In the past few days, bitcoin and altcoins struggled to gain bullish momentum above key resistance levels. There were short term upward moves, but the bulls struggled to remain in action. BTC/USD made a couple of attempts to climb above the USD 10,200 resistance, but it failed to continue higher. As a result, there was a sharp bearish reaction and the price traded below the USD 9,500 support level. Similarly, there were bearish moves in major altcoins, including ethereum, ripple, bitcoin cash, binance coin, litecoin and EOS. ETH/USD tested the key USD 200 support and XRP/USD spiked below the USD 0.305 support.
Total market capitalization
Recently, bitcoin price broke the USD 9,500 support level and traded towards the USD 9,100 level. It found support near USD 9,150 and recovered above the USD 9,400 and USD 9,500 levels. An immediate resistance is near the USD 9,800 level, above which the price could recover above the USD 10,000 handle.
The main weekly resistance is near the USD 10,200 level, above which the price could continue to rise towards the USD 10,500 and USD 10,800 levels. On the downside, an initial support is near USD 9,400, below which the price could even test USD 9,000.
Ethereum price declined below the USD 210 support and it even spiked below USD 200. However, the USD 200 level acted as a solid buy zone and the price recently recovered above USD 210. On the upside, there are a few key resistances near the USD 220 and USD 225 levels.
A successful close above USD 225 is needed for a consistent upward move. If the price continues to struggle below USD 225, there is a risk of a downside break below the USD 200 weekly support.
Bitcoin cash, eos and ripple price
Bitcoin cash price managed to move back above the USD 300 pivot level. BCH/USD is currently (08:10 UTC) consolidating near USD 310 and it seems like the price could continue to climb towards the main USD 325 resistance. If there is no upside break above USD 320 or USD 325, the price could decline once again towards the USD 275 support.
EOS declined below the USD 4.250 and USD 4.100 support levels. It tested the USD 4.000 support and recently recovered above USD 4.200. However, the bulls are facing many hurdles near the USD 4.350 and USD 4.400 levels. The main support on the downside is near the USD 4.000.
Ripple price declined below the USD 0.308 and USD 0.305 support levels. XRP/USD tested the USD 0.302 weekly support and recently recovered above USD 0.310. However, the USD 0.320 resistance is a significant barrier, above which the price could continue to rise.
Other altcoins market today
In the past three sessions, a few small cap altcoins managed to climb higher by more than 6%, including UIP, LAMB, JCT, KCS, QNT, IOST, INB and NANO. Out of these, UIP is up around 280% and LAMB gained nearly 22%.
Overall, bitcoin price is trading in a bearish zone as long as it is below the USD 10,000 resistance level. If BTC/USD continues to struggle, the bears might attempt to push the price below the USD 9,000 support area in the near term.