23 Oct 2018 · 2 min read

Bitcoin Price Continues to Fail Near Major Resistance

Bitcoin price is struggling to recover above USD 6,500 and USD 6,550. Ethereum price is currently consolidating above the USD 200 support. LINK and DCR surged more than 20% today.

Bitcoin price remained confined in a tiny range above the USD 6,400 support area. BTC/USD seems to be struggling to clear the USD 6,500 and USD 6,550 resistance levels. Similarly, ethereum price is holding the USD 200 support, but it is facing a lot of offers near the USD 208 and USD 210 levels. Other major altcoins like bitcoin cash and ripple also faced an increased selling pressure as they declined below key supports. Going forward, there could be more range moves in the crypto market before the next major move.

Total market capitalization

Source: coinmarketcap.com

Bitcoin price

Buyers struggled to gain momentum, resulting in a few bearish moves in bitcoin price below the USD 6,500 support. BTC/USD settled below the USD 6,500 support level, which is now acting as a resistance. Above this, the next major hurdle for buyers is near the USD 6,550 level. To move into a positive zone, the price has to surpass the USD 6,600 resistance.
On the downside, an initial support is near the USD 6,450 level, below which the price may decline towards the USD 6,400 support area. Any further losses will most likely put sellers in full control in the short term.

Ethereum price

Ethereum price tested the USD 200 support area and it is currently consolidating losses. On the upside, an initial resistance is near the USD 208 level, above which the key resistance is at USD 215.
On the flip side, if sellers push the price below the USD 200 support, then there could be a sharp sell-off in ETH/USD. In the mentioned case, the price may possibly test the USD 185 level.

Bitcoin cash and ripple price

Bitcoin cash price attempted a recovery above the USD 450 level, but it failed to gain bullish momentum. BCH/USD declined and traded below the USD 450 support. The next key support is at USD 440, below which the price may decline to USD 425.
Ripple price failed to hold gains above the main USD 0.450 support. XRP/USD is currently down around 1% and it is likely heading towards the USD 0.440 support area. On the upside, resistances are at USD 0.452 and USD 0.460.

Other altcoins market today

A few altcoins rallied today by more than 1%, including LINK, DCR, POLY and MOAC. Out of these, LINK gained around 26% and DCR was up around 25%.

Overall, bitcoin price is slowly moving lower towards the USD 6,400 support area, which holds the key in the near term. To recover, the price must settle above the USD 6,550 level and then clear USD 6,600. If not, there is a risk of more declines in BTC/USD and altcoins in the coming sessions.

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