Bitcoin Struggled While Altcoins Gained
- Bitcoin price is still below the USD 7,000 level with a few bearish signs.
- Major Altcoins such as Ethereum, Cardano, EOS, Bitcoin cash, Neo and Litecoin remained in the green zone.
- A few low cap coins such as Steem, WAN, ELF and ZIL rose sharply higher.
The past few sessions were mostly green for altcoins, whereas bitcoin struggled to gain upside momentum. It is still well below the USD 7,000 resistance, which is a bearish sign. Technically, altcoins are showing many bullish signals, but if bitcoin joins the party, there could be a sharp upside move in the crypto market.
Bitcoin price attempted an upside move, but it could not move above the USD 7,000 resistance. BTC/USD traded near USD 6,990 before starting a downside move.
The price is currently down 0.3% and is trading near the USD 6,830 level. The next supports on the downside are at USD 6,750 and 6,600.
To initiate an upside move, bitcoin buyers need to break the USD 7,000 barrier. It is an important resistance, therefore, a successful break above the stated level could open the doors for a solid bullish wave in the near term towards USD 7,500.
Ethereum traded nicely and made a new weekly high above the USD 435 level. ETH/USD is currently up 1.3% to USD 422, with an immediate support at USD 415. Below the mentioned USD 415 support, the price could retest the USD 400 level.
On the upside, the price faces a short-term resistance at USD 435, followed by the USD 440 hurdle. Above the stated USD 440, the price may attempt a break above USD 450.
Bitcoin Cash and Ripple
Bitcoin cash is showing positive signs above the USD 650 level. BCH/USD is currently trading 1.55% higher to USD 661. The pair needs to gain momentum above USD 680 to gain strength. On the downside, supports are at USD 650 and USD 640.
Ripple bounced back sharply and moved above USD 0.50. There are a few positive signs emerging, but XRP/USD must hold gains above the USD 0.50 level to remain in a bullish zone.
Other Altcoins Market Today
Altcoins market is mostly green today lead by coins such as EOS, ZIL and ADA. EOS was one of the leaders since it jumped more than 30% and is currently trading above the USD 8.0 level. More importantly, EOS is now ranked fifth in terms of the total market capitalization.
The current market sentiment is very positive, but bitcoin’s struggle to gain strength could lead to a downfall.