Bitcoin and Altcoins Market Weekly Outlook: Recovery Underway
- Bitcoin price has started an upward recovery after declining to USD 7,320 this past week.
- Altcoins such as Ethereum, bitcoin cash, ripple and Neo are also recovering after a nasty decline.
- Many coins such as Status, Electroneum, Nucleus Vision and QTUM
This past week was mostly bearish since all major cryptocurrencies such as bitcoin, Ethereum, bitcoin cash, ripple, litecoin, Neo and ADA declined sharply. However, the G20 Summit was a positive event for the crypto world as the Financial Stability Board (FSB) hinted that cryptocurrencies do not pose any threats to global financial stability at this moment. Prices recovered and most coins opened this week on a positive note.
Bitcoin price was under a lot of pressure this past week and every upward correction faced sellers. BTC/USD settled below the USD 9,000 pivot level and even declined toward USD 7,000.
A low was formed near USD 7,320 before a major upward correction was initiated. The price has recovered by roughly USD 800 and is currently trading 6.8% higher to USD 8,200.
Weekly supports on the downside are at USD 8,000 and USD 7,300. If the price fails to move past USD 8,500 and USD 9,000 resistance levels this week, it could resume its decline toward USD 7,300.
Ethereum was one of the worst performers among the top five cryptocurrencies. It tumbled below the USD 620 and USD 500 support levels and traded toward USD 450.
Later, the market sentiment improved and ETH/USD started a decent recovery. It is currently trading above the USD 500 level with weekly resistances on the upside at USD 550 and USD 600. Above USD 600, the price may move back in a positive zone.
Bitcoin Cash and Ripple
Bitcoin cash was comparatively stable this past week, but buyers failed to contain losses below the USD 1,000 support. BCH/USD tested the USD 850 support before recovering. It is currently trading 3% higher to USD 925, with resistances at USD 950 and 1,000.
Ripple tumbled and tested the USD 0.50 support zone. It is currently correcting higher with major resistances at USD 0.65 and USD 0.70. Weekly supports are at USD 0.55 and USD 0.50.
Other Altcoins Market Today
Altcoins are staging a substantial recovery after a bearish past week. Many coins are in the green zone (Status, Electroneum, Nucleus Vision and QTUM) with gains between 25-30%. The best performer is Status (SNT) with 32% gains.
Overall, this could be a crucial week for bitcoin and other major cryptocurrencies. If the current recovery gains traction, we could witness more upsides. Alternatively, bitcoin and Ethereum may perhaps resume downtrend.