Bitcoin and Altcoins Struggle Near Key Resistances
Bitcoin price is facing resistance near USD 8,400-USD 8,500. Ethereum price is struggling to move above USD 840 - USD 850 and it remains at a risk of declines. Qtum is performing well and is currently trading 29% higher.
Yesterday, a decent upward recovery was initiated in bitcoin, ether, ripple, bitcoin cash and other major cryptocurrencies. However, the mentioned recovery was capped as coins faced sellers near key resistance levels. The current technical structure is neutral to bearish until buyers succeed in pushing prices further higher.
Bitcoin price succeeded in settling above the USD 8,000 resistance. BTC/USD traded close to the USD 8,500 resistance, which acted as a key hurdle for more upsides.
The pair is currently trading below the USD 8,500 resistance with a few negative signs. If buyers overcome selling pressure and succeeds in pushing the price above USD 8,500, there could be more gains toward USD 9,000.
On the other hand, a downside move may perhaps find support near USD 8,200 and USD 8,000.
Ethereum could not gain strength above the USD 850 level, which resulted in a downside reaction. ETH/USD is currently trading 4.8% down to USD 518.
An immediate support is at USD 500. If the pair fails to hold the stated USD 500 support, there could be an increase in selling pressure. The next important support is at USD 460. On the upside, the USD 540 and 550 levels remain key barriers for further recoveries.
Bitcoin Cash and Ripple
Bitcoin cash is stable and is trading above the USD 940 and 950 support levels. BCH/USD has to move past the USD 1,000 resistance to gains strength. A failure to hold the USD 940 support may perhaps push the price toward USD 900.
Ripple is finally showing a few positive signs with a close above the USD 0.65 level. However, a break and close above the USD 0.70 and USD 0.75 resistance levels is must for further upsides.
Other Altcoins Market Today
Qtum is doing well today and is currently trading above the USD 19.00 level. Recently, the Binance exchange added QTUM/USDT and QTUM/BNB trading pairs, which boosted the market sentiment. However, it is facing a significant resistance near USD 20.0.
To sum up, it seems like the market recovered positively, but it could not maintain strength. If bitcoin price moves above USD 8,500 and ETH/USD breaks USD 850, the market may move into a bullish zone.