Bitcoin and Altcoins Struggle to Recover
- Bitcoin price is struggling to recover above USD 8,850 and USD 9,000.
- Ethereum is facing hurdles above USD 230, but XRP is holding the USD 0.232 support.
- Swipe (SXP) and BCN rallied more than 15% today.
After trading below the USD 8,850 support, bitcoin found bids near the USD 8,550 support area. Recently, it started an upside correction above USD 8,700, but the previous supports near USD 8,850 and USD 9,000 are now (09:00 UTC) acting as key resistances for the bulls.
Similarly, most major altcoins are struggling to recover further above key pivot levels, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD topped near USD 235 and it is back below USD 230. However, XRP is still holding the USD 0.232, but it remains at a risk of more downsides in the near term.
Total market capitalization
Recently, bitcoin price managed to correct higher above USD 8,650 and USD 8,700 (as discussed yesterday). However, the previous supports near USD 8,850 and USD 9,000 prevented a convincing upside break. As a result, BTC/USD is now showing a few bearish signs below USD 8,800. If there is a clear break below USD 8,650, the price could even break the USD 8,550 support area.
Any further losses may perhaps lead the price towards the USD 8,250 level. On the upside, the bulls need to gain pace above USD 8,850 to start a decent recovery wave.
Ethereum price corrected more than 10% from the USD 210 support area. ETH/USD climbed above USD 220 and USD 230. However, the USD 235 zone prevented further gains. A swing high was formed near USD 238 and the price declined below USD 230.
It is currently testing the USD 225 zone, below which there is a risk of a drop towards the USD 210 area in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price corrected higher from the USD 300 support area, but it failed to continue above the USD 330 area. BCH/USD formed another top and it is currently declining below USD 320. If it continues to move down, there is a risk of a bearish break below the key USD 300 support area in the near term.
Litecoin is under a lot of bearish pressure and it is currently struggling to stay above the USD 60.00 support. If there is a successful close below USD 60.00, there is a risk of a sharp decline towards the USD 55.00 support. Conversely, the price could recover above USD 62.50 and USD 64.50.
XRP price gained bullish momentum and recovered above USD 0.235. However, the bears came into action near the USD 0.245 level. As a result, the price trimmed its gains and it is now approaching the USD 0.232 support area. Any further losses may perhaps lead the price towards the USD 0.225 level.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins declined more than 5%, including AION, DX, MONA, BCD, ALGO, LSK, ABBC, REN and HC. Conversely, SXP, BCN, MKR, KNC, ZB, FTT and LINK are up more than 5%.
To sum up, bitcoin price is facing a couple of important resistances near USD 8,850 and USD 9,000. BTC/USD must settle above USD 9,000 to start a decent recovery. If not, it could dive below the recent low at USD 8,550 in the near term.