Bitcoin and Altcoins Under Pressure, Turning South
- Bitcoin price failed to move above the USD 6,650 - USD 6,700 resistance and declined.
- All major altcoins are moving down and are gaining bearish momentum.
The past few hours brought an increased selling pressure on bitcoin and altcoins. BTC/USD failed to settle above the USD 6,700 resistance and declined below the USD 6,600 support. Altcoins followed bitcoin and declined between 2-7%. Ripple is down more than 5% and it remains at a risk of more declines. Overall, there are a few bearish signs on charts, which may perhaps result in more negatives moves in the short term.
Bitcoin price is down around 1.5% and is trading well below the USD 6,600 support (GMT 08:30 AM). On the downside, an immediate support is at USD 6,450, below which, BTC/USD could test the next major support at USD 6,410.
On the upside, the previous support at USD 6,580 and USD 6,600 are likely to act as resistances. Above this last, the most important barrier for more gains is at USD 6,700. In the short term, the price may decline further, but the USD 6,410 support holds the key for the next move.
Ethereum price declined more than 2% and traded below the USD 460 support. ETH/USD tested a major support at USD 450 and is currently flirting with the USD 460 level.
If the price recovers further above USD 460, it may retest the USD 475 resistance. On the flip side, a downside break below USD 450 may well result in a sharp decline towards the USD 425 level.
Bitcoin Cash and Ripple
Bitcoin cash price failed to move above the USD 780 and USD 800 resistance levels. BCH/USD declined below the USD 740 support and tested the next support at USD 720. If the price declines further, the USD 700 support could prevent sellers from gaining control.
Ripple price faced a lot of selling pressure as it declined back towards USD 0.460. XRP/USD is currently at a risk of more losses towards the next support at USD 0.450. Resistances are seen at USD 0.48 and USD 0.50.
Other Altcoins Market Today
Almost all altcoins declined and moved south. A few coins like Tezos, Ethos, Syscoin, ELF, BCN, MANA, GAS and KNC declined heavily and posted losses between 15-30%. DENT was listed on Binance, resulting in an upward move.
To sum up, bitcoin’s failure to move above the USD 6,700 - USD 6,800 resistance resulted in a downside reaction. Going forward, the price must stay above USD 6,400 - USD 6,410. If not, there is a risk of more losses in BTC and altcoins.