Bitcoin Is Struggling to Hold Gains
- Bitcoin price is struggling to hold gains above the USD 7,400 support.
- Ethereum price moved into a bearish zone below the USD 600 support.
- Huobi Token and Skycoin posted more than 10% gains today.
Bitcoin price failed to hold the USD 7,600 support and corrected lower. BTC/USD is currently (GMT 08:40 AM) consolidating near the USD 7,400 support and is preparing for the next move. Similarly, major altcoins corrected lower and traded below a few key supports. The current price action suggests that the crypto market is in a consolidation phase, but remains in an uptrend.
Bitcoin price corrected lower from well above USD 7,700 and declined a few points below USD 7,400. However, BTC/USD managed to move back above the USD 7,400 support and is currently trading in a range.
The price has to surpass the USD 7,500 and USD 7,600 resistance levels to start a fresh upward wave. Should there be a downside move below USD 7,400, the price may revisit the next major support at USD 7,200 in the near term.
Ethereum struggled to hold gains above USD 600 and broke the stated support. ETH/USD declined towards USD 575, which acted as a support and prevented further slides.
Going forward, if the price crawls back above the USD 600 pivot level, it could restart an upside move. Above USD 600, resistances are seen at USD 625 and USD 630. On the flip side, supports are at USD 580 and USD 575.
Bitcoin Cash and Ripple
Bitcoin cash declined by more than 3% and settled below USD 1,100. An immediate support is around USD 1,060, followed by USD 1,040. On the upside, BCH/USD has to trade above USD 1,100 and USD 1,120 to move back in a positive zone towards USD 1,180.
Ripple price did not decline much and remained around the USD 0.65 support. XRP/USD is facing hurdles on the upside near the USD 0.68 and USD 0.70 levels. On the downside, a break below USD 0.65 may perhaps push the price towards the USD 0.62 support.
Other Altcoins Market Today
Today, a few small cap altcoins traded with a bullish bias, including Huobi Token, Skycoin, CENNZ, BLX, BNB, CyberMiles and RChain. Overall, the current price action indicates ranging moves in the short term.
However, the next move depends on whether bitcoin price breaks the USD 7,500 - USD 7,600 resistance area or not. A continuous failure to move higher could ignite a bearish reaction in BTC and altcoins.