Bitcoin and Altcoins Could Decline Before Fresh Increase
This past week, there was a steady rise in bitcoin price from the USD 3,660 support area. BTC/USD traded above the USD 3,800 and USD 3,900 resistance levels. The price even traded close to the USD 4,000 barrier before starting a downside correction. Ethereum price faced a strong resistance near the USD 140 level on many occasions, resulting in a bearish push below the USD 136 support level. Ripple price also struggled near the USD 0.320 resistance level and XRP declined towards the USD 0.310 support. The current (UTC 08:10 AM) price action suggests a short term bearish wave in the market before it could climb higher.
Total market capitalization
Recently, bitcoin price gained traction towards the USD 4,000 resistance level, where sellers emerged. A high was formed near the USD 3,975 level and recently the price corrected lower. It traded below the USD 3,920 level and it seems like it could continue to move down towards the USD 3,850 support.
The main weekly support is at USD 3,800, below which there is a risk of a downside push towards the USD 3,660 support level. On the upside, BTC buyers may continue to struggle near the USD 4,000 barrier. If there is an upside break, the price could revisit the USD 4,250 level.
Ethereum price made many attempts to clear the USD 140 resistance, but buyers failed to gain strength. As a result, ETH/USD started a downside correction below the USD 138 and USD 136 levels.
The price even broke the USD 135 level and it could extend losses towards the USD 130 weekly support. If there are more losses, the next support is at USD 125. On the upside, the weekly resistance is at USD 140, followed by USD 145.
Bitcoin cash, eos and ripple price
Bitcoin cash failed to clear the USD 135 weekly resistance and recently declined below the USD 132 and USD 130 support levels. BCH/USD is heading lower and it may test the key USD 125 support level in the near term.
EOS failed to stay above the USD 3.80 support level and declined recently. The price is down more than 2.5% and it is currently trading well below the USD 3.65 support level. The next stop for sellers could be USD 3.50.
Ripple price topped near the USD 0.320 level, which is a significant resistance. XRP/USD declined below USD 0.315 and it seems like it could even break the USD 0.310 support. The main weekly support is at USD 0.300.
Other altcoins market today
In the past couple of sessions, a few small cap altcoins traded higher and gained more than 8%, including PAI, REPO, MXM, XTZ, WAN, XLM and GXC. Out of these, PAI rallied more than 17% and REPO is up around 16%.
To sum up, bitcoin price gained recently, but the current price action suggests a short term bearish correction. BTC/USD could test the USD 3,800 support level before it could rise again. Similarly, ETH could test the USD 130 support and ripple price may revisit the USD 0.300 support.