22 May 2018 · 1 min read

Market is Caught In a Tug-of-War

Bitcoin price is struggling to move past the USD 8,500 resistance region. Ethereum and ripple declined more than 2.5% and traded below key supports. Almost all altcoins are trading flat today with minor losses.

Bitcoin buyers struggled to gain traction above the USD 8,500 resistance, resulting in a downward reaction. However, declines in BTC/USD were contained and it seems like the price is currently consolidating above the USD 8,200 support. There are a few negative signs emerging on charts, but none of them are convincing. This indicates that there could be more ranging moves before bitcoin buyers’ jump into action.

Bitcoin price is currently down 2.3% to USD 8,315 (GMT 9:00 AM), with an immediate support at USD 8,250. However, the most important support sits near USD 8,200. Should buyers fail to keep the price above the USD 8,200 support, BTC/USD could tumble below USD 8,000.
To the topside, an initial resistance is near USD 8,400. To gain upside momentum, the price has to move above USD 8,500, which is a key pivot zone.

Ethereum price failed to stay above the USD 710 and USD 700 support levels. ETH/USD is down roughly 2.5% and is currently trading near USD 694. A close above the USD 700 resistance is required for a decent bounce towards the next resistance at USD 720.
On the downside, the USD 680 is a short-term range support. A break below this may perhaps clear the path for ETH sellers to take control.

Bitcoin Cash and Ripple
Bitcoin cash price once again declined below USD 1,200 and is currently down 5.5%. It seems like BCH/USD is trading in a broad range of USD 1,150 - USD 1,240. A proper daily close above USD 1,240 and 1,250 is needed for further gains towards USD 1,300.
Ripple is struggling to move above the USD 0.70 barrier. XRP/USD is currently down 3.7% to USD 0.672, with an immediate support at USD 0.665. On the upside, resistances are at USD 0.68 and USD 0.70.

Other Altcoins Market Today
Today, many altcoins corrected lower including ONT, bitcoin private, nano, lisk, DGB, golem, litecoin, tron and veChain. It seems like the current market sentiment is slightly bearish, suggesting chances of more downsides in the short term.

However, if bitcoin price stays above USD 8,200 and buyers succeed in pushing the price above USD 8,500, the market could turn green once again.