Bitcoin and Altcoins Face Recovery Hurdles
This past week, there were heavy losses in bitcoin and altcoins. BTC/USD broke the USD 7,250 and USD 7,000 support levels before finding buyers near USD 6,880. Later, the price recovered above USD 7,000, but it seems like buyers are facing may hurdles near USD 7,100 and USD 7,250. Similarly, ethereum and bitcoin cash declined heavily towards USD 400 and USD 680 respectively and are currently in a bearish zone. Small cap altcoins are recovering, but they are lacking bullish momentum, which could result in fresh declines.
Bitcoin price found support near the USD 6,880 level and recovered. BTC/USD moved above the USD 7,000 level, but it faced sellers near the USD 7,100 level. Moreover, there is a strong resistance formed near the USD 7,250 (the previous support). A proper close above USD 7,250 is needed for a decent recovery this week.
On the flip side, if the price fails to recover above USD 7,250, it may perhaps slide back towards USD 6,920. Below this, there is a risk of more declines below USD 6,880 in the near term.
Ethereum declined a few points below the USD 400 level, but later ETH/USD recovered. The price is currently (UTC 09:30 AM) consolidating above the USD 400 level with resistances near the USD 410 and 415 levels.
Above USD 415, the price is likely to test the USD 425 resistance. On the downside, a daily close below USD 400 will most likely put ETH buyers under a lot of pressure.
Bitcoin cash and ripple
Bitcoin cash is struggling to hold gains above the USD 700 level. BCH/USD recently tested the USD 720 resistance and started a fresh decline. It seems like the price is under a lot of pressure and it might even break the last swing low near the USD 685 level.
Ripple price is still holding the all-important USD 0.420 support. Should XRP/USD break this support, the pair could decline sharply towards the USD 0.400 level.
Other Altcoins Market Today
Today, many small cap altcoins corrected higher between 5% – 10% like ZenCash, Hshare, Polymath, ZRX, ELF, WTC, Aurora, Digibyte and Monacoin. The best performers were Holo and MOAC, gaining 28% and 17% respectively.
To sum up, bitcoin and altcoins are attempting a recovery, but they are facing many hurdles on the upside. BTC/USD must clear the USD 7,100 and USD 7,250 barriers to move into a positive zone and start a major upward move.