09 Aug 2018 · 2 min read

Bitcoin and Altcoins Responding To Key Supports

Bitcoin price declined and tested an important support near USD 6,000 - USD 6,100. Ethereum tested the USD 350 support zone (2017’s key support). Chainlink and zclassic are showing positive signs with more than 10% gains.

Bitcoin declined below the USD 6,250 support to move further into the bearish zone. However, the USD 6,000 - USD 6,100 support area acted as a strong support. The price is currently recovering, but buyers are facing many challenges near the USD 6,400 - USD 6,500 zone. Similarly, ethereum tested an important support near USD 350, which was the main support in the first quarter of 2017. Additionally, ripple also tested the USD 0.3200 support (pivot area). Overall, bitcoin and altcoins tested significant supports and are currently consolidating losses.

Bitcoin price failed to hold the USD 6,250 support and extended losses towards the USD 6,000 handle. BTC/USD found support well above USD 6,000 and it is currently (UTC 08:30 AM) consolidating losses with tiny bullish moves.
However, bitcoin buyers are facing many challenges on the upside near the USD 6,400 and USD 6,500 levels. Only a successful daily close above USD 6,500 (the previous support) could open the doors for a larger recovery. On the downside, the USD 6,000 support zone holds a lot of importance and must prevent more declines.

Ethereum price extended losses and traded towards the USD 350 support, which acted as a solid barrier. ETH/USD responded very well and the price is currently correcting higher.
However, upsides are limited and there is absolutely no bullish momentum. Therefore, there is a risk of a bearish break below USD 350 if buyers fail to push the price back above the USD 375 - USD 380 resistance zone.

Bitcoin cash and ripple
Bitcoin cash price tumbled and settled below a crucial support near USD 600. It traded towards the USD 560 level and is currently down 4% to USD 588. On the upside, an initial resistance is at USD 600, above which, the price could recover towards the USD 625 and USD 630 levels.
Ripple price broke the USD 0.35 support and tested the USD 0.32 support. XRP/USD is currently recovering, but the USD 0.34 and USD 0.35 levels are acting as resistances and preventing gains.

Other Altcoins Market Today
A few altcoins recovered today, including chainlink, zclassic, monacoin, ETP, holo and ELF. The best performer was chainlink as it gained more than 15% and traded above the USD 0.25 resistance.

To sum up, bitcoin and altcoins are trading near important supports, below which, there could be further declines. On the other hand, if buyers gain traction, there may possibly a decent recovery in the near term.