Crypto Market Weekly Outlook: Bitcoin and Altcoins at Risk
Bitcoin price is struggling to gain upward momentum and it remains at a risk of more losses. All major altcoins are trading in a bearish zone. Ontology coin is doing well today and is currently trading 25% higher.
There were swing moves this past week in all major cryptocurrencies such as bitcoin, Ethereum, bitcoin cash, ripple and litecoin. Prices recovered after heavy losses, but upsides remained capped which resulted in a fresh downtrend. Bitcoin and Ethereum are currently trading near important support levels. If they fail to recover today, there could be further declines this week.
Bitcoin price failed to settle above the USD 9,000 level this past week and declined. Recently, BTC/USD even broke a crucial support at USD 8,500 and USD 8,400.
The pair is currently trading below the USD 8,400 support and it remains at a risk of more losses this week. Weekly supports are at USD 8,000 and USD 7,800. Below USD 7,800, the price may accelerate declines towards USD 7,200.
If there is a recovery back above the USD 8,500 level, the price could retest the USD 9,000 pivot level this week.
Ethereum remained in a bearish zone this past week and is currently trading below the USD 540 support level. ETH/USD is flirting with the USD 500 support and it could decline further.
If sellers succeed in a daily close below USD 500, the price will most likely retest the last low near USD 450. Weekly resistance levels are at USD 530, USD 540 and USD 550.
Bitcoin Cash and Ripple
Bitcoin cash recovered this past week from the USD 850 support, but it could not hold gains above USD 1,000. BCH/USD opened this week below the USD 1,000 level and is currently down 2.6%. On the downside, important weekly supports are at USD 900 and USD 850.
Ripple’s struggle to recover continued this past week. There was a short-term recovery above USD 0.65 in XRP/USD, but the pair was not able to gain momentum and is currently down to USD 0.61. It may perhaps decline further towards the USD 0.55 this week.
Other Altcoins Market Today
There were a few altcoins which posted gains today such as Ontology and Request Network. Ontology (ONT) performed better and rose by more than 25% to climb above USD 1.70.
Overall, the market sentiment is slightly bearish this week. If bitcoin price fails to hold the USD 8,000 support, there could be further increase in bearish pressure on BTC and altcoins.