Bitcoin and Altcoins Target Fresh Weekly Lows
- Bitcoin price is struggling to stay above USD 3,400 and it could extend losses.
- Ethereum and ripple are trading below important resistances, with a bearish angle.
- QNT extended gains by 44% and VERI is up around 10% today.
Bitcoin price mostly traded in a tight range in the past few hours below the USD 3,450 resistance. The current (UTC 08:10 AM) price action is slightly bearish and it seems like BTC/USD is struggling to stay above the USD 3,400 support area. Therefore, there is a risk of a fresh drop below the recent weekly low at USD 3,375. Similarly, major altcoins like ethereum, ripple, EOS, BCH and LTC are trading below key resistance levels, with chances of a downside extension in the coming sessions.
Total market capitalization
There was no upside break above the USD 3,450 resistance in bitcoin price . BTC/USD traded lower steadily and it is currently trading just above the USD 3,400 support, with a bearish angle. There is a risk of a downside break below the USD 3,400 support and the USD 3,375 swing low in the near term.
If sellers remain in action, there are chances of further losses below the USD 3,375 and USD 3,350 support levels. On the upside, there is a strong resistance formed near the USD 3,440 and USD 3,450 levels.
Ethereum price traded higher a few points, but it faced a strong resistance near the USD 106 level. ETH/USD is currently consolidating and it seems like it could resume its decline towards USD 102 or USD 100.
To start a decent upside correction, buyers must clear the USD 105 and USD 106 resistance levels. However, a substantial recovery won’t be easy since there are many resistances between USD 108 - USD 112.
Bitcoin cash, eos and ripple price
Bitcoin cash price traded above the USD 115 level, but it is finding a strong selling interest near the USD 116 - USD 117 area. The next major resistance is at USD 120, above which the price could move into a positive zone.
EOS managed to move above the USD 2.35 level, with a positive angle. However, buyers must gain upward momentum above the USD 2.40 resistance. If not, the price may drop back towards the USD 2.30 support.
Ripple price traded in a tight range above the USD 0.290 support. XRP/USD is facing a strong resistance zone near the USD 0.292 - USD 0.294 resistance area. A failure to climb above USD 0.294 might result in a downside extension below the USD 0.290 support.
Other altcoins market today
Despite range moves in bitcoin and ethereum, a few small cap altcoins gained bullish momentum, including QNT, VERI, POLY, WAX, POWR, GNT and ELF. Out of these, QNT surged higher by more than 40% and VERI is up around 10%.
To sum up, bitcoin price must stay above the USD 3,400 and USD 3,375 support levels. If not, BTC/USD could decline towards the USD 3,300 or USD 3,260 levels. Similarly, if ethereum and ripple continues to struggle below key resistances, both might start a fresh decline below the recent weekly lows.