Bitcoin and Altcoins Continue To Probe Key Supports
This past week, there was a decent rebound in bitcoin price above the USD 4,300 resistance level. However, BTC/USD failed to gain pace above USD 4,400 and declined later. The price is now back in a bearish zone and it is trading (UTC 08:30 AM) near key supports at USD 4,000 and USD 3,700. Similarly, ethereum price failed to break the major resistance at USD 125 – USD 126 and later declined. Ripple price too struggled to surpass the USD 0.400 barrier, which later resulted in a fresh decline in XRP/USD. The current market sentiment is bearish and if bitcoin price dives below USD 4,000, there could be an increase in selling pressure.
Total market capitalization
After failing to trade past USD 4,400, bitcoin price declined below the USD 4,350 and USD 4,300 support levels. BTC/USD sellers gained traction below USD 4,200 and pushed the price towards the USD 4,000 support.
The price is currently down around 4% and it is consolidating near the USD 4,000 support. If there is a downside break, the price could test the USD 3,920 support. However, the main weekly support is at USD 3,700, below which the price could trade to new yearly lows. On the upside, an initial resistance is at USD 4,100 followed by the weekly swing zone near USD 4,220.
Ethereum price was rejected near the USD 125 – USD 126 resistance area. Later, there was a downside correction and ETH/USD declined below the USD 115 and USD 112 support levels.
The price is currently trading above the USD 110 support, below which the price could trade towards the crucial weekly support at USD 102. On the upside, the USD 116 level is an initial resistance. However, a successful close above the USD 125 level is needed for bullish acceleration in the near term.
Bitcoin cash and ripple price
Bitcoin cash extended declines below the USD 200 and USD 180 support levels. BCH is currently down around 6% and it is approaching the USD 160 support. The next key support is at USD 150 followed by USD 145. BCHSV is also down around 5% and it is trading below the USD 100 support. The next major support is at USD 90, followed by USD 82.
Ripple price failed to break the USD 0.400 resistance and declined. XRP/USD traded below the USD 0.482 and USD 0.475 supports and it is currently trading just above the USD 0.360 support level.
Other altcoins market today
A few small cap altcoins declined recently between 8% – 15%, including BTCP, THETA, STEEM, FCT, RVN, PPT and ICX. Out of these, BTCP is down around 13% and THETA declined close to 12%.
To sum up, bitcoin price is clearly struggling to rebound with strength above USD 4,200 and USD 4,400. As long as there is no weekly close above USD 4,500, BTC/USD remains at a risk of more losses. On the downside, the main supports are USD 3,920 and USD 3,700, below which sellers may perhaps aim USD 3,400, which could increase selling pressure on altcoins like ethereum, ripple, bitcoin cash, litecoin, eos and tron.
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