Bitcoin and Altcoins Could Turn Bearish Short Term
During the past three sessions, there was no noticeable recovery in bitcoin above the USD 6,500 resistance. BTC/USD declined below the USD 6,450 support and it is currently (UTC 08:30 AM) trading with a bearish angle. Similarly, ethereum faced a lot of offers near the USD 215 resistance, resulting in a downside reaction. On the other hand, ripple recovered recently and moved above the USD 0.515 and 0.520 resistance levels. Going forward, bitcoin must move above the USD 6,500 resistance. If not, there is a risk of a sharp bearish reaction towards USD 6,200 in the near term.
Total market capitalization
There was an increase in selling pressure on bitcoin price and it failed to surpass the USD 6,500 resistance. BTC/USD traded close to the USD 6,400 support and it is currently consolidating losses. On the upside, an immediate resistance is at USD 6,475, above which buyers are likely to struggle near USD 6,500.
On the flip side, if sellers gain pace below the USD 6,400 support, the price could move down sharply towards the USD 6,250 and USD 6,200 support levels in the short term.
Ethereum price made an attempt to surpass the USD 215 resistance, but it failed. ETH/USD is currently trading near the USD 208 support with range moves.
If there is a downside break below USD 208 or USD 206, the price will most likely trade below the USD 200 support. To rebound, buyers need to push the price above the USD 215 and USD 218 resistance levels.
Bitcoin cash and ripple price
Bitcoin cash price tested the USD 500 support recently and later recovered a few points. However, BCH/USD is still down around 2% and it remains at a risk of more losses if there is a close below the USD 500 support. On the upside, a break above the USD 525 and USD 530 levels is required for a decent recovery.
Ripple price outperformed other major cryptocurrencies and recovered around 4%. XRP/USD moved above the USD 0.520 resistance and it may continue to rise in the near term towards USD 0.535 or USD 0.540.
Other altcoins market today
Despite bearish moves in bitcoin and ethereum, a few small altcoins managed to climb higher by more than 10%, including XEM, LINK, XET and ETA. Out of these, XEM gained around 12% and LINK rallied nearly 13%.
To sum up, the recent moves suggest weakness in bitcoin price below the USD 6,500 resistance. If BTC/USD continues to fail near USD 6,475 and USD 6,500, there could be a downward move. Having said that, there are many key supports near USD 6,400 and USD 6,300. Therefore, it won’t be easy for sellers to gain momentum below USD 6,400.
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