Bitcoin and Altcoins Struggle To Recover Above Key Resistances
Yesterday, we saw a nasty decline in bitcoin price below the USD 6,000 support. BTC/USD failed to hold the USD 5,600 support and extended declines. The price tested the USD 5,400 level and later staged a decent recovery. Similarly, ethereum price recovered above the USD 175 level, but it is struggling to surpass the USD 185 and USD 190 resistance levels. Ripple price performed well as it recovered above USD 0.460, but it is facing a solid resistance near USD 0.475 and USD 0.480. Bitcoin cash hard forked recently into BCHABC and BCHSV. On Binance, Bitcoin Cash ABC traded towards USD 350 and it is currently (UTC 08:30 AM) trading near USD 300. Bitcoin Cash SV traded as high as USD 150 and it is currently trading near USD 130.
Total market capitalization
After a short term correction, bitcoin price traded below the USD 5,600 swing low. BTC/USD declined around USD 200 and tested the USD 5,400 support area where buyers emerged. The price recovered and traded above the USD 5,550 and USD 5,600 levels.
However, sellers defended the USD 5,750 resistance, which is a significant pivot region. To rebound further, the price must break the USD 5,750 and USD 5,800 resistance levels. If not, the price may perhaps decline back towards the USD 5,400 level.
Ethereum price traded below the USD 175 support recently and tested the USD 170 level. Later, ETH/USD recovered above USD 170 and USD 175, but the price faced a strong resistance near USD 185.
The price is currently down around 1.5% to USD 180 and it seems like it could revisit the USD 175 level. If sellers remain in action, the price is likely to surpass the USD 170 support in the near term.
Bitcoin cash and ripple price
Bitcoin cash ABC clearly dominated as its price traded as high as USD 350. BCHABC/USD is currently trading near USD 300 and it seems like it could move higher towards USD 320 and USD 330 in the near term. On the other hand, BCHSV/USD is trading near the USD 130 level, with an immediate support at USD 120 and resistance at USD 150.
Ripple price moved with a bullish angle recently and recovered above the USD 0.450 and USD 0.460 resistance levels. However, XRP/USD must surpass the USD 0.480 resistance to climb higher in the near term.
Other altcoins market today
A few small cap altcoins recovered between 5%-7% recently, including MONA, WAX, DOGE, BAT, GXS, ZRX, MCO, DGB, ZEN and XLM.
Overall, the recent recovery in bitcoin above USD 5,600 is facing many hurdles near USD 5,750 and USD 5,800. Therefore, there is a risk of more declines towards USD 5,400 or USD 5,200 in the coming sessions. Similarly, ethereum could decline below USD 170 if buyers fail to take control above USD 185 in the short term.
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