Hopes of recovery thwarted as Bitcoin, Ethereum and Ripple stay in the red

  • Bitcoin cleared the critical resistance at $4,000 but the buyers failed to sustain growth towards $4,200.
  • ETH/USD is trading at $139 and is between the 50 SMA resistance and the important 100 SMA support.
  • XRP/USD must break above $0.32 and sustain growth above $0.33 for gains heading to $0.35.

Towards the end of last week, we saw the bulls on the crypto market revive the uptrend. A bullish wave swept across the market and Friday where Bitcoin closed in on $4,000 while the other cryptocurrencies recorded gains heading to key resistance levels. Although the trend finally broke critical resistance at $4,000, the buyers failed to sustain growth towards $4,200 opening the gate for a reversal.

Bitcoin price overview

It appears that altcoins are gaining traction fast against the largest cryptocurrency by market capitalization. Bitcoin dominance on CoinMarketCap has thinned to 50.07%. Moreover, the rising trading volumes we discussed last week have begun decreasing from the levels above…

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