Bitcoin and Altcoins Trading Near Crucial Juncture
- Bitcoin price declined further and almost tested the USD 7,000 support.
- All major altcoins remain in the red zone and trading near crucial support levels.
- Dropil, CyberMiles, MYB and GXS traded higher by more than 10%.
Yesterday, we discussed that bitcoin could trade to new lows below USD 7,250. BTC/USD did trade lower and almost tested the USD 7,000 support. Other major cryptocurrencies also followed bitcoin and moved further into the red zone. Looking at the charts, it seems like bitcoin, ethereum, ripple, bitcoin cash, litecoin and ADA are trading near important support levels.
Therefore, both scenarios are possible: prices decline further and clear crucial supports or buyers jump into action and a fresh upward recovery is initiated.
Bitcoin price is currently trading above the USD 7,000 (GMT 08:45 AM) support in a tight range. It seems like BTC/USD is consolidating losses and is preparing for the next move. Should there be a bearish break below USD 7,000, the price may perhaps drop to USD 6,500.
On the flip side, if buyers take the stage, bitcoin price could recover towards the USD 7,500 resistance. A successful break above the USD 7,500 resistance is needed for buyers to take control.
Ethereum price is also trading near a key support level at USD 500. ETH/USD must hold the stated support to avoid a crash towards USD 450.
On the upside, an initial resistance is at USD 540, above which the price may perhaps make an attempt to move above the USD 580 and USD 600 resistance levels.
Bitcoin Cash and Ripple
Bitcoin cash is currently trading near the USD 880 - USD 900 support. If BCH/USD fails to recover from the current levels, it may possibly decline further towards the USD 800 handle. Alternatively, a recovery could take the pair towards the USD 1,000 barrier.
Ripple price declined further and tested an important support at USD 0.55. Should there be a daily close below USD 0.55, XRP/USD might drop towards the USD 0.50 support in the near term.
Other Altcoins Market Today
Today, Dropil, CryberMiles, MYB and GXS managed to gain traction and registered gains more than 10%. Other small cap altcoins remained in a bearish zone, including Nano, Fusion, EOS, Litecoin, Stellar, TRON, IOTA, NEO and Monero.
The current technical structure is suggesting a consolidation phase in the short term. However, a downside break below USD 7,000 in bitcoin could put a lot of pressure on buyers.