Present situation of alternate crypto currency.

[OcTA Bd]

iNFo 01
Bitcoin price remained well bid on the downside near USD 7,800 - USD 8,000.
InFO 02
Most major altcoins like ethereum, ripple, litecoin and bitcoin cash are under pressure.


          During the past three sessions, there were mostly range moves in bitcoin below the USD 8,250 resistance area. There were a couple of swing moves, but dips in BTC/USD were well bid around the USD 7,800 and USD 8,000 support levels. On the other hand, most major altcoins like ethereum, ripple, litecoin and bitcoin cash traded with a minor bearish angle and declined between 3% - 8%. Going forward, bitcoin may continue to trade in a range before buyers make an attempt to break the USD 8,250 resistance.

Bitcoin

           Bitcoin price struggled on many occasions to break the USD 8,250 and USD 8,300 resistance levels. BTC/USD declined, but it remained supported on the downside. It seems like the price is trading in a broad range of USD 7,800- USD 8,250 (UTC 08:30 AM).
Therefore, it will either break the USD 8,250 resistance to accelerate higher or it could decline below the USD 7,800 support to extend the current correction wave.

Ethereum

           Ethereum price is down more than 3% and it broke the USD 465 and USD 450 support levels. ETH/USD is currently under pressure and it seems like it may perhaps decline further towards the USD 435 support.
On the upside, the previous support at USD 460 is now a key resistance for a recovery. Above this, the most important resistance is near USD 475.

Bitcoin Cash and Ripple

           Bitcoin cash price is also down more than 3% and is currently struggling to hold the USD 800 support. BCH/USD may continue to decline towards the USD 780 support, below which, the next major support awaits at USD 750. On the upside, the USD 830 and USD 840 levels are crucial hurdles for buyers.
Ripple price extended declines and broke an important support at USD 0.450. XRP/USD is now at a risk of more losses towards the USD 0.420 level in the near term. Resistances are at USD 0.450, USD 0.460 and USD 0.475.

Other Altcoins Market Today

          Almost all small cap altcoins declined recently, including Mithril, MOAC, ChainLink, Wanchain, ONT, WTC, ADA, ICON and IOST. However, Polymath performed well as it climbed by more than 30% and broke the USD 0.50 resistance. A major cryptocurrency exchange, Binance listed POLY, which ignited bullish moves.


         
           To sum up, bitcoin must stay above the range support at USD 7,800. If not, there is a risk of a bearish reaction. On the flip side, if BTC/USD starts an upward move, altcoins could recover from the red zone.



          Now to me I think most of the other crypto currency should be turned off as the number of alternate crypto currency is increasing day by day but their price is confined below 1 dollar or rather below 0.5$. So, instead of this rising in the number of crypto currency all should focus on developing the present crypto currency.

Friends what do you think??

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[BTCwin1]

I think the whole market is short of funds at present, so it is still a bear market.
If the bull market is to come, the only condition is that most altcoin dies. However, at present, the number of altcoin is still too large.

[udayantha11]

I think the whole market is short of funds at present, so it is still a bear market.
If the bull market is to come, the only condition is that most altcoin dies. However, at present, the number of altcoin is still too large.

yes i agree with you, scam and shit coins disappear forever.  only tech coins / potential coins will survive in the market.

[erjanite]

maybe the whales are just waiting for the right catalyst for BTC or ETH. We had a good jump last year and this year is just another cycle in preparation for that "catalyst".

[Herbert2020]

bitcoin market is mainly waiting for something to start the rise. and that something is ETF, its rejection or approval doesn't matter. what matters is that it is currently acting like a roadblock for bitcoin's rise. if it is approved then we will see a big surge and a follow up correction delaying the main rise. and if it is rejected then the FUD will pour in and there will be a drop again delaying the main rise from happening.

as for altcoins you named, they aren't exactly under pressure. they are simply having their dumping phase and going down. ETH went  down to $419 and will soon try to go back to $3XX levels. BCH is struggling to keep its volume up and despite the pump attempts it is still on a downtrend currently reaching $757 and trying to go lower. and finally XRP is still in a huge bubble needing to go lower to 1000 satoshi levels which is 1/5 of its current price.

[Just John]

Almost all the alternate cryptocurrencies are struggling and it doesn't seem funny to so many. We witnessed that even with the recent increase in bitcoin price, the alternate cryptos still had difficulties with having an increase in their prices, instead, there was a further dip in their prices and people are unsure of what to think about that.