Bitcoin and Ethereum Struggling Near Crucial Resistances
Bitcoin price mostly remained in a tight range above the USD 6,500 support. However, it seems like BTC/USD is finding it hard to break the USD 6,620 and USD 6,650 resistance levels. There were a couple unsuccessful attempts made by buyers to push the price above USD 6,650. Similarly, ethereum price is struggling to settle above the USD 230 and USD 235 resistance levels. Overall, the current (UTC 06:50 AM) price action is slightly bearish as long as both cryptocurrencies are below the mentioned resistances.
Total market capitalization
Yesterday, we discussed an important resistance near the USD 6,600 and USD 6,650 levels for bitcoin price . BTC/USD made a couple of attempts to break the USD 6,600, USD 6,620 and USD 6,650 resistance levels, but it failed.
The price is moving south with a bearish angle towards the USD 6,550 level. If there are more losses, the price may perhaps retest the USD 6,500 and USD 6,480 supports. On the upside, a break above the USD 6,650 level is needed for further gains in the near term.
Ethereum price also faced a strong resistance near the USD 230 level. On the upside, there are two crucial hurdles formed for ETH/USD at USD 230 and USD 235.
The price has to break these two important resistances to gain traction toward the USD 250 level. On the downside, the USD 215 level is a decent support, below which the price may test the USD 205 support.
Bitcoin cash and ripple price
Bitcoin cash price failed to move above the USD 540 resistance and is currently down more than 2%. On the downside, an immediate support is at USD 505, below which there is a risk of more losses below the USD 500 handle. On the upside, resistances are seen near the USD 530 and USD 540 levels.
Ripple price extended declines below the USD 0.540 level. XRP/USD is down around 4% and it could continue to move down towards the next key supports at USD 0.520 and USD 0.515. Resistances are seen near USD 0.535 and USD 0.540.
Other altcoins market today
Despite the recent bearish moves in bitcoin, a few small cap altcoins gained traction, including GVT, NEXO, AOA, HOT, CMT, XET and WAN. Out of these GVT rallied more than 25% and NEXO gained nearly 21%.
Overall, bitcoin is trading below the crucial resistance at USD 6,650. A successful close above this is needed for BTC/USD to gain momentum towards USD 7,000 in the near term. If buyers fail to push the price above USD 6,650, there could be a bearish reaction in bitcoin and altcoins in the near term.
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