Bitcoin and Altcoins at a Turning Point
This past week, bitcoin started a fresh decline below the USD 9,500 and USD 9,200 support levels. BTC even broke the USD 9,000 handle before it found support near USD 8,800. The price is currently (08:30 UTC) recovering, but the bulls are likely to face hurdles near USD 9,200 and USD 9,300.
Similarly, most major altcoins are trading in a bearish zone, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is currently trading above USD 222, but it might fail near USD 228 and USD 230. XRP/USD is showing bearish signs and trading below USD 0.180.
Total market capitalization
After testing the USD 8,800 support, bitcoin price started an upside correction. BTC recovered above the USD 9,200 level, but it is struggling to clear the USD 9,200 resistance. Moreover, there is a crucial weekly resistance forming near USD 9,300, above which the bulls might take control in the coming sessions.
If not, the price is likely to resume its decline below the USD 9,000 support. In this case, the bears are likely to target a new low below the USD 8,800 support.
Ethereum price is correcting higher from the USD 215 support and it closed above USD 220. However, ETH is facing a lot of hurdles such as USD 225, USD 228 and USD 230. To start a strong increase, the price must surpass the USD 230 resistance.
Conversely, a downside break below the USD 220 support may perhaps restart downtrend. The weekly support is at USD 215, below which the price might dive towards USD 204 or USD 200.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price declined steadily below the USD 230 support level. BCH even broke the USD 220 support and is currently correcting higher. On the upside, an initial resistance is near the USD 225 level. The first key resistance is near the USD 230 level, above which the price might revisit the USD 240 resistance. On the downside, the main supports are USD 202 and USD 200.
Litecoin is trading just above the USD 40.00 support and it is struggling to recover. An initial resistance is near the USD 42.00 level, above which the price might start a decent recovery towards the USD 45.00 resistance. If not, there is a risk of more losses below the USD 40.00 support in the near term.
XRP price is following a bearish path and trading well below the USD 0.182 pivot level. It seems like the price might continue to move down below USD 0.175 and USD 0.172. The next major support is seen near the USD 0.165 level. On the upside, the price must surpass the USD 0.182 resistance to start a steady recovery.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained over 5%, including CHSB, BTG, BNT, QNT, CKB, BCD, REN, DGB, HIVE, SNX, ADA, and CRO. Out of these, BTG is showing a lot of positive signs and it tested the USD 10.00 resistance.
To sum up, bitcoin price is facing a lot of hurdles on the upside, starting with USD 9,200. If BTC fails to recover above USD 9,200 and USD 9,300, there is a risk of a fresh decline below the USD 9,000 support in the near term.
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