Bitcoin and Ethereum Buyers Facing Uphill Task
Bitcoin price gained bullish momentum above the USD 6,400 and USD 6,420 resistance levels. BTC/USD even surpassed the USD 6,500 resistance, but it seems like the USD 6,550 – USD 6,600 zone is acting as a crucial hurdle for more gains. More importantly, there was strong upward move in ethereum during the past few sessions. ETH/USD rallied above the USD 200 and 215 resistance levels and it is currently (UTC 08:30 AM) struggling near the USD 225 barrier. Overall, the recent bullish wave is signaling a positive structure, but both bitcoin and ETH are facing important resistances, which could result in a downside reaction.
In either case, Michael Novogratz, a former hedge-fund manager who is heavily invested in digital currencies, called a bottom on cryptocurrencies, however, the community does not completely agree – but does hope that the bottom is here.
Total market capitalization:
Bitcoin price extended gains and broke the USD 6,420 and USD 6,500 resistances. BTC/USD traded close to the USD 6,600 resistance where sellers emerged. The price is currently correcting lower towards the USD 6,500 support.
If there is a break below the USD 6,500 support, the price could drop back towards the previous resistance (now support) at USD 6,420. On the other hand, an upside break and close above USD 6,600 and USD 6,620 may well open the gates for more gains towards USD 6,750.
Ethereum price remained in a strong bullish channel above the USD 190 and USD 200 levels. ETH/USD even broke the USD 215 resistance and tested the next hurdle at USD 225 where sellers emerged.
The price has started a downside correction and it could test the USD 200 handle in the short term. If buyers fail to keep the price above the USD 200 level, sellers will most likely take back control.
Bitcoin cash and ripple
Bitcoin cash traded above the USD 440 and USD 450 resistances and it is currently up around 5.5%. BCH/USD traded towards the USD 475 level where sellers emerged and the price retreated. If the price trades back below USD 440, it could resume its slide to USD 420.
Ripple price traded above the USD 0.270 resistance, but it faced a tough resistance near USD 0.285. XRP/USD is back below USD 0.280, but there are decent supports near USD 0.272 and USD 0.270.
Other altcoins market today
Many small cap altcoins extended gains and rallied more than 10% during the past few hours, including RHOC, AOA, MOAC, DROP, DCR, DCN, MKR, NANO, BNT, DGB and PIVX. Out of these, RHOC, AOA and MOAC performed well with gains around 47%, 31% and 24% respectively.
Overall, bitcoin’s recent recovery along with ethereum’s rally suggests a positive bias. Having said that, BTC/USD must break USD 6,600 and USD 6,700 to move into a bullish zone, and ETH/USD needs to overcome sellers near USD 225 and USD 235 to continue higher. If both fail, there could be a fresh downward move towards USD 6,300 and USD 185 respectively.
Find the best price to buy/sell some of the top cryptocurrencies: