03 Aug 2018 · 2 min read

Bitcoin Trades at Potentially Significant Turning Point

Bitcoin price traded lower towards an important support at USD 7,275. Ethereum traded below the USD 400 support before recovering a few points. Ripple is trading above the USD 0.4275 support.

Bitcoin extended its decline and broke a key support at USD 7,400 level. BTC/USD tested an important technical support near USD 7,250 - USD 7,275, which prevented more declines. The price is currently (UTC 08:50 AM) recovering towards the USD 7,480 and USD 7,550 resistance levels. Major altcoins like ethereum, EOS and bitcoin cash are under a lot of pressure and they recently declined to new monthly lows.

Bitcoin price chart:

Source: coinmarketcap.com

Bitcoin price remained in a bearish zone and traded below the USD 7,550 and USD 7,400 support levels. However, BTC/USD tested a significant support near USD 7,275, which is likely to act as a crucial turning point. If the price starts recovering, it must clear the USD 7,550 resistance to move back in a positive zone.
On the other hand, if the price fails to recover and breaks the USD 7,250 - USD 7,275 support, it could decline towards USD 7,000.

Ethereum price traded to a new weekly and monthly low below USD 400. ETH/USD found support near USD 396 and later recovered. It is currently trading above USD 405 with an immediate resistance at USD 415. Above this, the next hurdle is at USD 425.
On the downside, the USD 396 - USD 400 zone holds the key support, below which, the price may perhaps slide towards USD 375.

Bitcoin Cash and Ripple
Bitcoin cash price fell sharply and broke the USD 740 and USD 720 supports. BCH/USD tested the USD 700 support and is currently down more than 5%. If it slides further, the next support awaits at USD 675. On the upside, resistances are at USD 720 and USD 740.
Ripple price held the ground and declines were limited in XRP/USD. The pair is currently consolidating above USD 0.42 and it seems like it could correct higher in the near term.

Other Altcoins Market Today
Almost all altcoins declined and posted losses, including Wanchain, Waves, WTC, PIVX, NAS, PundiX, LRC, TenX, LOOM, VeChain and Verge. The worst performer was WAN, which declined more than 20%.

Overall, bitcoin is trading near a crucial support and a potential turning point. As long as BTC/USD stays above the USD 7,250 - USD 7,275 support zone, it is likely to stage a decent comeback in the near term. However, altcoins like ethereum, litecoin, EOS and bitcoin cash are likely to struggle to recover in the coming sessions.