Following yesterday’s drop in the cryptocurrency markets, they have extended their losses into today, with most cryptocurrencies trading down slightly. Both Bitcoin and Ethereum are facing growing resistance just above their current price levels.

Bitcoin and Ethereum Face Growing Resistance Near Current Price Levels

Bitcoin has been caught in a relatively tight trading range over the past week, trading between $3,700 and $4,000. At the time of writing, Bitcoin is trading down under 1% at its current price of $3,800.

Over the past week, Bitcoin (BTC) has failed to break above $4,000, which has become a level of resistance.

The Crypto Dog, a popular cryptocurrency analyst, shared his thoughts on the current market conditions, citing declining volume as a threat to Bitcoin’s stability, concluding that a further drop may be necessary in order for a rally to ensue. He also dismissed the possibility of an inverse head and shoulders pattern forming, which would be definitively bullish for BTC.

“I love getting excited about inverse head & shoulders as much as the next guy, but until we see a change in this declining volume trend, I'd like us to fall lower before I try and long $BTC,” he explained.

Yesterday, The Crypto Dog also discussed Ethereum (ETH) facing growing resistance at 0.04 BTC (approximately $151 USD), saying:

“$ETH / $USD isn't about to go parabolic, not without $BTC making a major push… $ETH / $BTC is facing serious resistance at .04, it's unlikely we cross it on the first try.”

At the time of writing, Ethereum is trading up less than 1% at $148, just slightly below its resistance level that exists in the low-$150 region. ETH’s weekly trading range is significantly large than that of Bitcoin’s and is between lows of $130 and highs of $156.

Altcoins Trading Down Slightly

The altcoin markets are experiencing a mixed trading session today, with most major altcoins trading down marginally.

At the time of writing, XRP is trading down 1.6% at its current price of $0.354. XRP has been relatively stable this week and is currently trading near its weekly lows of just under $0.35.

Bitcoin Cash (BCH) is trading down 2.2% at its current price of $158. BCH has been able to maintain most of its recent gains and is trading up significantly from its one-month lows of $75. BCH has also seen increased trading volume since it has risen from $75, which signals that it was oversold at these price points.

All the cryptocurrencies mentioned in this article are available to trade on covesting.io