Bitcoin Price Hovering Near Crucial Support
- Bitcoin price is trading above the USD 8,800 support, and is struggling to gain momentum.
- Bitcoin cash is down around 6.5% and is currently trading at USD 1,035.
- NEM gained 20.8% so far today and is currently trading above the USD 0.40 level.
There was a downside correction initiated in Bitcoin, Ethereum, Ripple, Bitcoin cash and other major cryptocurrencies. Prices are down roughly 4.6% and are showing a few negative signs. It seems like there could be an extended downside correction before prices start an upward move.
Yesterday, bitcoin price failed to move above the USD 9,800 and 10,000 resistance levels. As a result, the BTC/USD pair started a downward move and trade below the USD 9,500 and 9,200 support levels.
It even traded below USD 9,000, but later recovered and is currently trading around 5.8% lower to USD 9,240. On the upside, the broken support levels at USD 9,300 and 9,500 may perhaps as resistances.
On the downside, the USD 9,000 level remains a major support. If the price closes below USD 9,000, there could be more declines towards USD 8,500.
Ethereum was under pressure as it struggled to hold the USD 720 support. It declined and is currently finding it difficult to remain above the USD 700 support.
ETH/USD is trading 4.5% lower to USD 703. It may trade in a range above USD 675 for a few hours before it makes the next move. Below USD 700, the price may trade back towards USD 675. On the upside, a break above USD 725 is needed for a push towards USD 750.
Bitcoin Cash and Ripple
Bitcoin cash struggled a lot and declined 6.5% to USD 1,035. It failed not hold gains above the USD 1,100 and 1,080 supports and declined. Going forward, BCH/USD has to stay above USD 1,000 to avoid further losses.
Ripple’s bad run continues as it could not move above the USD 0.85 level. XRP/USD is currently down 4.4% to USD 0.79. It must move above USD 0.82 and USD 0.85 to start a fresh upside move.
Other Altcoins Market Today
NEM cryptocurrency did very well today and gained around 20.8% to trade above the USD 0.40 resistance. It is currently trading near USD 0.44, with the next resistance at USD 0.50. There were a few positive developments from the NEM community and developers, which lifted the market sentiment.
To sum up, the current market sentiment is slightly bearish. However, if bitcoin price stays above USD 9,000, there could be a fresh upward wave.