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Crypto Prices

For Bitcoin and Ethereum resistance is strong

Written by  Jun 11, 2020

After a brief consolidation phase, bitcoin price spiked higher above the USD 9,850 resistance. However, BTC failed to clear the USD 10,000 resistance zone and it is currently (09:30 GMT) retreating lower.

If there is a downside break below USD 9,800, the price could trim gains and revisit USD 9,550.

Similarly, most major altcoins are currently losing bullish momemtum, including ethereum, ETH/USD tested the USD 250 resistance and failed to retain strength for a push towards USD 260.

Total market capitalisation

Bitcoin and Altcoins Start Showing Signs of Fresh Rally 101
Source: www.tradingview.com

Bitcoin price

Recently, bitcoin price gained strength above the USD 9,850 resistance zone. BTC even tested the USD 10,000 resistance, but it failed to continue higher. As a result, there was a bearish reaction, and the price trimmed most of its gains. The price is now testing the USD 9,800 level and any further losses might increase bearish pressure in the near term.

On the upside, the USD 10,000 level seems to be a huge barrier for the bulls. If the price continues to struggle, there are chances of a strong bearish reaction.

Ethereum price

Ethereum price also spiked higher above the USD 245 resistance, but it failed to accelerate higher above the USD 250 level. ETH is currently correcting lower, but the recent resistance at USD 245 is acting as strong support. Any further losses may perhaps start a fresh decline.

Conversely, the bulls might make another attempt to push the price above the USD 250 resistance level in the coming sessions. The next key resistance could be near the USD 262 and USD 265 levels.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Peter Flynn

Senior Editor and self confessed Crypto addict, bringing a variety of Crypto tech news, help and advice in the UK. I have worked in various fields throughout my career such as a Systems Administrator, Cyber Security Consultant and other technical related roles, these days I concentrate on Cryptocurrency journalism and technical writing.

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