Bitcoin Faces Strong Resistance, Altcoins Corrected Lower
In the past few sessions, there were mostly range moves in bitcoin price above the USD 3,880 support level. More importantly, BTC/USD continued to face a strong resistance near the USD 3,980 and USD 4,000 levels. If it continues to struggle below USD 4,000, there is a risk of a short-term downside correction below USD 3,900 before a fresh upward move. Similarly, ethereum is struggling (UTC 08:10 AM) to trade past the USD 150 resistance and it could correct below the USD 140 support. Ripple price already broke the USD 0.322 and USD 0.320 support levels to move into a bearish zone.
Total market capitalization
There seems to be a strong sell wall formed near the USD 4,000 level for bitcoin price . BTC/USD made a couple of attempts to surpass the USD 3,980 and USD 4,000 resistance levels, but it failed to gain traction. The price is currently trading below the USD 3,950 support, with a bearish angle.
If sellers gain momentum below the USD 3,900 support, there could be additional losses below the USD 3,880 support in the short term. The next stop for sellers could be USD 3,800, where buyers could emerge.
Ethereum price also struggled to climb above the USD 148 and USD 150 resistance levels. ETH/USD slipped below the USD 146 level and it seems like there could be more losses towards the USD 140 support.
Below USD 140, the price could turn bearish in the short term and it may trade towards the USD 132 support. On the upside, a convincing break above the USD 150 resistance is needed for more gains.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined below the USD 145 support level and it could continue to move down towards the USD 140 support. Should there be more declines, the next key support is at USD 134. On the upside, there are many hurdles near USD 146, USD 148 and USD 150.
EOS is still positioned above key supports at USD 3.75 and USD 3.80. Therefore, there are chances of more gains above the USD 3.85 and USD 3.90 resistance levels in the near term.
Ripple price failed to gain traction and traded below key supports at USD 0.322 and USD 0.320. XRP/USD tested the 0.315 support and it is currently correcting higher. It must move past USD 0.322 to start a fresh upward move.
Other altcoins market today
In the past few hours, a few small cap altcoins corrected lower by more than 6%, including REPO, KMD, MCO, PPT, LINK, FCT and TOMO. Out of these, REPO declined more than 9% and KMD is down close to 8%.
The current price action is slightly bearish below USD 3,980 for bitcoin, which may result in more losses in the near term. BTC/USD could test the USD 3,800 and it is likely to make another attempt to surpass the USD 4,000 resistance.