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Bitcoin Still rising but Altcoins show negative signs

Written by  May 06, 2020

After a successful close above USD 9,000, bitcoin price extended its upward move. BTC/USD passing the USD 9,200 resistance and tested USD 9,400.

It is currently consolidating above USD 9,200 and facing hurdles near USD 9,400, USD 9,440, and USD 9,500.

On the other hand, most major altcoins are facing an increase in selling pressure, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down close to 2% and it seems to be approaching the USD 202 and USD 200 support levels. XRP/USD is also sliding and it is likely to test the USD 0.212 and USD 0.210 support levels.

Bitcoin price

Recently, bitcoin price gained bullish momentum above the USD 9,000 and USD 9,200 resistance levels. However, BTC struggled to extend gains above USD 9,400 and corrected a few points. It is currently trading above USD 9,200 and facing hurdles near USD 9,400, USD 9,440, and USD 9,500.
To start a sustained upward move towards USD 10,000 or even USD 10,200, the price must break the USD 9,500 resistance. If there is no upside break, the price could correct lower towards USD 8,850 in the near term.

Ethereum price

Ethereum price failed to clear the range resistance at USD 210 and USD 212. As a result, there was a bearish reaction below the USD 205 level. It seems like ETH might continue to slide towards the USD 202 and USD 200 support levels.
On the upside, the main hurdles remain USD 210 and USD 212, above which the price could start an upward move towards USD 220 or even USD 228.


Bitcoin cash, litecoin and XRP price

Bitcoin cash price is stuck in a range between USD 240 and USD 250. To move further higher, BCH must surpass the USD 250 resistance. The next major resistance is seen near the USD 265 level. On the downside, the price is likely to remain stable above USD 240 and USD 230.
Litecoin is down more than 2% and it failed to continue towards USD 48.50 and USD 50.0. LTC is now approaching the USD 45.00 support, below which there is a risk of more losses towards the USD 42.00 level. On the upside, the USD 46.50 level is an initial resistance, followed by the USD 48.50 pivot zone.
XRP price struggled to gain bullish momentum above the USD 0.220 level and recently started a fresh decrease. The price is down close to 3% and it broke the USD 0.215 level. The next key support is near USD 0.212, below which it could continue lower towards the USD 0.210 level.

Other altcoins market today

In the past three sessions, a few smaller altcoins jumped more than 5%, including NMR, HYN, ZRX, XVG, SNT, LEND, and RCN. Conversely, DGB, HIVE, UBT, RDD, HOT, NRG, ZIL, and QNT are down more than 5%.

To sum up, while altcoins are struggling, bitcoin price is gaining bullish momentum above USD 9,200 and it could make another attempt to surpass the USD 9,400 and USD 9,500 resistance levels.

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Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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