Bitcoin and Altcoins Trimmed Gains, Recovery Could Face Hurdles
Bitcoin price topped near the USD 4,200 level and later declined sharply. Ethereum (ETH) is down more than 15% and ripple price broke the USD 0.315 support. NEXO and AOA are down more than 20% today.
Recently, we saw a nice upward move in bitcoin and altcoins. BTC/USD broke the USD 4,000 and USD 4,100 resistance levels. However, the price found a strong selling interest near the USD 4,200 level, resulting in a sharp decline. Sellers pushed the price back in a bearish zone below the USD 4,000 pivot level. Similarly, ethereum trimmed most its recent gains and broke the USD 160 and USD 150 support levels. Ripple price also followed a similar pattern and traded below important support levels near USD 0.320, USD 0.315 and USD 0.305. The market is currently (UTC 07:10 AM) recovering, but sellers are likely to defend key resistance levels such as USD 4,000 (bitcoin) and USD 150 (ethereum).
Total market capitalization
This past week, we saw a solid upward move above the USD 3,800 and USD 4,000 resistance levels in bitcoin price . BTC/USD traded close to the USD 4,200 level and later started a sharp decline. It broke the main USD 4,000 support and revisited the USD 3,700 support level.
The price is currently recovering above the USD 3,750 level, but there are many hurdles for buyers near the USD 3,900 and USD 3,950 levels. The main weekly resistance is near USD 4,000, above which the price could revisit the USD 4,200 swing high. On the downside, supports are visible near USD 3,700 and USD 3,650.
Ethereum price topped just above the USD 165 level and later declined sharply. ETH/USD broke the USD 152 and USD 142 support levels to enter a bearish zone.
The price tested the USD 130 support and it is currently correcting higher. On the upside, an initial resistance is near USD 145, above which it could test the USD 150 weekly resistance. A successful daily close above USD 150 is must for buyers to regain strength in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash is down more than 15% from the USD 157 swing high. BCH/USD broke the USD 145 support level and tested the USD 125 level. On the upside, the main hurdles are near USD 145 and USD 150. On the downside, an initial support is at USD 125, below which it could test USD 120.
EOS topped near the USD 4.45 level and later declined heavily. The price is down 15% and broke the key USD 4.00 support. A low was formed near USD 3.40 level and it is currently correcting higher.
Ripple price failed to gain strength above the USD 0.340 level and later declined heavily. XRP/USD broke the USD 0.325 and USD 0.320 levels to move into a bearish zone. The USD 0.300 support is acting as a support, but upsides are likely to be capped near USD 0.320.
Other altcoins market today
During the past few sessions, many small cap altcoins declined heavily and fell more than 15%, including NEXO, AOA, ONT, ARK, HOT, PAI, BTM, ETC, LTC, QTUM and ICX. Out of these, NEXO is down around 21% and AOA declined roughly 20%.
Overall, the crypto market failed to stay in the bullish zone for more than three days and declined sharply. Bitcoin price is now trading well below USD 4,000, which is likely to act as a strong resistance for buyers. As long as BTC is below USD 4,000 and ETH does not close above USD 150, there could be bearish moves in the near term.
Read more about the market turbulence here.