Bitcoin and Altcoins Continue to Fail Near Key Hurdles
There was an increase in selling pressure on bitcoin recently, resulting in a bearish move below USD 3,450. BTC/USD is currently (UTC 08:10 AM) trading near the USD 3,400 support level and it seems to be struggling near the USD 3,500 and USD 3,550 resistance levels. Ethereum clearly struggled to clear the USD 95 and USD 100 resistance levels. ETH/USD is currently trading below USD 90 and it may slide towards USD 85. Ripple price continues to consolidate near the USD 0.300 support, with an immediate resistance at USD 0.312. The price action is short term bearish unless bitcoin price breaks the USD 3,500 and USD 3,550 resistances in the coming sessions.
Total market capitalization
There was a rejection noted near the USD 3,550 level in bitcoin price , resulting in a downward move. BTC/USD declined below the USD 3,450 support and it is currently down around 2%. An immediate support is at USD 3,400, below which the price could drop sharply towards the USD 3,250 support level.
On the flip side, if buyers continue to protect USD 3,400, there is a chance of an upward move towards the USD 3,500 level. However, the price must convincingly break the USD 3,500 and USD 3,550 resistance levels to stage a decent rebound in the near term.
Ethereum price is currently consolidating near the USD 88 – USD 90 area. ETH/USD was recently rejected near the USD 100 hurdle (the previous support zone).
If there are more losses below USD 88, the price may revisit the last swing low near USD 84. On the upside, an initial resistance is at USD 94, above which the price may retest the key USD 98 – USD 100 resistance zone.
Bitcoin cash and ripple price
Bitcoin cash price is down around 2.5% and it moved below the USD 100 support. It seems like BCH/USD may continue to correct lower towards the USD 95 support level. BCHSV is down more than 6% and it seems like buyers failed to hold gains above the USD 100 and USD 95 support levels. The next key support awaits near USD 90, below which the price may decline to USD 85.
Ripple price is facing a solid resistance near the USD 0.312 and USD 0.320 levels. XRP/USD is currently consolidating above USD 0.300 and it may continue to trade in a range before the next move either above USD 0.320 or below USD 0.300.
Other altcoins market today
A few small cap altcoins declined more than 8% recently, including MOAC, FCT, MANA, DCR, ELF, R, MGO and KMD. Out of these, MOAC is down around 17% and FCT fell close to 13%.
To sum up, bitcoin buyers seem to be facing a major resistance near the USD 3,500 and USD 3,550 levels. If BTC/USD fails to climb above USD 3,550, there is a chance of a fresh decline below USD 3,400 and 3,350 in the near term. Similarly, ethereum and ripple may decline heavily if they fail to move past USD 100 and USD 0.320 respectively.