Bitcoin and Altcoins Target Additional Weakness
Yesterday, we saw how bitcoin and altcoins trimmed gains and broke key supports. BTC/USD tested the USD 3,700 – USD 3,720 support zone and later started an upside correction. However, buyers struggled near the USD 3,850 and USD 3,860 resistance levels. As a result, there was a fresh decline and it seems like the price may test the USD 3,750 or USD 3,720 support levels. Ethereum too failed to recover above key resistances near USD 142 and later declined. On the other hand, ripple price rallied after the Coinbase Pro exchange announced that they will launch XRP trading on February 26, 2019. It sparked bullish moves above in XRP/USD, but the pair failed to hold gains above the USD 0.320 support level.
Total market capitalization
After testing the USD 3,700 – USD 3,720 support zone, bitcoin price started a decent upside correction. BTC/USD rebounded above the USD 3,800 resistance, but buyers failed to gain pace above the USD 3,850 and USD 3,860 resistance levels. The price started a fresh bearish wave and tested the USD 3,800 level.
If sellers remain in action, the price could revisit the USD 3,750 or USD 3,720 support levels. A downside break below the USD 3,720 support may perhaps accelerate losses. On the flip side, a break above USD 3,850 and USD 3,900 is needed for further upsides.
Ethereum price settled below the key USD 142 support, which is now (UTC 08:10 AM) acting as a resistance. ETH/USD recently made an attempt to clear the USD 142 resistance, but it failed.
The price is currently trading above the USD 135 support, below which it could decline towards the USD 130 support in the coming sessions.
Bitcoin cash, eos and ripple price
Bitcoin cash price faced an increased selling pressure below the USD 140 resistance. On the other hand Bitcoin SV rallied recently and climbed more than 15% above the USD 70 resistance. More gains are possible if the price climbs above the USD 75 level.
EOS is down more than 2% today and it is currently trading below the USD 3.80 and USD 3.60 support levels. The next main support is at USD 3.30, where buyers are likely to take a stand prevent more losses.
Ripple price performed really well and rallied above the USD 0.315 and USD 0.320 resistance. XRP/USD even broke the USD 0.330 resistance, but it failed to hold gains and it is currently trading below the USD 0.320 pivot level, with a bearish angle.
Other altcoins market today
Despite recent bearish moves in bitcoin and ethereum, a few small cap altcoins gained traction and rallied more than 10%, including ENJ, BAT, S4F, LOOM, BSV, ICX, STEEM, ELF, and RVN. Out of these, ENJ rallied more than 130% and BAT is up around 38%.
Overall, bitcoin price is under a lot of pressure below the USD 3,850 and USD 3,900 resistance levels. Therefore, there are chances of more losses in BTC below the USD 3,750 support, which may spark bearish moves in ethereum and other altcoins.