Bitcoin and Altcoins Near Make-or-Break Levels
- Bitcoin price bounced back after trading below USD 6,100.
- Ethereum price is showing positive signs above the USD 425 support.
- Bitcoin gold, dash, ontology, ZRX and VERI registered more than 6% gains.
Bitcoin price declined further below the USD 6,100 level, but losses were limited. BTC/USD bounced back and is currently trading above the USD 6,200 level. Ethereum dived below the USD 420 level, but later it jumped back above USD 430. Similarly, many altcoins recovered and are currently showing positive signs. Going forward, bitcoin could either extend gains above USD 6,300 or it may perhaps decline back towards USD 6,000.
Bitcoin price formed a new weekly low near the USD 6,070 level and recovered sharply. BTC/USD jumped back above the USD 6,180 and USD 6,200 resistances to trim most of its losses.
However, bitcoin buyers are facing many challenges near the USD 6,300 level. It they fail to break the stated resistance, the price could drop again back below USD 6,200. A few key supports on the downside are at USD 6,150, USD 6,070 and USD 6,020.
Ethereum price also followed bitcoin and declined to a new weekly low below USD 420. However, ETH/USD found a strong support above USD 415, resulting in a decent comeback.
The price is currently trading above the USD 430 level (UTC 06:00 AM), with an immediate resistance near USD 442. Above this, the price must clear the USD 450 resistance to move into a bullish zone.
Bitcoin Cash and Ripple
Bitcoin cash price recovered sharply and it is currently fighting to settle above the USD 700 resistance. Should there be an hourly close above USD 700, BCH/USD may well gain traction to move above the USD 720 resistance. On the flip side, a failure might reverse gains and the price could drop back to USD 660.
Ripple price declined towards the USD 0.42 support where buyers emerged. XRP/USD is moving higher, but it must clear the USD 0.45 resistance to move towards the next hurdle near the USD 0.475 level.
Other Altcoins Market Today
A few altcoins gained bullish momentum today, including bitcoin gold, dash, ontology, ZRX, VERI, THETA, MITH and STEEM. The best performer was VERI with more than 10% gains.
The current price action is slightly positive, but it seems like bitcoin is trading near make-or-break levels. On the upside, a key resistance is at USD 6,300, above which, the price may trade to USD 6,500. On the downside, a break below USD 6,070 could accelerate losses in BTC and altcoins.