Bitcoin and Ethereum Respond To Key Resistances
Bitcoin price struggled a lot to settle above the USD 6,700 resistance, which finally resulted in a downside reaction. BTC/USD corrected lower and broke the USD 6,600 support level. Similarly, after a long struggle to clear the USD 230 resistance, ethereum price declined and traded towards USD 222. Other major altcoins like ripple, litecoin and bitcoin cash also faced an increased selling pressure and corrected lower. The current (UTC 08:30 AM) market sentiment is slightly bearish, but bitcoin and ethereum are still trading above key supports.
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Yesterday, there was a rejection noted around the USD 6,700 resistance in bitcoin price . BTC/USD started a short-term correction and declined below the USD 6,650 and USD 6,600 support levels. It tested the USD 6,500 support where buyers emerged. Further below, there are key supports positioned near the USD 6,450 and USD 6,400 levels.
As long as the price is above the USD 6,500 level, it could recover and bounce back above USD 6,600. Having said that, a convincing break above the USD 6,700 resistance is needed for buyers to gain traction.
Ethereum price also failed continuously around the USD 230 level and declined recently. ETH/USD traded towards the USD 222 – USD 223 support and it is currently down around 1.4%.
On the downside, the next support is at USD 220, followed by the all-important USD 215 support. To avoid further declines, the price must bounce back and clear the USD 230 resistance in the coming sessions.
Bitcoin cash and ripple price
Bitcoin cash price extended declines and traded below the USD 520 support. BCH/USD may continue to move down towards the USD 500 support, which holds the key. On the upside, the main resistance for buyers is near the USD 530 level, above which the price is likely to face sellers near USD 540.
Ripple price started a fresh decline and moved below the USD 0.470 support. XRP/USD is currently down 3.4% and it seems like it could accelerate losses towards the USD 0.460 and USD 0.450 support levels.
Other altcoins market today
Despite the downside correction in bitcoin and ethereum, a few altcoins like NOAH, DGTX, AE, ELA, NPXS, POLY, DCN and ETN gained between 6%-14%. Out of these, NOAH was up around 13% and DGTX gained roughly 12%.
Overall, bitcoin trimmed most of its gains and reacted negatively from the USD 6,700 resistance. However, if BTC/USD stays above the USD 6,500 support, it could bounce back in the near term. Similarly, ETH/USD must stay above USD 222 to move back towards USD 230.
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