Bitcoin and Altcoins Retreat From Important Juncture
Bitcoin price started a fresh decline after it failed to clear the USD 9,300 resistance. Ethereum is back below USD 230, but XRP is holding the USD 0.172 support. KNC extended its rally by over 15% and it traded to a new all-time high above USD 0.170.
Yesterday, bitcoin price traded with a positive bias and was positioned for an upside break towards the USD 9,550 resistance. However, BTC failed to gain bullish momentum above the USD 9,300 resistance, and it declined below USD 9,200 and USD 9,000 before correcting higher.
Similarly, there was a bearish reaction in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD dived below the USD 230 and USD 228 levels, and it is currently (08:30 UTC) correcting higher. Conversely, XRP/USD is still trading above the USD 0.175 and USD 0.172 levels.
Total market capitalization
Recently, bitcoin price reacted to the downside below USD 9,200 and USD 9,050. BTC even spiked below USD 9,000 and tested the USD 8,940 level. It is currently correcting higher and trading above USD 9,100. On the upside, an initial resistance is near the USD 9,220 level. The main resistance is still near the USD 9,300 level, above which the price could start a strong increase.
Looking at the current price action, it seems like the price might struggle to clear USD 9,300. Therefore, there is a risk of a fresh decline below USD 9,000 in the near term.
Ethereum price followed bitcoin and declined below the USD 230 and USD 228 levels. ETH/USD tested USD 224 and it is now attempting to climb back above the USD 230 resistance level. If the bulls fail, the price could resume its decline towards USD 222 and USD 220.
A successful break above the USD 230 resistance may perhaps increase the chances of a push towards USD 235 and then USD 240.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is sliding and it is trading near the USD 220 support. If BCH settles below USD 220, there is a risk of a sharp decline towards the USD 205 and USD 200 support levels. On the upside, the USD 230 level is a strong resistance for a sustained upward move.
Litecoin retreated from the USD 42.50 resistance and tested USD 40.50. The bulls seem to be fighting hard to protect the USD 40.00 support zone. If they fail, the price might dive towards USD 38.50 or even USD 36.20. Conversely, the price could rise steadily above the USD 42.20 and USD 42.50 resistance levels.
XRP price is still consolidating above the USD 0.172 support level. The price must surpass the USD 0.178 and USD 0.180 levels to start a strong upward move. If not, the bears are likely to aim a larger decline below USD 0.172 and USD 0.168 in the coming sessions.
Other altcoins market today
In the past three sessions, many small altcoins declined over 8%, including QNT, TMTG, BTG, COMP, SC, NEXO, NMR, CHSB, FXC, SNT, BTT, and ETN. Conversely, KNC surged more than 15% and ICX is up close to 10%.
Overall, bitcoin price is showing bearish signs below the main USD 9,300 resistance. If the bulls continue to struggle below USD 9,300, BTC is likely to resume its decline below the USD 9,000 support level.