There have been mostly bearish moves in the Bitcoin price below the $10,500 and $10,200 levels this week. The BTC/USD pair even revisited the $9,750 support area over the weekend which leads many to believe that Bitcoin and altcoins are still in a downtrend.
As the latest cryptocurrency news show, the resistances are falling behind. Even though the price of Bitcoin surged above $10,200 and $10,300 – the main resistance near the $10,500 level acted as a strong resistance.
At press time, we can see an upside correction in the Bitcoin and altcoin news, where coins like Ethereum (ETH), Ripple (XRP), EOS (EOS), Litecoin (LTC), Binance Coin (BNB), Bitcoin Cash (BCH) and Stellar (XLM) are rising.
Meanwhile, ETH/USD is trading well below the $200 resistance level while XRP/USD is struggling to continue higher above $0.285 and $0.292. Overall, Bitcoin must settle above the $10,500 line and gain momentum above $10,800 in order to start an uptrend. Bitcoin and altcoins must rise and if they don’t do that, there could be a fresh decrease below $10,000 this week.
Recently, the BTC price corrected above the $10,000 and $10,200 resistance levels. BTC/USD even climbed to $10,400. However, we can see that the bulls struggled and as many best cryptocurrency news sites showed, the support has fallen to $9,750 which was the main signal for the downward trend. On the upside, the main weekly resistances are at $10,500. Bitcoin and altcoins are in the same price trend, even though BTC is more likely to get away with more gains right now.
The small cap altcoins, as the coming altcoin news show, have all climbed higher which is a good sign. Coins such as AN, SNX, SOLVE, ZEC, BCN, QNT and GNT posted gains – all while coins such as ABBC, EGT, FCT, ENJ, DOGE, BAT and REN declined by 5% or more in the past few hours.
Compared to the past weekend, the action this weekend shows that Bitcoin and altcoins are recovering but are still in a downward trend. To start a strong upward move, BTC/USD must settle above $10,500 and $10,800. If this is not accomplished in the next few days, the price is more likely to again visit the $9,000 region.
The total cryptocurrency market cap right now is at $268 billion.
The post Bitcoin And Altcoins In Downtrend Despite The Recent Bounce appeared first on DC Forecasts – Leading Digital Currencies.