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Bitcoin Extends Consolidation With Bearish Moves

  • Bitcoin price remains in a tight range below the USD 6,500 resistance.
  • Ethereum price tested the USD 200 support and later recovered.
  • RVN was up around 18% and MGO extended gains by around 12%.

Bitcoin price retested the USD 6,450 support area recently and later bounced back. However, the BTC/USD pair is still trading below the USD 6,500 resistance area with a bearish angle. The price made many lower highs and struggled to gain momentum for a break above the USD 6,500 and USD 6,550 resistance levels. Similarly, ethereum price is stuck in a tight range above the USD 200 support and it is struggling to surpass the USD 208 and USD 210 resistance levels.

Total market capitalization

Bitcoin Extends Consolidation With Bearish Moves 101
Source: coinmarketcap.com

Bitcoin price

Buyers defended the USD 6,450 support area in bitcoin price once again. BTC/USD recovered and it is currently (UTC 08:30 AM) trading near the USD 6,475 level. On the upside, the most important resistance is at USD 6,500, above which the price could head towards the next key resistance at USD 6,550.
The current price action indicates that the price is trading in a tight range above the USD 6,400 and USD 6,450 support levels. If there is a break below USD 6,400, bitcoin could decline sharply in the near term.

Ethereum price

Ethereum price found a strong buying interest near the USD 200 support once again. ETH/USD recovered a couple of points, but it is still struggling to clear the USD 205, USD 208 and USD 210 resistance levels.
On the other hand, if sellers manage to clear the USD 200 support, the price may perhaps come under a lot of selling pressure. The next support in the mentioned case could be USD 185.

Bitcoin cash and ripple price

Bitcoin cash price is stuck in a USD 20 range. BCH/USD is facing a solid resistance near the USD 450 - USD 460 zone, and on the downside, there is a major support near the USD 430 level. If the price settles above the USD 450 and USD 460 resistance levels, it could rise sharply towards the USD 500 level.
Ripple price failed to clear the USD 0.470 resistance and started a downside move. The XRP/USD pair tested the USD 0.450 support and it is currently consolidating near USD 0.455 for the next move.

Other altcoins market today

Today, a few altcoins gained more than 8%, including RVN, MGO, ETP, VERI, STRAT and NEXO. Out of these, RVN rallied more than 15% and MGO was up roughly 13%.

To sum up, bitcoin price remains confined in a tiny range above the USD 6,450 support. BTC/USD must break the USD 6,500 and USD 6,550 resistance levels. If buyers continue to fail, there is a risk of a sharp downside break towards the USD 6,200 level. Similarly, ethereum price could nosedive if it continues to fail near the USD 208 and USD 210 resistance levels.
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Bitcoin Extends Consolidation With Bearish Moves 102
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