Bitcoin and Altcoins Trading Near Make-or-Break Levels
- Bitcoin price failed to break the USD 10,200 resistance and corrected lower.
- Ethereum tested the USD 212 support and ripple price is holding the USD 0.310 support.
- NANO and AOA are up more than 8% today.
Yesterday, we saw a decent rise in bitcoin price above the USD 10,000 level, but also discussed hurdles near the USD 10,200 level. BTC/USD failed to continue above USD 10,200 and it started a downside correction. The price declined below USD 10,000 and tested the USD 9,650 support. Similarly, there was a fresh decrease in major altcoins, including ethereum, bitcoin cash, ripple, litecoin, EOS, and binance coin. ETH/USD tested the USD 212 support and XRP/SUD is currently (08:00 UTC) consolidating above the USD 0.310 support. The current price action suggests that the crypto market might be preparing for the next key break and bitcoin could either climb back above USD 10,000 or extend its decline towards USD 9,000.
Total market capitalization
After bitcoin price failed to break the USD 10,000 resistance, there was a fresh bearish reaction. BTC/USD declined below USD 10,000 and tested USD 9,650. At the moment, the price is consolidating near USD 9,750 and seems to be preparing for the next important break. On the upside, a daily close above USD 10,000 could start a strong rise towards USD 10,500 and USD 10,800.
Conversely, a downside break below USD 9,500 might spark additional losses. The next target for the bears could be near the USD 9,000 level.
Ethereum price failed to clear the USD 225 hurdle and started a fresh decline below USD 220. ETH/USD even traded below the USD 215 support and tested the USD 212 level. However, the pair remains well supported above USD 210 and it is currently correcting higher.
On the upside, the bulls need to gain strength above USD 220 and USD 225 to continue higher. Conversely, a downside break below USD 210 might push the price back to USD 192.
Bitcoin cash, eos and ripple price
Bitcoin cash price revisited the USD 290 support, where the bulls protected more losses. BCH/USD recovered and it is currently trading above the USD 300 level. The price is up around 3% and it is facing a strong resistance near the USD 320 and USD 325 levels.
EOS tested the USD 4.700 level and corrected lower. The price tested the USD 4.400 support level and it is currently climbing above USD 4.500. If it continues to rise, there are chances of an upside break above the USD 4.700 and USD 4.800 levels.
Ripple price failed to continue above the key USD 0.320 and USD 0.322 resistance levels. As a result, XRP/USD corrected gains and tested the USD 0.308 support. If there are downsides, the price could revisit USD 0.300. On the upside, a break above the USD 0.320 barrier is a must for a sustained upward move.
Other altcoins market today
Despite bearish moves in bitcoin, a few small cap altcoins climbed higher by more than 5%, including NANO, AOA, WAX, IOST, STRAT and NRG. On the other hand, LAMB, JCT, UUU and QNT declined more than 8%.
To sum up, bitcoin price is trading near a key inflection point above USD 9,500. BTC/USD could either break USD 10,000 to climb towards USD 10,500 or decline below USD 9,500 to revisit USD 9,000 in the near term.