Bitcoin and Altcoins Struggling To Gain Bullish Momentum
There was a decent recovery in bitcoin price above the USD 4,000 resistance. Yesterday, BTC/USD even spiked above the USD 4,400 resistance level, but buyers failed to gain bullish momentum. As a result, there was a bearish reaction and the price declined below USD 4,400 and USD 4,300. Similarly, ethereum price struggled to break the USD 125 – USD 126 resistance zone and declined recently. Ripple and bitcoin cash also to clearly weekly resistances and corrected lower. It seems like bitcoin and altcoins buyers are exhausted, which may result in a few bearish moves in the near term.
Total market capitalization
There was a fresh upside above the USD 4,350 resistance in bitcoin price . BTC/USD even broke the USD 4,400 resistance, but there was no proper close. As a result, the price started a downside correction and traded below the USD 4,400, USD 4,350 and USD 4,300 support levels.
The next support is at USD 4,200, below which there is a risk of an extended decline towards the USD 4,000 support. On the upside, an initial resistance is at USD 4,300, followed by the USD 4,400 level. A successful daily close above USD 4,400 could open the doors for more gains above USD 4,500.
Ethereum price failed to break the USD 125 – USD 126 resistance zone and started a downside move. ETH/USD declined below USD 122 and USD 120 and it is currently (UTC 08:30 AM) down more than 2%.
An initial support is at USD 115, below which the price could slide towards the USD 110 level. On the upside, buyers are likely to struggle near the USD 122, USD 125 and USD 126 resistance levels.
Bitcoin cash and ripple price
Bitcoin cash is down more than 4% and it broke the USD 180 support level. It seems like BCH may perhaps continue to move down and it could test the USD 170 or USD 165 support level. BCHSV moved back below the USD 100 support and it will most likely decline further towards the USD 92 or USD 90 support.
Ripple price climbed higher towards the USD 0.400 weekly resistance where sellers emerged. XRP/USD declined and traded below the USD 0.390 and USD 0.380 support levels. The next support is at USD 0.370, below which buyers could defend USD 0.360.
Other altcoins market today
A few small cap altcoins gained traction and traded higher more than 8%, including CENNZ, THETA, LINK and FCT. Out of these, CENNZ is up around 14% and THETA gained nearly 13%.
To sum up, bitcoin price is currently correcting lower after it failed to clear the USD 4,400 resistance level. BTC/USD may perhaps continue to correct lower, but the USD 4,000 support could stop declines. Likewise, ethereum and ripple are currently correcting lower and approaching key supports where buyers may reappear.
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