Market Weekly Outlook: Bitcoin And Altcoins Losing Momentum
Bitcoin price dropped sharply after trading a few points above the USD 10,000 level. All major cryptocurrencies declined between 5-10% during the past three sessions. BitcoinDark zoomed around 40% and traded above the USD 165 resistance.
This past week, there was a solid bullish trend established in bitcoin and altcoins. BTC/USD traded above the USD 9,500 resistance and even broke the USD 10,000 level. However, buyers could not hold the momentum above the USD 10,000 level, resulting in a downside reaction. At the outset, the current price action suggests that buyers are losing grip. Therefore, there could be more declines in bitcoin and altcoins before the start of a fresh upside wave.
Today’s technical indicators are pointing a bearish price action in Bitcoin. BTC/USD has trimmed more than USD 500 and is currently trading near USD 9,400 (GMT 9:00 AM). On the upside, resistances are at USD 9,500 and USD 9,600.
A successful close above the USD 9,600 resistance may perhaps push the price towards the all-important USD 10,000. Finally, a proper close above USD 10,000 is a must for bullish continuation.
On the downside, the previous resistance near USD 9,250 is a key support. If the price fails to hold the USD 9,250 support, there could be more losses. Weekly supports below USD 9,250 are USD 9,000 and 8,450.
Ethereum trimmed more than 10% of its last week gains. ETH/USD declined from well above USD 830 to USD 730. At present, the price is down 4.9% to USD 740 with bearish signs. Weekly supports on the downside are at USD 720 and USD 700.
On the flip side, if the price moves higher, it could face sellers near USD 760. Above this last, the main weekly resistances are at USD 800 and USD 830.
Bitcoin Cash and Ripple
Bitcoin cash declined more than USD 200 from the USD 1,850 high. BCH/USD is currently under a bearish pressure and is trading above the USD 1,600 support. A break below the USD 1,600 support may perhaps push the price towards USD 1,500.
Ripple trimmed most of its last week gains and settled below USD 0.90 and USD 0.85. XRP/USD is now approaching the USD 0.80 support where buyers are likely to appear.
Other Altcoins Market Today
Most small cap altcoins enjoyed solid gains this past week. However, it seems like they are losing momentum and are at risk of more declines. Today’s best performer is BitcoinDark, which surged by more than 40% and traded towards USD 175.
To sum up, the crypto market is showing a few bearish signs, but if bitcoin stays above the USD 9,250 support, there could be a fresh bullish wave.