Bitcoin and Ethereum Buyers – Facing Uphill Task

  • Bitcoin price broke the USD 6,420 resistance and tested the USD 6,550 – USD 6,660 hurdle.
  • Ethereum surged above USD 200 and USD 215 before facing sellers near USD 225.
  • Aurora and RHOC gained traction and rallied 47% and 31% respectively.

Bitcoin price won bullish momentum above the USD 6,400 and USD 6,420 resistance ranges. BTC/USD even surpassed the USD 6,500 resistance, but it looks like the USD 6,550 – USD 6,six hundred zone is appearing as a essential hurdle for moregainsgreater importantly, there has been strong upward flow in ethereum for the duration of the past few periods. ETH/USD rallied above the USD 2 hundred and 215 resistance tiers and it is presently (UTC 08:30 AM) struggling near the USD 225 barrier. common, the recent bullish wave is signaling a tremendous shapehowever each bitcoin and ETH are going through vital resistances, which could bring about a disadvantage reaction.

In either case, Michael Novogratz, a former hedge-fund manager who is heavily invested in digital currencies, called a bottom on cryptocurrencies, however, the community does not completely agree – but does hope that the bottom is here.

Total market capitalization:

Bitcoin and Ethereum Buyers Facing Uphill Task 101
Source: coinmarketcap.com

Bitcoin
Bitcoin price extended gains and broke the USD 6,420 and USD 6,500 resistances. BTC/USD traded close to the USD 6,600 resistance where sellers emerged. The price is currently correcting lower towards the USD 6,500 support.
If there is a break below the USD 6,500 support, the price could drop back towards the previous resistance (now support) at USD 6,420. On the other hand, an upside break and close above USD 6,600 and USD 6,620 may well open the gates for more gains towards USD 6,750.

Ethereum
Ethereum price remained in a strong bullish channel above the USD 190 and USD 200 levels. ETH/USD even broke the USD 215 resistance and tested the next hurdle at USD 225 where sellers emerged.
The price has started a downside correction and it could test the USD 200 handle in the short term. If buyers fail to keep the price above the USD 200 level, sellers will most likely take back control.

Bitcoin cash and ripple
Bitcoin cash traded above the USD 440 and USD 450 resistances and it is currently up around 5.5%. BCH/USD traded towards the USD 475 level where sellers emerged and the price retreated. If the price trades back below USD 440, it could resume its slide to USD 420.
Ripple price traded above the USD 0.270 resistance, but it faced a tough resistance near USD 0.285. XRP/USD is back below USD 0.280, but there are decent supports near USD 0.272 and USD 0.270.

Other altcoins market today
Many small cap altcoins extended gains and rallied more than 10% during the past few hours, including RHOC, AOA, MOAC, DROP, DCR, DCN, MKR, NANO, BNT, DGB and PIVX. Out of these, RHOC, AOA and MOAC performed well with gains around 47%, 31% and 24% respectively.

Overall, bitcoin’s recent recovery along with ethereum’s rally suggests a positive bias. Having said that, BTC/USD must break USD 6,600 and USD 6,700 to move into a bullish zone, and ETH/USD needs to overcome sellers near USD 225 and USD 235 to continue higher. If both fail, there could be a fresh downward move towards USD 6,300 and USD 185 respectively.

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Find the best price to buy/sell some of the top cryptocurrencies:

Bitcoin and Ethereum Buyers Facing Uphill Task 102

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