Bitcoin and Altcoins Signaling Bearish Continuation
- Bitcoin price was rejected near USD 6,250, resulting in a downward move.
- Ethereum price is trading well below USD 450 - USD 460 with bearish signs.
- Almost all altcoins are trading in a negative zone, signaling more losses.
Yesterday, we discussed that bitcoin price must break the USD 6,250 and USD 6,300 resistance levels. BTC/USD failed to move above the mentioned resistances and it is currently at a risk of more losses below the USD 6,000 support. Similarly, all major altcoins like ethereum, ripple and bitcoin cash are under pressure and they could accelerate declines in the near term if buyers don’t show up.
Bitcoin price is currently trading near the USD 6,050 (GMT 08:45 AM) level with an immediate support at USD 6,000. Should there be a downside break below USD 6,000, there could be heavy declines during the following sessions. The next supports are USD 5,800 and USD 5,750.
Alternatively, if bitcoin buyers take a stand and push the price above USD 6,250, there are chances of an extended recovery towards the USD 6,400 level.
Ethereum price struggled to move above the USD 450 resistance and is currently down more than 4%. An initial support is near the USD 430 level, below which, there is a risk of further losses towards the USD 420 level.
If the price starts a recovery, it could face heavy offers near USD 450. A break above USD 450 - USD 460 is needed to initiate a decent upward recovery.
Bitcoin Cash and Ripple
Bitcoin cash tumbled and failed to stay above the USD 720 and USD 700 support levels. It is currently down around 6% with an immediate support at USD 680. Below this, BCH/USD may perhaps decline back towards the USD 650 support area. Resistance are seen at USD 720 and USD 740.
Ripple price is holding the USD 0.45 support, but it is at a risk of more declines. A break below USD 0.45 and USD 0.44 may well clear the path for a test of USD 0.40. Resistances are at USD 0.475 and USD 0.50.
Other Altcoins Market Today
Most small cap altcoins were down today, including EOS, litecoin, stellar, cardano, IOTA, tron, XMR, neo and dash. The market sentiment is currently bearish with many signs of extended losses.
It seems like bitcoin and altcoins are struggling to recover above key resistance levels. If they continue to fail, there is a risk of more declines in BTC, ETH, BCH, XRP and other cryptocurrencies.