Bitcoin and Altcoins Recovery Still Might Fail In Near Term
- Bitcoin price is correcting higher above USD 7,150 and USD 7,200.
- Ethereum is consolidating above the USD 142 support, XRP declined below USD 0.218.
- KNC, ENG, XTZ, THETA and VET are up more than 10% today.
This week, we saw a downside extension in bitcoin price below the USD 7,400 and USD 7,350 support levels. BTC/USD even traded below the USD 7,200 support before it found support near USD 7,150. The price is currently (09:00 UTC) recovering, but there are many hurdles near USD 7,250, USD 7,350 and USD 7,400.
Similarly most major altcoins are correcting higher, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is trading above USD 142, but it is struggling to clear USD 144 and USD 145. On the other hand, XRP/USD is under pressure and it is now trading below the USD 0.218 level.
Total market capitalization
After bitcoin price tested the USD 7,150 area, it started a consolidation phase. Recently, BTC/USD started an upside correction above the USD 7,200 level. However, there are many key resistances on the upside, starting with USD 7,250. The first key resistance is near the USD 7,350 level, followed by the main hurdle near USD 7,400.
On the downside, the price could find support near USD 7,150 or USD 7,140. Any further losses may perhaps push the price below the USD 7,020 and USD 7,000 support levels.
Ethereum price is holding the USD 140 support area and it is currently correcting above USD 142. However, the USD 144 and USD 145 resistance levels are preventing further gains. If there is a clear break above USD 145, ETH/USD could recover towards USD 150.
On the downside, if the bulls fail to defend the USD 140 support, the price could extend its decline towards the USD 135 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is still trading above the USD 205 and USD 200 support levels. BCH/USD is up around 1.5% and it is approaching the USD 210 level. If the price gains strength above USD 210, it could attempt to surpass the USD 220 resistance. If not, the bears are likely to aim a break below the USD 200 support.
Litecoin is showing a lot of bearish signs below the USD 45.00 level. If the bears remain in action, LTC/USD may perhaps continue to move down towards USD 42.00 or even USD 40.20. On the upside, there are resistances near the USD 46.50 and USD 47.20 levels.
Ripple price is under a lot of pressure below the USD 0.220 and USD 0.218 levels. If XRP/USD declines below the USD 0.215 support, the next stop for the bears could be USD 0.210. On the upside, the first key resistance is near the USD 0.220 level. However, the main resistance is at USD 0.222.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins managed to recover more than 5%, including KNC, ENG, XTZ, THETA, VET, RLC, FTT, SOLVE, ATOM, HEDG, QTUM and SNX. Out of these, KNC is up more than 22% and ENG gained nearly 18%.
Overall, bitcoin is currently consolidating losses with corrective moves above the USD 7,150 level. If BTC/USD fails to recover above USD 7,250 and USD 7,350, it could resume its decline below the USD 7,150 and USD 7,000 levels in the near term.