Bitcoin and Ethereum Retreat From Crucial Levels
There were bullish moves in the market during the past few sessions. The positive sentiment developed after Mario Draghi, the President of the European Central Bank denied the rumors of bitcoin and cryptocurrencies ban. All major digital currencies, including bitcoin, Ethereum, litecoin, ripple and bitcoin cash climbed. However, the upside move in BTC and ETH stalled near crucial resistance levels.
Bitcoin accelerated the upside move and succeeded in moving above the USD 9,000 level. It cleared the path for more gains and the price broke the USD 9,500 and 9,800 resistance levels.
However, the upside move faced a strong resistance near USD 10,000. Sellers prevented a break above USD 10,000 and a high was formed at USD 9,925. A downward correction wave is underway and BTC/USD has already breached the USD 9,600 support.
It is currently trading 7.5% up from the USD 8,758 low. On the downside, supports are at USD 9,500 and 9,200. The last important support is at USD 9,000. Towards the upside, the USD 10,000 level is a major hurdle for more gains.
Ethereum also climbed higher today to settle above USD 900. ETH/USD traded close to the USD 950 resistance and it later started a downside correction.
It is currently trading 5.7% higher at USD 911, with supports on the downside at USD 900 and 880. The pair has to move above the USD 950 resistance to test the all-important USD 1,000 level.
Bitcoin Cash and Ripple
Ripple is showing a lot of positive signs as it moved above the USD 1.10 resistance. It seems like the XRP/USD pair is preparing for further gains, but it has to move beyond USD 1.20. Above USD 1.20, the price may trade towards USD 1.50.
Bitcoin cash seems to be forming a short-term top near USD 1,385 level. The stated level acted as a resistance on two occasions recently and it may continue to prevent gains above USD 1,400. On the downside, supports levels are USD 1,300, 1,280 and 1,250.
Other Altcoins Market Today
Today’s best performer was WAX. It surged by more than 115% to trade above USD 0.58. The company recently announced that the BLUE wallet now supports WAX, which ignited bullish moves. The next resistances on the upside are at USD 0.80 and 1.00.
The overall market sentiment is positive and there can be more upsides in coins such as bitcoin, Ethereum, litecoin and ripple.