Bitcoin and Altcoins Struggle to Gain Bullish Momentum
- Bitcoin price failed to continue higher above the USD 10,050 resistance.
- Ethereum struggled near USD 275 and XRP settled below USD 0.276.
- WaykiChain (WICC) rallied more than 50% and KNC gained nearly 10%.
Bitcoin climbed above the USD 9,850 resistance recently, but it failed to continue higher above the USD 10,050 resistance. As a result, there was a sharp decline in BTC/USD below USD 9,850. The price is now (09:00 UTC) trading below USD 9,800 and it could revisit the USD 9,650 and USD 9,550 support levels.
Similarly, most major altcoins are struggling to gain bullish momentum above key levels, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD failed near USD 275 and declined below USD 270. XRP/USD seems to be facing an increase in selling pressure below USD 0.284 and USD 0.280 levels.
Total market capitalization
After a failed attempt near USD 10,050, bitcoin price started a downside correction. BTC/USD traded below the USD 9,850 support level and tested USD 9,700. The first important support is near the USD 9,650 level. However, the main weekly support is near the USD 9,550 level. Any further losses may perhaps lead the price towards the USD 9,200 level.
On the upside, the USD 10,000 level is a major hurdle for the bulls. If there is a strong rally above USD 10,000, there are chances of a move towards the USD 10,500 resistance level.
Ethereum price struggled this past week to stay above USD 280 and recently declined from the USD 275 pivot level. ETH/USD is now trading below USD 270, with an initial support near the USD 265 level. The main weekly support is near the USD 255 and USD 252 levels.
On the upside, an initial hurdle is near the USD 275 level. However, the key weekly resistance levels are USD 285 and USD 288, above which the price might rise towards USD 290.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is showing bearish signs below the USD 400 level. BCH/USD traded below the USD 390 level and it is currently testing the USD 385 support. If there are more downsides, the price could revisit the USD 365 support. On the upside, there are many stops for the bulls, starting with USD 400 and ending up to USD 425.
Litecoin made a couple of attempts to climb above the USD 80.00 resistance area. However, LTC/USD failed to continue higher and it is now trading near the USD 76.00 level. An initial support is near the USD 75.00 level, below which the price might slide towards USD 72.50. Conversely, a break above USD 80.00 could lead the price towards USD 85.00.
XRP price struggled to continue above the USD 0.285 and USD 0.290 resistance levels. As a result, it declined below USD 0.280 and currently trading below USD 0.275. The main supports on the downside are near USD 0.265 and USD 0.262. Any further losses may lead the price towards the USD 0.250 level.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins declined more than 5%, including SXP, AION, XTZ, ATOM, MONA, ICX, BAT, XVG, DX, HBAR, and RLC. Conversely, WICC, KNC, and SEELE are up more than 5%.
Overall, bitcoin price is struggling to gain bullish momentum above USD 10,000. If BTC/USD continues to struggle, it could decline below the USD 9,550 support area. Conversely, it could rally towards the USD 10,550 and USD 10,650 levels in the coming days.