Bitcoin and Altcoins Recover, Face Crucial Barriers
Bitcoin price tumbled below USD 6,000 before recovering more than 5%. Ethereum, ripple and bitcoin cash are also recovering, but facing key resistances. WICC, Cortex, THETA and ONT posted more than 20% today.
Bitcoin price declined further during the weekend and broke the USD 6,000 support. BTC/USD traded towards the USD 5,600 level, found support, and later started an upward correction. The price is back above the USD 6,000 level, but buyers are facing many challenges to the topside. Similarly, major altcoins like ethereum, ripple and bitcoin cash are showing signs of a recovery, but are facing crucial resistances.
Going forward, there could be more recoveries in bitcoin, ethereum, ripple and bitcoin cash if they succeed in surpassing the USD 6,500, USD 485, USD 0.50, and USD 800 resistances respectively.
Bitcoin price is currently up more than 5% to USD 6,140 (GMT 08:45 AM). BTC/USD may continue to grind higher if it manages to break the USD 6,250 barrier, which is a crucial pivot zone. Above this, the next major hurdle for more upsides is at USD 6,500.
On the other hand, if bitcoin fails to move above USD 6,250, there could be another bearish reaction. An initial support is at USD 6,000, followed by USD 6,850. Below this last, the price may perhaps trade to a new low below USD 5,600.
Ethereum tumbled further and it almost tested the USD 400 handle. ETH/USD traded near USD 420 before recovering back above USD 440. The pair is currently facing resistances near USD 450 and USD 460.
However, the most important hurdle for buyers is at USD 485, above which, the price may stage a decent correction above the USD 500 level.
Bitcoin Cash and Ripple
Bitcoin cash price struggled a lot this past week and settled below USD 800. It even broke the USD 700 support before buyers appeared. Weekly resistances are at USD 780, USD 800 and USD 850. Supports are seen near USD 720, USD 700 and USD 650.
Ripple settled below a crucial support at USD 0.50. It is currently correcting higher, but is facing resistances at USD 0.48 and USD 0.49 before USD 0.50. XRP/USD must move back above USD 0.50 to recover further.
Other Altcoins Market Today
Many small cap altcoins declined heavily during the weekend. Today, a few got traction and jumped by more than 20% like WICC, Cortex, THETA and ONT. A few other coins like LOOM, CMT, XMR, ETC and DROP also traded higher and posted gains between 8-15%.
To sum up, the market is showing signs of a decent comeback, but bitcoin price must break the USD 6,500 resistance. If not, the crypto market could resume its slide after completing the current correction.