Bitcoin Rebounds, Major Altcoins Struggle
This past week, we saw a major drop in bitcoin price below the USD 7,000 support. Later, the price found support near USD 6,000 and recovered above USD 6,250. On the other hand, all major altcoins like ethereum, ripple, bitcoin cash, litecoin and EOS failed to rebound and remained in a bearish zone.
Bitcoin price chart:
Bitcoin price recently corrected higher and broke the USD 6,250 resistance (the previous support). BTC/USD even broke the USD 6,400 resistance and is currently (UTC 08:30 AM) trading with around 2.5% gains. An initial resistance is near the USD 6,500 level, above which, the USD 6,600 level is the next hurdle.
Going forward, bitcoin price must settle above USD 6,500 and USD 6,800 in the coming days to decrease selling pressure. If buyers fail to gain momentum, there could be fresh declines towards USD 6,000 and USD 5,700.
Ethereum tested the USD 300 level and is currently trading a few points above the USD 310 level. ETH/USD failed to follow bitcoin during the past few hours and mostly traded with bearish moves.
It seems like the price is facing a major resistance near USD 325 – USD 330 zone. Above this, the price may perhaps recover towards USD 355. On the downside, supports are at USD 310 and USD 300.
Bitcoin cash and ripple
Bitcoin cash price recovered roughly 1.2% today and is trading above the USD 550 level. However, BCH/USD must break the USD 600 and USD 620 resistance levels so that buyers can take control. On the downside, supports are visible near the USD 550 and USD 530 levels.
Ripple price tumbled below the USD 0.3000 level before recovering a few points to USD 0.3050. XRP/USD is clearly trading with bearish moves and it could struggle to break USD 0.3150 and USD 0.3250.
Other Altcoins Market Today
Today, a few small cap altcoins posted decent gains, including peercoin, nuls, dentacoin, ELF, DGD, chainlink, waves, POWR, rchain, and ETP. Out of these, the best performers were peercoin and nuls with roughly 35% and 15% gains respectively.
Overall, bitcoin price found support near USD 6,000 once again, but it is still in a bearish zone. Only a close above the USD 6,500 and USD 6,800 resistances could open the doors for a larger recovery in the coming days.