Bitcoin and Ethereum At Risk of More Declines
- Bitcoin price is struggling to stay above the USD 6,450 support.
- Ethereum price is currently flirting with the USD 200 support.
- Revain and KNC rallied more than 25% today.
Bitcoin price extended range moves with a bearish angle below the USD 6,500 level. BTC/USD is currently (UTC 06:20 AM) struggling to hold the USD 6,450 support level and it seems like it could decline further in the near term. Similarly, ethereum price struggled to move higher and it is currently trading near the USD 200 support. If there is a downside break below USD 200, ETH/USD may possibly decline sharply. Ripple is comparatively stable above the USD 0.450 support, but it is facing a tough resistance near the USD 0.460 and USD 0.462 levels.
Total market capitalization
There was no upward move above USD 6,500 in bitcoin price . BTC/USD remained under pressure and it slowly moved down towards the USD 6,450 support. At the outset, it seems like the price is struggling to remain above the USD 6,450 support and it could continue to move down towards the USD 6,400 support.
If sellers gain momentum, there is a risk of a downside break towards the USD 6,250 level in the near term. On the other hand, buyers need to clear the USD 6,500 and USD 6,550 barriers to push the price back in a positive zone.
Ethereum price also followed bitcoin as it struggled to break the USD 205 resistance zone. ETH/USD is currently moving lower towards the main support at USD 200.
If sellers succeed in gaining strength below the USD 200 support, the price may decline sharply towards the USD 190 or USD 185 level. On the upside, an immediate resistance is at USD 205, above which the price may attempt to surpass USD 208 and USD 210.
Bitcoin cash and ripple price
Bitcoin cash price declined below the USD 440 support, which is a bearish sign. It seems like BCH/USD could continue to decline towards the next support at USD 425. The next key support below USD 425 is near the USD 405 level. The main resistance for an upward move is near the USD 450 level.
Ripple price is currently consolidating above the USD 0.450 support. XRP/USD may climb further higher if there is a break above the USD 0.460 and USD 0.462 resistances. On the flip side, a break below USD 0.450 may increase bearish pressure on ripple.
Other altcoins market today
Today, a few altcoins gained more than 10%, including revain, kyber network (KNC), veritaseum and nexo. Out of these, revain rallied more than 30% and KNC gained around 25%.
Overall, bitcoin price seems to be under pressure below USD 6,500. If BTC/USD continues to struggle to clear the USD 6,500 and USD 6,550 resistance, there could be a fresh downward move. Altcoins also remain at a risk of a downside break if they continue to face heavy selling interest.