Bitcoin Price Struggles to Recover, Altcoins Turned Sell On Rallies
Bitcoin price is struggling to recover above the USD 8,500 and USD 8,650 resistances. Ethereum is facing resistance near USD 175 and ripple price is consolidating below USD 0.255. LOOM jumped more than 30% and ABBC recovered around 25% today.
After the crash on Tuesday, bitcoin price started a short term upside correction above USD 8,400. However, BTC/USD struggled to continue above USD 8,800. It is currently (08:00 UTC) trading near USD 8,400, with a bearish angle and negative signs. Similarly, many major altcoins recovered in the past three sessions, including ethereum, ripple, EOS, bitcoin cash, litecoin, binance coin, stellar and cardano. ETH/USD is up around 4%, but it is facing resistance near USD 175. XRP/USD gained around 5% and it is attempting to surpass the USD 0.250 and USD 0.255 resistance levels.
Total market capitalization
After a massive drop, bitcoin price found support near USD 8,000 and recovered above USD 8,400. However, BTC/USD is facing a lot of hurdles near USD 8,500, USD 8,650 and USD 8,700. A successful close above USD 8,600 and a follow through above USD 8,800 is needed for a strong recovery.
If not, there are chances of another decline in bitcoin price below the USD 8,300 level. The key support is near the USD 8,000 level, below which the next target for sellers could be USD 7,650 or USD 7,500.
Ethereum price is correcting higher from the USD 150 support area. ETH/USD climbed above USD 160 and USD 165, but it seems to be facing resistance near the USD 175 level. The key resistance area is near the USD 182 and USD 184 levels, above which the price could revisit USD 200.
If the price fails to recover above USD 175 or USD 182, it could start a fresh decrease. An immediate support is near the USD 165 level, below which the price might continue towards USD 154 in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price is consolidating losses near the USD 225 level. On the upside, there are many hurdles for the bulls near the USD 235 and USD 240 levels. The main resistance is now near the USD 250 level. On the downside, the USD 205 and USD 200 levels are likely to act as strong supports.
EOS recovered after tagging the USD 2.400 support area. The price is trading above USD 2.750, but the USD 3.000 level is acting as a solid barrier. The next key resistance is near the USD 3.100 and USD 3.150 levels. On the downside, there is a decent support waiting near the USD 2.500 level.
Ripple price recovered after spiking below the USD 0.220 level. XRP/USD traded above USD 0.240 level and even attempted to surpass the USD 0.250 resistance area. On the upside, there are many resistances near the USD 0.250, USD 0.255 and USD 0.265 levels.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins recovered and gained more than 10%, including LOOM, ABBC, CRPT, ELF, XMX, ZRX, DGB, NEXO, SNX and XLM. Out of these, LOOM jumped more than 30% and ABBC gained nearly 25%.
Overall, bitcoin price is struggling to recover and is showing bearish signs below USD 8,500 and USD 8,650. Therefore, there are chances of more downsides in BTC/USD below USD 8,300 and USD 8,200 in the coming sessions.