Bitcoin and Altcoins Recovery Could Face Hurdles
- Bitcoin price is consolidating losses below the USD 10,550 resistance.
- Ethereum is facing resistance near USD 240 and USD 250, XRP struggling to stay above the key USD 0.230 support.
- WAVES, HYN and OMG gained more than 10% today.
Bitcoin price found support near the USD 10,300 level and started consolidating losses. BTC could recover in the short-term, but upsides might remain capped near USD 10,550 or USD 10,650. The price is currently (08:30 UTC) stuck in a range and preparing for the next move.
Similarly, most major altcoins are consolidating losses below key supports, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is now well below USD 340 and it might break the USD 330 support to continue lower. XRP/USD might tumble if there is a clear break below the USD 0.230 support.
Total market capitalization
After yesterday’s decline to USD 10,300, bitcoin price corrected higher. BTC climbed above USD 10,450, but it faced a strong selling interest near USD 10,550 (the recent breakdown support). The price is facing a couple of important hurdles near the USD 10,550 and USD 10,650 levels.
On the downside, the USD 10,250 and USD 10,200 support levels might continue to provide support. If there is a downside break below USD 10,200, the price may even dive below the USD 10,000 support.
Ethereum price settled well below the key USD 350 and USD 355 levels. ETH is currently stuck below USD 340 and there are chances of more downsides below the USD 330 and USD 320 support levels. The next major support could be USD 300.
On the upside, the USD 340 is an initial resistance. However, the price might face a strong selling interest near the USD 350 and USD 355 levels.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is holding the USD 210 level and correcting higher. BCH might test the USD 220 level, where the bears might appear. Any further gains could lead the price towards the USD 230 level. On the downside, there are many key supports near USD 210, USD 205, and USD 200.
Chainlink (LINK) is gaining bearish momentum below the USD 10.00 support. The price even broke the USD 8.50 support level, opening the doors for downsides. There is now a risk of a decline towards the USD 7.20 and USD 7.00 levels. On the upside, the price might struggle near USD 9.50 and USD 10.00 if there is an upside correction.
XRP price declined sharply towards the USD 0.230 level. The price is currently consolidating above the USD 0.230 level and it seems like the bulls are struggling to protect this level. A clear break below USD 0.230 could spark another sharp decline. On the upside, there are many barriers for the bulls, starting with USD 0.238 and USD 0.240.
Other altcoins market today
In the past three sessions, many altcoins declined over 10%, including AVAX, OXT, RSR, VET, SUSHI, LINK, EWT, UNI, REL, and BAL. Out of these, AVAX nosedived 65% and it traded below the USD 4.00 support.
Overall, bitcoin price is consolidating losses above USD 10,300. If there is an upside correction, BTC could face resistance near USD 10,550 or USD 10,650. Besides, a downside break below USD 10,300 might call for a test of USD 10,000.