Bitcoin and Ethereum Keep Failing Near Key Hurdles, LRC Rallies
Bitcoin price attempted an upside break above the key USD 30,500 resistance zone, but failed to gain strength for a clear move and corrected lower. It is currently (04:03 UTC) down 3% in a day and is trading near USD 29,300. BTC is also down 2% in a week.
Similarly, most major altcoins struggled to clear key hurdles. ETH topped near USD 2,080 and declined below USD 2,000. XRP could decline sharply if it trades below USD 0.40. ADA failed to stay above USD 0.55.
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After a steady move above USD 30,000, bitcoin price faced hurdles. BTC struggled to clear the USD 30,500 and USD 30,550 resistance levels. As a result, there was a fresh bearish reaction below the USD 30,000 level. It even traded below the USD 29,500 support. An immediate support is near the USD 28,800 level. The next major support is near the USD 28,500 level, below which the price could start a stronger decline.
On the upside, the first key resistance is near USD 30,000. The next key resistance is still near the USD 30,500 level, above which the price could gain bullish momentum.
"As expected, bitcoin managed to retain the support levels it found last week and even attempted range breakouts. However, USD 31,000 - USD 32,000 remain strong resistance levels bitcoin needs to successfully breach before we can look toward more upside. Once again, we are yet to see strong buying action, the kind that is typically indicative of a proper reversal, and have plans for both positive and negative price action from here," Joe DiPasquale, CEO of BitBull Capital, said in an emailed comment.
Ethereum price also followed a similar pattern and failed to gain strength for a move above the USD 2,080 and USD 2,120 resistance levels. ETH trimmed gains and
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