Bitcoin price saw heavy downsides recently as it broke the USD 6,400 and USD 6,350 support levels. BTC/USD tested the USD 6,200 support where buyers emerged, and later an upside correction was initiated. Major altcoins like ethereum and ripple also started and an upside correction after forming a decent support base. However, the current recovery may not last long since the market sentiment is still bearish, and the previous supports will most likely act as resistances.
Total market capitalization
After testing the USD 6,200 support, bitcoin price started an upside correction. BTC/USD moved above the USD 6,250 and USD 6,300 resistance levels. However, the price is facing a few important resistances near the USD 6,380, USD 6,400 and USD 6,450 levels.
The mentioned resistances near USD 6,400 were supports earlier and now they are likely to cap upsides. On the downside, a proper close below the USD 6,200 support could increase selling pressure on bitcoin it the near term.
Ethereum price declined below the USD 200 support and tested the USD 190 level. ETH/USD is currently correcting higher, but it is facing resistance near the USD 200 and USD 205 levels.
If there is a break above the USD 205 level, the price is likely to face a strong barrier near USD 215. On the downside, an initial support is at USD 190, below which there is a risk of more losses towards the USD 175 level.
Bitcoin cash and ripple price
Bitcoin cash price tested the USD 425 level and recovered a few points. BCH/USD may continue to correct higher, but the USD 460 and USD 480 levels are likely to protect gains. The most important resistance for buyers is positioned near the USD 500 level. The key supports on the downside are USD 425 and USD 410.
Ripple price recovered nicely and it is currently up more than 3% to USD 0.428. XRP/USD must break the USD 0.440 and USD 0.450 resistance levels to extend the current recovery towards the USD 0.500 level in the near term.
Other altcoins market today
Recently, Coinbase Pro announced that the 0x token (ZRX) will be launched on their platform, which boosted the price. A few other altcoins like LOOM, MANA and BAT also gained between 8%-15%.
Overall, bitcoin found support near USD 6,200 and is currently recovering. However, buyers are facing a lot of hurdles near USD 6,400. Therefore, a major recovery in BTC/USD is very unlikely. If sellers regain control, there could be a fresh round of selling in bitcoin and major altcoins in the coming sessions.