Bitcoin and Altcoins Approaching Next Crucial Break
- Bitcoin price is forming a breakout pattern with resistance at USD 3,600 and support near USD 3,500.
- Ethereum and ripple are also confined in a tiny range above key supports.
- HOT and NPXS rallied more than 20% today.
There were mostly range moves in the past few sessions and bitcoin struggled to break the USD 3,600 resistance level. It seems like BTC/USD could make the next move in the coming sessions, which could be either above USD 3,600 or below USD 3,500. Similarly, ethereum is preparing for the next key break either above USD 120 or towards USD 100. Ripple price may follow BTC and ETH and it could either gain bullish momentum above USD 0.320 or decline to revisit the USD 0.300 support area in the near term.
Total market capitalization
After a decent recovery, bitcoin price faced a strong resistance near the USD 3,600 level. BTC/USD corrected lower and tested the USD 3,550 support level. The current price action is slightly bearish, but it seems like the price is preparing for the next key break either above USD 3,600 or below USD 3,500 and USD 3,475.
If there is an upside break above the 3,600 resistance, the price is likely to rally towards the USD 3,750 and USD 3,800 resistance levels. Alternatively, there could be a bearish break below the USD 3,500 and 3,475 supports.
Ethereum price is facing a tough resistance near the USD 120 level, above which buyers are likely to gain strength for a solid upward move. The next major resistance is at USD 128, followed by USD 130.
On the other hand, if there is a bearish reaction below the USD 112 support, there are high chances of an extended decline towards the USD 100 handle.
Bitcoin cash, eos and ripple price
Bitcoin cash price recently tested the USD 125 support and it is currently moving higher. BCH/USD must move above the USD 130, USD 132 and USD 135 resistance levels to start a sustained uptrend in the near term.
EOS seems to be facing a strong selling interest near the USD 2.50 level. Therefore, to move into a bullish zone, EOS buyers need to clear the USD 2.50 and USD 2.55 hurdles.
Ripple price is trading well below the key USD 0.320 resistance level. If XRP/USD continues to struggle near USD 0.320, there is a risk of a downside break towards the USD 0.300 and USD 0.295 support levels.
Other altcoins market today
Recently, a few small cap altcoins gained traction and moved up sharply, including HOT, NPXS, PIVX, DGD, ELF and DCN. Out of these, HOT is up more than 35% and NPXS gained close to 22%.
Overall, bitcoin price is setting up for the next significant move either above USD 3,600 or below USD 3,500. The technical structure is slightly bearish, but considering the current oversold conditions, there are chances of an upward move in BTC/USD, ethereum, and other altcoins in the near term.