Bitcoin and Altcoins Recovery Remained Capped
Bitcoin price recovered after trading as low as USD 7,650, but the current recovery remains capped. Altcoins are correcting higher with a slight increase in the bullish sentiment. Nexus performed well today since NXS price moved up by 23% to USD 2.20.
Yesterday’s decline in bitcoin price found support at USD 7,500. The price recovered by more than USD 500, but it seems like buyers are lacking momentum. Similarly, there was a decent recovery in all major altcoins such as ethereum, bitcoin cash and ripple. However, they seem to be facing many resistances on the upside, which are capping further recoveries.
Bitcoin price started an upward correction from the USD 7,650 low. BTC/USD broke the USD 8,000 resistance and traded towards the USD 8,400 level. The stated USD 8,400 level was a support earlier and this time it prevented the current upside move.
The pair retreated and is currently trading around 0.8% down to USD 8,100. An initial support on the downside is at USD 8,000. If the price fails to stay above USD 8,000, there could a retest of the last low of USD 7,650.
On the upside, the price has to move past the USD 8,400 and USD 8,500 resistance levels to recover further.
Ethereum recovered from the USD 570 low, but it is struggling a great deal to stay above the USD 600-610 zone. ETH/USD traded as high as USD 621 and is currently down 2.1% to USD 595.
If the price has to recover towards USD 700, it must surpass the USD 625 and USD 630 resistance levels. On the downside, the last low near USD 570 is a short-term support followed by USD 560.
Bitcoin Cash and Ripple
Bitcoin cash is under pressure since it failed to break the USD 950 resistance. BCH/USD is down 3.3% to USD 903 and it may continue to move down if it fails to stay above USD 900.
Ripple recovered a few points and moved above USD 0.70. However, the XRP/USD pair could not hold gains above USD 0.70 and is currently trading down 1.7% to USD 0.691. It may continue to decline towards the USD 0.68 level.
Other Altcoins Market Today
Nexus coin did well today so far as the NXS price registered more than 20% gains to move above USD 2.15. A few other coins such as Aion, Dentacoin, DigixDAO and Lisk also did well and posted between 14-20% gains.
Overall, the current market sentiment is still bearish. In order to start a fresh upside move, bitcoin price must move past the USD 8,500 resistance.