25 Aug 2020 · 2 min read

Bitcoin and Altcoins Struggle To Clear Key Uptrend Hurdles

Bitcoin price failed to break the USD 11,850 and USD 12,000 resistance levels. Ethereum is back below USD 400, XRP is down 2% and it is likely to retest USD 0.280. KSM rallied over 40% and LEND is up 25% today.

Yesterday, bitcoin price started an upside correction above USD 11,650 and USD 11,700. However, BTC struggled to clear key uptrend hurdles near USD 11,850 and USD 12,000. As a result, there was a fresh decline and the price is currently (08:30 UTC) testing the USD 11,550 support zone.

Similarly, most major altcoins are retreating from highs and showing bearish signs, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, LINK and ADA. ETH/USD failed to clear the USD 412 resistance and it moved down below USD 400. XRP/USD is also declining and it seems like it could revisit USD 0.280 or even USD 0.278.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a decent upside correction, bitcoin price faced sellers near USD 11,850. BTC failed to test the USD 12,000 resistance and it is currently declining. There was a break below the USD 11,650 support and the price is struggling to stay above the USD 11,550 support zone.

If there is a bearish close below the USD 11,550 support level, there are chances of a sustained downward move. The next major support could be USD 11,200.

Ethereum price

Ethereum price performed well yesterday, with bullish moves above USD 400. However, ETH failed to gain momentum above the USD 410 and USD 412 levels. It started a fresh decline and even broke the USD 400 support level.

Now the price is testing the USD 395 support and it seems like the bears are likely to aim a larger decline. On the upside, the price might struggle to reclaim the USD 400 handle.

Bitcoin cash price failed to clear the key USD 300 resistance zone. BCH started a fresh decline and it traded below the USD 290 support. The price is approaching the USD 280 support level, below which there is a risk of more losses towards the USD 265 support. If there is an upward move, the bulls might struggle near USD 290 and USD 292.

Chainlink (LINK) failed is struggling to remain stable the USD 15.00 level and it is currently declining. Initial support is near the USD 14.65 level. The first major support is near the USD 14.00 level, below which the price could dive towards the USD 12.80 support zone.

XRP price faced a heavy resistance near the USD 0.292 pivot level. As a result, there was a bearish reaction below the USD 0.288 and USD 0.285 support levels. The price is down 2% and it is likely to test the USD 0.280 support. A downside break below USD 0.280 may possibly open the doors for a push towards the USD 0.272 support or even USD 0.268.

Other altcoins market today

In the past three sessions, a few small altcoins gained over 5%, including KSM, LEND, RSR, DIVI, RLC, SNT, JST, and SNX. Conversely, AMPL, OMG, SC, ICX, BAT, QYUM, SXP, NEO, NANO, ONT, GNT, STX and CKB are down over 5%.

Clearly, bitcoin price retreated from a major breakout resistance and it is slowly moving into a bearish zone below USD 11,650. Having said that, the larger trend is likely bullish as long as the price is above USD 11,000 and USD 10,800.
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