Bitcoin and Altcoins In Downtrend Despite Recent Bounce
Bitcoin price failed to gain strength above the key USD 10,500 resistance. Ethereum is trading below USD 200 and ripple price is struggling to continue higher. WAN rallied more than 20%, whereas ABBC declined around 15% today.
This past week, there were mostly bearish moves in bitcoin price below the USD 10,500 and USD 10,200 levels. BTC/USD even revisited the USD 9,750 support area and it recently started an upside correction. The price surged above USD 10,200 and USD 10,300, but the main resistance near the USD 10,500 level acted as a strong resistance. Similarly, there was an upside correction in many altcoins, including ethereum, ripple, EOS, litecoin, binance coin, bitcoin cash and stellar. However, ETH/USD is still trading (08:00 UTC) well below the USD 200 resistance and XRP/USD is struggling to continue higher above USD 0.285 and USD 0.292. Overall, bitcoin must settle above USD 10,500 and gain momentum above USD 10,800 to move into an uptrend. If not, there could be a fresh decrease below USD 10,000 this week.
Total market capitalization
Recently, bitcoin price corrected above the USD 10,000 and USD 10,200 resistance levels. BTC/USD even climbed above the USD 10,400 level. However, the bulls struggled above the USD 10,500 level. As a result, the price trimmed recent gains and is currently trading near the USD 10,300 level. An immediate support is near the USD 10,200 level, followed by the main weekly supports near USD 10,000 and USD 9,750.
On the upside, the main weekly resistances are at USD 10,500 and USD 10,800, above which the price is likely to move into an uptrend towards the USD 11,200 and USD 11,500 levels.
Ethereum price also spiked higher recently above the USD 190 and USD 192 levels. However, the ETH/USD pair struggled to continue above the USD 195 resistance. Moreover, the price remained well below the key USD 200 resistance area.
If the price continues to struggle below the USD 195 and USD 200 resistance levels, there could be a sharp bearish wave below the main USD 180 and USD 175 weekly supports.
Bitcoin cash, eos and ripple price
Bitcoin cash price settled above the USD 300 level and climbed above USD 310. However, BCH/USD is still struggling to surpass the USD 320 resistance. As long as the price is below USD 320, it could resume its decline below USD 305 and USD 300 in the near term.
EOS is holding the USD 3.500 support level, but facing many hurdles on the upside near USD 3.650 and USD 3.700. The main weekly resistance is near USD 3.800, above which the price could recover towards the USD 4.000 and USD 4.200 resistances.
Ripple price is still trading in a bearish zone below the USD 0.285 and USD 0.292 resistance levels. On the downside, the main support is near the USD 0.260 level, below which the bears are likely to aim the USD 0.242 and USD 0.235 levels in the coming days.
Other altcoins market today
In the past three sessions, a few small cap altcoins climbed higher, including WAN, SNX, SOLVE, ZEC, BCN, QNT and GNT. Conversely, ABBC, EGT, FCT, ENJ, DOGE, BAT and REN declined more than 5% in the past few hours.
Overall, compared to this past weekend, bitcoin price is currently recovering, but it is still trading well below the USD 10,500 and USD 10,800 resistance levels. To start a strong upward move, BTC/USD must settle above USD 10,500 and USD 10,800. If not, it could resume its decline below USD 10,000.