Bitcoin and Altcoins Struggle Near Support Zone
There was no recovery in bitcoin price above the USD 6,450 and USD 6,500 resistance levels. BTC/USD extended losses and traded below the USD 6,400 support area. It seems like the price is closing in towards the lower end of the range support at USD 6,300 and USD 6,250 where buyers are likely to struggle. Similarly, ethereum price declined below the USD 208 support, opening the doors for a test of the USD 200 support area. Ripple price also started a downside correction below USD 0.520 and trimmed most its recent gains.
Total market capitalization
There was yet another failure near the USD 6,450 resistance in bitcoin price . BTC/USD moved down and traded below the USD 6,400 support area. It seems like sellers are in control and they could even push the price towards the key support at USD 6,300. Further below, the USD 6,250 support is the last line of defense for buyers and represents the lower end of the range support.
If there is an upside correction, the price may struggle to clear the USD 6,420 and USD 6,450 resistance levels. The main resistance on the upside is near the USD 6,500 level.
Ethereum price broke the key support at USD 208 and declined further. ETH/USD is likely to extend declines towards the USD 200 - USD 202 support area where buyers are likely to emerge.
On the flip side, if there is an upside correction, the USD 210 level could prevent gains. The next key resistance for a larger upward move awaits near USD 215, above which the price could test USD 225.
Bitcoin cash and ripple price
Bitcoin cash price started consolidation above the USD 500 support area. BCH/USD could correct higher, but it is likely to face sellers near the USD 530 and USD 540 levels. Above both levels, the price may perhaps surpass the USD 550 level. On the downside, an initial support is at USD 505, below which the price possibly will break the USD 500 support.
Ripple price started a downside correction and traded below the USD 0.520 and USD 0.515 levels. XRP/USD is about to reach the USD 0.505 support where it could find a strong buying interest.
Other altcoins market today
Many small cap altcoins declined more than 5% recently, including WAX, XEM, XIN, ARK, MITH, ZRX, BAT and HC. On the other hand, two altcoins, SRN and ETA gained 17% and 11% respectively.
Overall, bitcoin price is at a risk of more losses below the USD 6,300 support if buyers fail to contain selling pressure. The main supports are USD 6,300 and USD 6,250, below which there could be heavy slides in the coming days. Similarly, ethereum is reaching the lower end of the range support near USD 202, below which the price may well extend its declines towards USD 180.