Bitcoin Remains Supported, Altcoins Struggle
- Bitcoin price remained well bid on the downside near USD 7,800 - USD 8,000.
- Most major altcoins like ethereum, ripple, litecoin and bitcoin cash are under pressure.
- Polymath surged by more than 30% and broke the USD 0.50 resistance.
During the past three sessions, there were mostly range moves in bitcoin below the USD 8,250 resistance area. There were a couple of swing moves, but dips in BTC/USD were well bid around the USD 7,800 and USD 8,000 support levels. On the other hand, most major altcoins like ethereum, ripple, litecoin and bitcoin cash traded with a minor bearish angle and declined between 3% - 8%. Going forward, bitcoin may continue to trade in a range before buyers make an attempt to break the USD 8,250 resistance.
Bitcoin price struggled on many occasions to break the USD 8,250 and USD 8,300 resistance levels. BTC/USD declined, but it remained supported on the downside. It seems like the price is trading in a broad range of USD 7,800- USD 8,250 (UTC 08:30 AM).
Therefore, it will either break the USD 8,250 resistance to accelerate higher or it could decline below the USD 7,800 support to extend the current correction wave.
Ethereum price is down more than 3% and it broke the USD 465 and USD 450 support levels. ETH/USD is currently under pressure and it seems like it may perhaps decline further towards the USD 435 support.
On the upside, the previous support at USD 460 is now a key resistance for a recovery. Above this, the most important resistance is near USD 475.
Bitcoin Cash and Ripple
Bitcoin cash price is also down more than 3% and is currently struggling to hold the USD 800 support. BCH/USD may continue to decline towards the USD 780 support, below which, the next major support awaits at USD 750. On the upside, the USD 830 and USD 840 levels are crucial hurdles for buyers.
Ripple price extended declines and broke an important support at USD 0.450. XRP/USD is now at a risk of more losses towards the USD 0.420 level in the near term. Resistances are at USD 0.450, USD 0.460 and USD 0.475.
Other Altcoins Market Today
Almost all small cap altcoins declined recently, including Mithril, MOAC, ChainLink, Wanchain, ONT, WTC, ADA, ICON and IOST. However, Polymath performed well as it climbed by more than 30% and broke the USD 0.50 resistance. A major cryptocurrency exchange, Binance listed POLY, which ignited bullish moves.
To sum up, bitcoin must stay above the range support at USD 7,800. If not, there is a risk of a bearish reaction. On the flip side, if BTC/USD starts an upward move, altcoins could recover from the red zone.