Bitcoin and Altcoins Remain Vulnerable Despite Rebound
Yesterday, there were further gains in bitcoin above the USD 4,040 and USD 4,050 levels. BTC/USD traded to a new weekly high close to USD 4,070, but it failed to hold gains. As a result, there was a strong decline below the USD 4,000 and USD 3,980 support levels. The price tested the USD 3,900 support level and later rebounded above USD 3,950. Similarly, there was a downward move in ethereum and ripple below the USD 135 and USD 0.310 support levels respectively. Both corrected higher, but facing many hurdles on the upside.
Total market capitalization
Buyers pushed bitcoin price above the USD 4,000 and USD 4,025 resistance levels. BTC/USD traded to a new weekly high near USD 4,070 before it declined heavily. Sellers gained momentum and pushed the price below the USD 4,000, USD 3,980 and USD 3,950 support levels. The price tested the USD 3,900 support level and later corrected higher.
BTC climbed above the USD 3,950 and USD 3,960 levels, but it is facing a strong resistance near the USD 4,000 and USD 4,010 levels. A successful close above USD 4,010 is must for further upsides. If not, there is a risk of a fresh drop to USD 3,900.
Ethereum price also followed a similar pattern and declined sharply after it failed to clear the USD 140 resistance. ETH broke the USD 135 support, tested the USD 132 support, and later recovered above the USD 135 level.
The price is currently (UTC 08:20 AM) trading in a range near the USD 135 level, with many hurdles near the USD 136 and USD 138 levels. If buyers fail to push the price above USD 138, there could be another dip towards USD 132.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined sharply below the USD 155 and USD 150 support levels. BCH/USD tested the USD 145 support and recently corrected above USD 150. An immediate resistance is at USD 154, followed by USD 155.
EOS failed to stay above the USD 3.70 support and declined below USD 3.60. It tested the USD 3.50 support and recovered above USD 3.55. However, the previous support at USD 3.60 is now acting as a resistance.
Ripple price faced a solid rise in selling pressure after it broke the USD 0.310 support. XRP/USD fell below USD 0.305 and even spiked below USD 0.300. The price later recovered above USD 0.305, but the USD 0.310 level is preventing gains.
Other altcoins market today
In the past three sessions, many small cap altcoins trimmed gains and declined between 5%-10%, including MOAC, ONT, KCS, CRO, HT, LRC, LINK, ICX, BTT and KMD. Out of these, MOAC is down around 10% and ONT fell close to 9.5%.
Overall, bitcoin price recovered after a sharp decline below USD 3,950. However, BTC/USD must surpass the USD 4,000 and USD 4,010 resistance levels to move into a positive zone. If not, there is a risk of another slide in the coming sessions towards USD 3,920 or USD 3,900.