Bitcoin and Altcoins Facing Tough Resistances
- - Bitcoin price found support near USD 3,600 after a nasty decline.
- - Ethereum price almost test the USD 100 handle before correcting higher.
- - SRN, ETP and VERI rallied more than 30% today.
Recently, there was a sharp downward move in bitcoin below the USD 4,500 and USD 4,000 support levels. BTC/USD even broke the USD 3,820 support and traded close to the USD 3,600 support. Later, the price recovered more than 5% and traded above the USD 4,000. Similarly, ethereum declined sharply towards the USD 100 handle. Later, the price corrected higher and moved above USD 115. Ripple price also recovered and traded above the USD 0.350 resistance. However, bitcoin and altcoins are now facing tough resistances and it seems like further gains won’t be easy.
Total market capitalization
After clearing the USD 4,000 support, bitcoin price tumbled towards the USD 3,600 support. BTC/USD traded near the USD 3,650 level and later started a decent upside correction. It recovered above the USD 3,820 and USD 4,000 resistance levels.
The price is currently (UTC 08:30 AM) up around 5%, but it is facing a tough resistance near the USD 4,100 - USD 4,200 zone, which was a support earlier. If buyers need to gain bullish momentum, they need to push the price above USD 4,200 and USD 4,250. On the flip side, a downside break below USD 4,000 and USD 3,820 could push the price towards USD 3,600.
Ethereum price declined sharply below the USD 120, USD 118 and USD 112 support levels. ETH/USD traded close to the USD 100 support level and later started a decent recovery.
The price climbed around 5% and it is currently trading above USD 115. On the upside, the previous supports at USD 120 and USD 125 are acting as major barriers for buyers. Above USD 125, the price could climb towards the next weekly resistance at USD 150.
Bitcoin cash and ripple price
Bitcoin cash ABC settled below the USD 200 support. It traded close to the USD 150 level and later recovered. More importantly, bitcoin cash SV gained traction recently as it climbed more than 60%. BCHSV is currently trading above USD 110 and it could continue to move higher towards the USD 120 level.
Ripple price declined below the USD 0.365 and USD 0.350 support levels. XRP/USD found support near USD 0.328 and later recovered above the USD 0.350 level. On the upside, the main weekly barriers for buyers are at USD 0.400 and USD 0.425.
Other altcoins market today
Many altcoins recovered more than 15% today, including SRN, ETP, VERI, MONA, POLY, RVN, FCT, XTZ, ARK, ARDR and NEXO. Out of these, SRN rallied around 70% and ETP gained roughly 33%.
Overall, the recent bitcoin’s decline below USD 4,000 was scary for investors. BTC/USD is currently recovering, but buyers need to gain strength above the USD 4,100, USD 4,200 and USD 4,400 weekly barriers to stage a solid rebound in the coming days. If buyers fail, there could be a fresh decline in bitcoin and altcoins in the near term.