09 May 2018 · 1 min read

Bitcoin and Ethereum Eyes Last Line of Defense

Bitcoin price is struggling to hold the USD 9,000 support with an increase in selling pressure. Ethereum also just managed to hold a crucial support near USD 700. Pundi X and Augur registered decent gains today, and are up 27% and 17% respectively.

Yesterday, there was a decent upward move in bitcoin and other major cryptocurrencies. However, buyers failed to gain bullish momentum, resulting in a fresh round of selling. BTC/USD failed to move above the USD 9,600 resistance and declined back towards USD 9,000. Similarly, Ethereum failed to hold the USD 750 support and retested the USD 700-710 support zone. At the outset, both bitcoin and Ethereum are now trading near crucial supports, which must hold to avoid further declines.

Bitcoin price is currently down 2.8% to USD 9,130 (GMT 9:00) and is struggling to move above the USD 9,200 resistance. Above the USD 9,200 resistance, the next immediate resistance is at USD 9,250. An hourly close above USD 9,250 may perhaps decrease the current bearish pressure and the price might recover towards USD 9,500.
On the downside, the USD 9,000 level is a crucial support. Should buyers fail to hold bitcoin price above USD 9,000, there could be another round of heavy selling in the short term.

Ethereum trimmed most of its gains and declined by more than 4% to USD 725. ETH/USD just managed to hold the USD 700 support, which is also the last line of defense.
On the upside, the price is facing hurdles near USD 740. Therefore, a convincing push above USD 740 may open the doors for further upsides towards the USD 760 and USD 780 levels.

Bitcoin Cash and Ripple
Bitcoin cash moved below the USD 1,600 support to post more than 7% losses. BCH/USD is currently trading near the USD 1,520 level, with an immediate support at USD 1,500. On the upside, the previous support at USD 1,580 may perhaps act as a resistance.
Ripple declined sharply and broke the USD 0.82 and USD 0.80 support levels. XRP/USD is currently down 6.5% to USD 0.77 and is trading in a bearish zone. The previous supports at USD 0.80 and USD 0.82 will most likely act as hurdles for an upside recovery.

Other Altcoins Market Today
Today, a few small cap altcoins such as Pundi X, Augur, Nexo, Ethos and ZIL posted more than 10% gains. Other than these, most altcoins struggled and posted losses.

The overall market sentiment is slightly bearish, and if bitcoin price fails to stay above USD 9,000, there could be more declines in the near term.