Bitcoin and Altcoins Facing Tough Resistances

[PRIBO247]

Recently, there was a sharp downward move in bitcoin below
the USD 4,500 and USD 4,000 support levels. BTC/USD even
broke the USD 3,820 support and traded close to the USD 3,600
support. Later, the price recovered more than 5% and traded
above the USD 4,000. Similarly, ethereum declined sharply
towards the USD 100 handle. Later, the price corrected higher
and moved above USD 115. Ripple price also recovered and
traded above the USD 0.350 resistance. However, bitcoin and
altcoins are now facing tough resistances and it seems like
further gains won’t be easy.

BITCOIN PRICE

After clearing the USD 4,000 support, bitcoin price tumbled
towards the USD 3,600 support. BTC/USD traded near the USD
3,650 level and later started a decent upside correction. It
recovered above the USD 3,820 and USD 4,000 resistance
levels.
The price is currently (UTC 08:30 AM) up around 5%, but it is
facing a tough resistance near the USD 4,100 - USD 4,200
zone, which was a support earlier. If buyers need to gain
bullish momentum, they need to push the price above USD
4,200 and USD 4,250. On the flip side, a downside break below
USD 4,000 and USD 3,820 could push the price towards USD
3,600.

ETHEREUM PRICE

Ethereum price declined sharply below the USD 120, USD 118
and USD 112 support levels. ETH/USD traded close to the USD
100 support level and later started a decent recovery.
The price climbed around 5% and it is currently trading above
USD 115. On the upside, the previous supports at USD 120 and
USD 125 are acting as major barriers for buyers. Above USD
125, the price could climb towards the next weekly resistance
at USD 150.

BITCOIN CASH AND RIPPLE PRICE

Bitcoin cash ABC settled below the USD 200 support. It traded
close to the USD 150 level and later recovered. More
importantly, bitcoin cash SV gained traction recently as it
climbed more than 60%. BCHSV is currently trading above
USD 110 and it could continue to move higher towards the
USD 120 level.

Ripple price declined below the USD 0.365 and USD 0.350
support levels. XRP/USD found support near USD 0.328 and
later recovered above the USD 0.350 level. On the upside, the
main weekly barriers for buyers are at USD 0.400 and USD
0.425.

OTHER ALTCOINS MARKET TODAY
Many altcoins recovered more than 15% today, including SRN,
ETP, VERI, MONA, POLY, RVN, FCT, XTZ, ARK, ARDR and
NEXO. Out of these, SRN rallied around 70% and ETP gained
roughly 33%.

Overall, the recent bitcoin’s decline below USD 4,000 was
scary for investors. BTC/USD is currently recovering, but
buyers need to gain strength above the USD 4,100, USD 4,200
and USD 4,400 weekly barriers to stage a solid rebound in the
coming days. If buyers fail, there could be a fresh decline in
bitcoin and altcoins in the near term.

Source : https://cryptonews.com