Bitcoin and Altcoin Bears Still in Control
During the past few hours (UTC 08:30 AM), there were most consolidation moves in bitcoin price above the USD 6,250 support. BTC/USD seems to be struggling to clear the USD 6,400 resistance, increasing chances of a downside break in the near term. Similarly, ethereum remained below the USD 200 – USD 210 resistance zone with negative signs. Most major altcoins are trading in tight ranges with a tiny bearish angle. Going forward, the next move in bitcoin depends whether the price succeeds in clearing the USD 6,400 and USD 6,500 resistances.
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Bitcoin price made another attempt to clear the USD 6,400 resistance. However, BTC/USD buyers failed to gain momentum, resulting in a rejection. On the downside, the USD 6,250 support remains a crucial barrier for sellers.
Should the price break the USD 6,250 support, there is a risk of an extended slide towards the USD 6,100 and USD 6,000 support levels. On the flip side, a close above USD 6,400 may possibly push the price above USD 6,500 in the short term.
Ethereum price remained in a bearish zone below the USD 200 and USD 210 resistance levels. It seems like ETH/USD may continue to move down, and if it breaks USD 185, the next support is at USD 175.
On the upside, a break above the USD 210 pivot level is needed for a decent recovery towards USD 230 and USD 235 levels.
Bitcoin cash and ripple
Bitcoin cash failed to break the USD 500 resistance and is currently down 2.5% to USD 270. If BCH/USD continues to move down, the price could test the USD 450 support zone. To recover, the price has to surpass the USD 490 and USD 500 resistance levels.
Ripple price is also down around 2.5% to USD 0.267. It seems like XRP/USD could continue to slide towards the USD 0.250 and USD 0.240 support levels in the near term.
Other altcoins market today
Many small cap altcoins traded in a range during the past two sessions, including REP, MONA, LSK, BTCP, PIVX, ETC and NPXS. However, EMC and WAVES outperformed as they gained around 65% and 22% respectively.
To sum up, bitcoin price is preparing for the next leg either above USD 6,400 or below USD 6,250. The current market sentiment is slightly bearish, but it won’t be easy for sellers to push the price below the USD 6,250 support in the short term. Similarly, ethereum may continue to find a strong buying interest near the USD 185 low.
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