Bitcoin and Altcoins Bracing For The Next Crucial Break
Bitcoin price is consolidating above the USD 18,800 and USD 19,000 levels. Ethereum is facing a strong resistance at USD 600, XRP is showing positive signs above USD 0.620. DCR rallied over 35% and EGLD extended its rise by 25%.
In the past two days, there were mostly broad range moves in bitcoin price below the USD 19,500 resistance. BTC declined below USD 19,000, but it remained well bid above USD 18,500. The price is currently (05:00 UTC) trading near USD 19,000 and it seems to be preparing for the next crucial break.
Similarly, there were range moves in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is stuck between the USD 580 support and the USD 600 resistance. XRP/USD is trading above USD 0.600 and USD 0.620, but it is facing hurdles near USD 0.635 and USD 0.655.
Total market capitalization
There were a couple of swing moves in bitcoin price , but the bulls were able to protect heavy losses below the USD 18,500 support. BTC recovered above USD 18,800 and it even climbed above the USD 19,000. On the upside, the USD 19,250 and USD 19,300 levels are initial hurdles. The main breakout resistance seems to be forming near the USD 19,500 level.
On the downside, the USD 18,800 level is an initial support. The first key support is at USD 18,500, below which the price could decline heavily towards the USD 18,000 level or USD 17,800.
Ethereum price also followed a similar pattern and it remained well bid above the USD 580 support. ETH is trading above the USD 590 level, but it is facing a strong resistance near the USD 600 and USD 605 levels. A close above the USD 605 level is a must to start a steady increase.
On the downside, an initial support is near the USD 585 level. The key breakdown support is now forming near the USD 580 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is holding the USD 280 support level and slowly climbing higher. BCH might accelerate higher if it clears the USD 300 and USD 302 resistance levels. The next major resistance sits near the USD 315 level. Conversely, there is a risk of a sharp decline below the USD 280 and USD 270 support levels.
Litecoin (LTC) is performing well and it is trading above the USD 85.00 and USD 86.50 support levels. It even spiked above USD 88.50, but struggled to continue higher above USD 90.00. If there is a close above USD 90.00, the bulls might test the USD 95.00 level.
XRP price is holding the USD 0.600 support level and it recovered above the USD 0.620 level. On the upside, the USD 0.635 level is an immediate resistance. The main breakout resistance is near USD 0.650 and USD 0.655, above which the price might rally towards the USD 0.700 level.
Other altcoins market today
In the past few hours, many altcoins gained over 10%, including DCR, EGLD, ALGO, RUNE, XEM, COMP, AAVE, CRV, BAND, ZIL, YFI, VET, ABBC, LUNA, and NXM. Out of these, DCR is up over 35% and it broke the USD 30.00 resistance level.
Overall, bitcoin price is showing a few positive signs above USD 18,800. Having said that, BTC must gain momentum above the USD 19,250 and USD 19,300 resistance levels to set the pace for a larger rally.