Bitcoin and Altcoins Continue To Fail Near Key Hurdles
After a decent recovery, bitcoin price declined below USD 3,450. BTC/USD tested the USD 3,400 support and it is currently (UTC 10:20 AM) consolidating losses. The current price action is slightly bearish, but if buyers succeed in pushing the price above USD 3,500, there could be decent gains in the coming sessions. Similarly, ethereum needs to surpass the USD 108 and USD 110 resistance levels to start a fresh upward move. On the other hand, ripple price declined sharply below USD 0.310 and it is currently trading just near the USD 0.300 pivot area.
Total market capitalization
There were bearish moves in bitcoin price below the USD 3,475 and USD 3,500 resistance levels. BTC/USD tested the USD 3,400 and it somehow managed to avert further losses. On the upside, an initial resistance is near the USD 3,450 level, above which the price could revisit the USD 3,475 and USD 3,500 resistance levels.
On the other hand, if there is a downside break below USD 3,400 and USD 3,380, the price is likely to decline heavily towards the USD 3,325 and USD 3,300 levels in the near term.
Ethereum price declined and settled below the USD 108 and USD 110 resistance levels, which are crucial hurdles for buyers in the short term. Above USD 110, ETH/USD may perhaps recover towards the USD 115 resistance.
On the downside, an initial support is at USD 104, below which the price may revisit the USD 100 – USD 101 support zone.
Bitcoin cash, eos and ripple price
Bitcoin cash price is under a lot of pressure as it broke the USD 118 and USD 115 support levels. BCH/USD is currently trading near USD 112 and it seems like the price might decline towards the USD 110 support levels.
EOS failed to stay above the USD 2.35 support and declined below the USD 2.32 support. The price is currently trading with a bearish angle and it could test the USD 2.25 support level.
Ripple price trimmed most of its recent gains and declined below the USD 0.320 and USD 0.310 support levels. XRP/USD even broke the USD 0.305 support and it is struggling to stay above the USD 0.300 support. On the upside, the key resistances are near the USD 0.305 and USD 0.310 levels. The main supports are at USD 0.300 and USD 0.292.
Other altcoins market today
During the past few hours, many small cap altcoins declined between 8%-15%, including XEM, NPXS, ZIL, POWR, LRC, PIVX, ICX, RVN, MAID, DGD and AION. Out of these, XEM is down around 14% and NPXS declined close to 13%.
To sum up, bitcoin price is under a lot of pressure below the USD 3,450 and USD 3,500 resistance levels. If BTC/USD continues to struggle, there is a risk of a downside break below the USD 3,400 and USD 3,375 support levels. Similarly, ethereum might decline below USD 101 and ripple could test the USD 0.280 support.
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