Bitcoin and Altcoins Struggling To Hold The Ground

  • Bitcoin price tumbled and traded to a new monthly low below USD 6,200.
  • Most altcoins followed bitcoin and are currently under heavy selling pressure.
  • The market is struggling to recover and it remains at risk of more declines.


    Bitcoin buyers fought to prevent a downside break below a key support at USD 6,250. However, sellers had the upper hand, resulting in a sharp decline below USD 6,250. Ethereum is also struggling to hold gains, but it is still above yesterday’s low. The current market sentiment indicates an increased bearish bias, and if bitcoin fails to stay above USD 6,000, there could be heavy losses during the coming sessions.

    Bitcoin
    Bitcoin price failed to stay above the USD 6,250 and USD 6,200 support levels, which is a strong bearish sign. BTC/USD is currently (UTC 8:30 AM) trading above the USD 6,120 support, but it is facing heavy selling pressure.
    If the price declines further below USD 6,120, there is a risk of a crucial break below USD 6,000. On the upside, an initial resistance is at USD 6,300, above which the price may revisit the USD 6,400 pivot level.

    Ethereum
    Ethereum price struggled to move above the USD 445 resistance and is currently down around 1%. However, ETH/USD is still trading above yesterday’s low, which is a short-term positive sign.
    Having said that, if the price fails to move above the USD 445 resistance, it could break the USD 425 support to trade towards USD 400 in the near term.

    Bitcoin Cash and Ripple
    Bitcoin cash price extended its slide and is currently trading near the USD 675 level. An initial support sits at USD 660, followed by USD 650. Below this last, BCH/USD may perhaps move towards the USD 620 level. On the upside, resistances are at USD 690, USD 700 and USD 720.
    Ripple price is in a bearish zone below USD 0.45 and it seems like XRP/USD may even break the USD 0.43 level to test the USD 0.42 support. Resistances are sitting near USD 0.445 and USD 0.450.

    Other Altcoins Market Today
    Almost all altcoins are trading in the red zone with losses between 3-12%. The worst performer so far is bitcoin diamond, trading below the USD 2.00 support. Other cryptocurrencies like XIN, VERI, MCO, pundi X, NAS and POWR posted declines more than 8%.
    Overall, bitcoin and altcoins are struggling to hold the ground. To recover, bitcoin price must move back above the USD 6,300 and USD 6,400 resistance levels.


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    Source
    Author: Aayush Jindal
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