.
Bitcoin price is currently (GMT 08:40 AM) trading flat near the USD 6,200 level with an immediate resistance at USD 6,250. However, the most important resistance awaits near USD 6,300. Above this last, BTC/USD will most likely stage further recoveries above USD 6,500.
On the flip side, if the price fails to move above USD 6,300, there could be a retest of USD 6,000. Any further declines could push the price back in a downtrend.
Ethereum price tested the USD 465 - USD 470 resistance zone and faced a strong selling interest. ETH/USD moved down and is currently trading above the USD 450 support.
Should there be a downside break below USD 450, the price may perhaps decline back towards the USD 420 low. To the topside, resistances are seen at USD 465, USD 470 and USD 480.
Bitcoin Cash and Ripple
Bitcoin cash price recovered above the USD 750 level and tested the USD 780 resistance. BCH/USD failed to move above USD 780 and declined back towards USD 740. An immediate support is at USD 725, followed by the all-important USD 700.
Ripple price also tested a crucial resistance near USD 0.50, which was a support earlier. XRP/USD failed to gain traction above USD 0.50 and is currently trading above the USD 0.4750 support. Supports on the downside are at USD 0.46 and USD 0.45.
Other Altcoins Market Today
Many small cap altcoins jumped during the past two sessions. A few coins like THETA, Cortex and Populous gained heavy traction and traded higher between 20%-25%. GNT and CENNZ also posted decent gains today and climbed by 13% and 9% respectively.
Overall, there are a few positive signs on charts, but bitcoin price must break the USD 6,300 resistance to extend the current upside. Otherwise, there is a risk of a downside break below USD 6,000 in the near term.