Bitcoin Holds Gains, Altcoins Decline
- Bitcoin price is holding gains and is preparing for the next move.
- Ethereum declined sharply and traded towards the USD 450 support.
- Zencash and kin gained more than 10% today.
Bitcoin remained well supported during the past three sessions with mostly ranging moves. BTC/USD is moving north and it seems like it could make another attempt to break the USD 7,550 and USD 7,600 resistances. On the other hand, there was an increase in selling pressure on altcoins like ethereum, ripple, EOS, litecoin. Going forward, there could be a recovery in altcoins if bitcoin continues to move higher.
Bitcoin price traded a few points lower, but it was supported near the USD 7,300 and USD 7,350 support levels. BTC/USD is currently trading above the USD 7,400 level (UTC 08:30 AM) with an immediate resistance at USD 7,550. A break above this could accelerate gains above USD 7,600 and the 100-day simple moving average.
The next hurdle for buyers above USD 7,600 is near USD 8,000. On the downside, supports are waiting near USD 7,300 and USD 7,250.
Ethereum price tumbled recently below the USD 475 support. The decline was such that the ETH/USD pair almost tested the USD 450 support. The price is currently down around 2.2% with an immediate resistance at USD 475.
Above USD 475, the price may test the next resistances at USD 490 and USD 500. On the downside, the USD 450 support holds a lot importance in the near term.
Bitcoin Cash and Ripple
Bitcoin cash price consolidated near the USD 800 support. It seems like BCH/USD is struggling to gain traction above the USD 840 resistance, which may perhaps result in a bearish reaction. Supports are at USD 780 and USD 760.
Ripple price was one of the worst performers as it declined below the USD 0.48 level. It is down more than 4% and is currently approaching the USD 0.45 support area. Resistance are at USD 0.475 and USD 0.480.
Other Altcoins Market Today
Most small cap altcoins corrected lower during the past few hours, including EOS, stellar, litecoin, cardano, IOTA, TRON and dash. A few other coins like zencash and kin managed to gain momentum and traded up by 12% and 11% respectively.
Overall, bitcoin price remains elevated and it could accelerate above the USD 7,550 and USD 7,600 resistance levels as long as it is above USD 7,250. If BTC/USD climbs higher, it may possibly help altcoins in a decent recovery.