Bitcoin and Altcoins Struggle to Move Higher
Bitcoin price is declining and it is likely to test USD 9,200 or USD 9,050. Ethereum is correcting below USD 190 and ripple is back below USD 0.300. DxChain Token (DX) and XTZ rallied more than 25% today.
After a failed upside attempt near the USD 9,500 resistance, bitcoin started a fresh downward move. BTC/USD traded below the USD 9,400 and USD 9,350 levels. It is currently (08:00 UTC) declining and may test USD 9,200 or USD 9,050.
Similarly, altcoins struggled to continue higher and correcting gains, including ethereum, ripple, bitcoin cash, litecoin, EOS, BSV, ADA and XLM. ETH/USD is back below the USD 190 level and it might soon test the USD 185 support area. XRP/USD is also declining after it failed to stay above the key USD 0.300 pivot level. Overall, the crypto market is struggling to continue higher and remains at a risk of a bearish reaction.
Total market capitalization
In the past few hours, bitcoin price declined steadily below the USD 9,400 level. BTC/USD broke the USD 9,320 support and it is now trading near USD 9,250. An immediate support is near the USD 9,200 level, below which the price is likely to extend its decline towards the USD 9,050 and USD 9,000 levels.
On the upside, the price is facing hurdles near the USD 9,350 and USD 9,400 levels. A successful close above the USD 9,400 level is needed for the bulls to gain strength in the near term.
Ethereum price topped near the USD 195 resistance and started a fresh decline. ETH/USD corrected below USD 192 and USD 190. The price is now trading near the USD 188 support and it seems like it could test the USD 185 support area.
If there is a fresh increase, the price could revisit the USD 195 resistance. The main resistances on the upside are near the USD 200 barrier.
Bitcoin cash, eos and XRP price
Bitcoin cash price failed to stay above the USD 300 level and started another downside correction. BCH/USD is down around 3% and it is likely to continue lower towards the USD 285 and USD 280 support levels. On the upside, the main resistances are near the USD 305 level.
EOS topped near the USD 3.700 level and recently corrected below the USD 3.600 level. The price is now approaching the USD 3.500 support, below which it could revisit the USD 3.350 support area. To continue higher, the bulls need to gain pace above the USD 3.650 and USD 3.700 levels.
XRP price spiked towards the USD 0.315 resistance, but it turned out to be a false break. XRP/USD declined again and broke a few key supports near the USD 0.302 and USD 0.300 levels. If there are more downsides, the price could test the USD 0.295 support area in the near term.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins jumped more than 10%, including DX, XTZ, DCR and SXP. Conversely, CHZ, ABBC, OMG, CRPT, REP, XLM, NANO and KMD are down more than 5%.
To sum up, there are a few bearish signs emerging for bitcoin below the USD 9,400 hurdle. If BTC/USD fails to stay above the USD 9,220 and USD 9,200 support levels, there is a risk of more downsides in the coming sessions.