Bitcoin and Altcoins Struggle To Gain Bullish Momentum

  • 10 December 2020, Thursday, 10:06

After a strong recovery wave above USD 18,200, bitcoin price faced a strong resistance. BTC is struggling to clear the USD 18,500 level and it might start a fresh increase. The price is currently (13:00 UTC) stuck near USD 18,200, with a major support at USD 18,000.

Besides, most major altcoins are showing a few bearish signs, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD retreated from the USD 575 zone and it is now testing the USD 550 support. XRP/USD is still holding ground above USD 0.550, but it is facing an uphill task near the USD 0.580 and USD 0.585 levels.

Total market capitalization

Bitcoin price

There was a major rejection in bitcoin price near the USD 18,500 resistance zone. BTC is moving lower and trading near USD 18,200. The first key support is near the USD 18,000 level. A convincing break below the USD 18,000 level could open the doors for a sharp decline towards the USD 17,650 and USD 17,500 levels. On the upside, the bulls are facing a strong barrier near the USD 18,450 and USD 18,500 levels. A close above the USD 18,500 level could open the doors for an increase towards the USD 19,000 level.

Ethereum price

Ethereum price retreated lower from the USD 575 resistance zone. ETH is trading near the USD 550 support level. If the bears gain strength, there is a risk of a sharp decline towards the USD 530 and USD 520 support levels. The next major support sits near USD 505. On the upside, the USD 565 level is a strong barrier. The main resistance is still near the USD 575 and USD 580 levels. A close above the USD 580 level is a must to start a strong bullish wave.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is showing a few bearish signs below the USD 265 level. BCH must stay above the USD 260 level. If not, the bears might test the USD 230 support. An intermediate support is near USD 250. On the upside, USD 270 is a short-term resistance zone. Litecoin (LTC) is consolidating near the USD 75.00 level. If LTC breaks the USD 76.50 resistance, it could attempt an upside break above the USD 78.50 level. Conversely, there might be another test of USD 72.20. The next major support is near the USD 70.50 support. XRP price is outperforming and it is still holding the USD 0.550 support level. On the upside, there are many important hurdles, starting with USD 0.580. If the bulls gain strength above USD 0.580, there could be a push above USD 0.585 and USD 0.592. The next key resistance is near USD 0.600.

Other altcoins market today

In the past few hours, a few altcoins traded in the green zone, including XLM, AVAX, XEM, ADA, and LEO. Conversely, ANT, VET, YFI, and RUNE are showing bearish signs.

To sum up, bitcoin price is showing a few bearish signs and it could start a fresh decline below the USD 18,000 support. On the other hand, a close above USD 18,200 is a must for a fresh increase. __

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