Bitcoin Gains Slowing, But Not Likely Over
Bitcoin price retreated from highs and tested the USD 6,500 support
After a massive rally yesterday, bitcoin price retreated from well above USD 6,800 and traded below the USD 6,700 and USD 6,600 support levels. However, BTC/USD found support near the USD 6,500 zone and is currently consolidating near the USD 6,600 level. Similarly, ethereum price declined sharply and tested the USD 205 support. Other altcoins like ripple and bitcoin cash price are trading above key support levels and they could slowly grind higher in the near term.
Total market capitalization
Bitcoin price
After a downside correction, bitcoin price found a strong buying interest near the USD 6,550 level. BTC/USD recovered above the USD 6,600 level and it is currently struggling to clear the USD 6,640 resistance. Above this, the next major hurdle for buyers is near the USD 6,700 level. On the downside, an initial support is at USD 6,550, below which the price could test the USD 6,500 support. In case there are more declines, the price will most likely revisit the USD 6,400 support, which is a strong barrier for sellers.
Source: Crypto News
Reported by Aayush Jindal
October 16, 2018
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