Bitcoin Price and Altcoins Struggle To Clear Key Resistances
Yesterday, we saw a short term recovery in bitcoin above the USD 8,250 resistance. However, BTC/USD faced a strong resistance near the USD 8,500 level and recently started a fresh decline. The price is down more than 2% and it seems like it could revisit the USD 8,000 level in the near term. Similarly, altcoins struggled to continue higher and declined recently, including ethereum, ripple, EOS, bitcoin cash, litecoin, binance coin, tron and stellar. ETH/USD topped near the USD 185 resistance and declined to USD 175. XRP/USD faced resistance near USD 0.262 and recently declined below USD 0.250. Overall, the market struggled to clear key resistances and currently (08:00 UTC) trimming yesterday’s gains.
Total market capitalization
After an upside correction, bitcoin price struggled near the USD 8,500 resistance. As a result, BTC/USD started a fresh downward move and traded below the USD 8,400 and USD 8,300 levels. The price is now trading near USD 8,200 and it seems like it could decline further towards the USD 8,050 and USD 8,000 support levels.
On the upside, the USD 8,350 level is an initial resistance for the bulls. However, the main resistance for a strong recovery is still near the USD 8,500 level. The next key resistance is near the USD 8,800 level.
Ethereum price tested the USD 185 resistance, where sellers took a stand. As a result, ETH/USD declined below USD 180 and tested the USD 175 support. If there are more downsides, the price may perhaps test the USD 170 support.
On the upside, an immediate resistance is near the USD 178 level. Having said that, a clear break above the USD 185 resistance is needed for a push towards the USD 200 handle in the near term.
Bitcoin cash, eos and ripple price
Bitcoin cash price climbed above the USD 220 and USD 225 resistance levels. BCH/USD gained nearly 7% and it tested the USD 235 resistance. If there is a fresh decline in the short term, the USD 220 level might provide support. On the upside, a clear break above USD 235 may perhaps push the price to USD 250.
EOS topped near the USD 235 level and recently declined below the USD 225 support. BCH/USD is heading towards the USD 220 support, below which it could test the USD 205 support. Conversely, a break above the USD 235 resistance might drift the price towards the USD 250 resistance.
Ripple price started a steady decline from the USD 0.262 resistance area. XRP/USD traded below the USD 0.255 and USD 0.250 support levels. It is now testing the USD 0.245 support, below which it could test the USD 0.240 level.
Other altcoins market today
In the past two sessions, a few small capitalization altcoins gained more than 5%, including CRPT, ZIL, BCN, MONA, REN and LINK. On the other hand, NEX, BCV, LAMB, ALGO, BCD, ETP and ABBC declined more than 5%.
To sum up, bitcoin’s recovery failed near the key USD 8,500 resistance. Going forward, the USD 8,000 support holds the key. If the price struggles to stay above USD 8,000, it could resume its downtrend in the coming sessions.