Bitcoin and Altcoins Market Weekly Outlook
This past week was mostly bearish as bitcoin and almost all altcoins failed to gain upside momentum. Bitcoin price closed the week with roughly 10% losses and even struggled to remain above the USD 10,000 level. The ongoing Coinbase drama (data of 13,000 accounts handover to IRS) increased tensions in the market.
Bitcoin price closed the last week on a negative note and it is currently trading below the USD 10,000 level. After forming a weekly high around the USD 12,000 level, there was a slow and steady decline.
The price declined and broke the USD 10,500 and 10,000 support levels. Today, the price is trading 0.55% lower to USD 9,500. It seems like the price may continue to decline and it could even retest USD 9,000.
Weekly supports are at USD 9,000 and 8,400, and resistances are seen at USD 10,000, 10,800 and 11,200.
Ethereum was stable this past week as compared to bitcoin. However, there was no break above the USD 960 and 980 resistance levels. ETH/USD closed the week below USD 900 and is currently holding the USD 830 support.
The pair may consolidate for the next few sessions before it makes the next move either above USD 900 or below USD 800. Weekly supports are USD 800 and 750, and resistances are USD 900 and 960.
Bitcoin Cash and Ripple
It was the worst week for Bitcoin cash as it started a major downside move from well above USD 1,500. BCH/USD declined and broke the USD 1,300 and 1,200 support. Today, it is trading 1.10% lower with an immediate support at USD 1,100.
Ripple mostly traded in a range this past week with a slight bearish angle. It closed the week below USD 1.00 level, which increased the risk of more declines this week. It has to move back above USD 1.00 to avoid a test of the USD 0.80 support.
Other Altcoins Market Today
Today, SingularityNET is still performing well. AGI price is up around 20% and is currently trading at USD 0.39. There were some announcements by the team regarding accelerating Intelligence development, which pushed the price higher.
Overall, this week’s outlook remain bearish to stable. Bitcoin price has to recover and settle above USD 10,000 to trim weakness and gain strength. Similarly, ETH/USD must settle above USD 900 to make an attempt to test USD 1,000.