Bitcoin and Altcoins Struggling To Hold Crucial Supports
- Bitcoin price trimmed most gains and tested the USD 6,400 support.
- Ethereum price declined below USD 215 and tested the USD 208 support.
- Ripple price seems to be struggling to stay above USD 0.500.
This past week, bitcoin price jumped above the USD 6,500 and USD 6,550 resistance levels. However, BTC/USD failed to stay above the USD 6,600 resistance and later started a major downward move. The price trimmed most gains and settled below the USD 6,500 support level. Similarly, ethereum price declined from well above USD 220 and it is currently above the USD 208 support level. More importantly, ripple price declined sharply and tested the USD 0.500 support. At the outset, it seems like bitcoin and major altcoins are under pressure and remain at a risk of a downside break.
Total market capitalization
Recently, bitcoin price moved below the USD 6,500 and USD 6,450 support levels. BTC/USD tested the USD 6,400 support and later recovered a few points. The price is currently consolidating around USD 6,450, with an immediate resistance at USD 6,500.
The main weekly resistance is at USD 6,600, above which the price may move towards the USD 6,750 level. On the other hand, if buyers fail to push the price above USD 6,500 and USD 6,550, there could be more downsides. The key weekly support is at USD 6,400, below which the price will most likely slide towards the USD 6,200 support.
Ethereum price also trimmed most gains and declined below the USD 215 support. ETH/USD tested the USD 208 support level and it is currently consolidating losses.
On the upside, the price must move past USD 215 and USD 220 to start a new upward move. If not, there is a risk of a bearish break below the USD 208 and USD 206 supports. The main weekly support is at USD 200, below which the price could drop to USD 185.
Bitcoin cash and ripple price
Bitcoin cash price is down more than USD 100 from the last week’s high and it is currently trading just above the USD 500 support. If BCH/USD declined below the USD 500 support, sellers could take control and push the price towards the USD 450 support area. On the upside, resistances are seen near USD 540, USD 550 and USD 575.
Ripple price traded below the USD 0.525 and 0.515 support levels to move into a bearish zone. However, XRP/USD is still above the USD 0.500 support and there are slight chances of a decent recovery in the near term.
Other altcoins market today
Many altcoins declined recently and registered losses more than 5% today, including XET, VERI, SC, BAT, RVN, IOST, revain, DOGE and ZEC. Out of these, XET is down around 11% and VERI fell roughly 8%.
Overall, bitcoin price seems to be struggling to recover above USD 6,500. If BTC/USD continues to face selling pressure, there is a risk of a bearish break below the USD 6,420 and USD 6,400 support levels. Similarly, ethereum and ripple must recover above key resistances (USD 220 and USD 0.525 respectively) to avoid a sharp decline.