Bitcoin and Altcoins Bulls Not Out Of the Woods Just Yet
- Bitcoin price is currently trading in a range above USD 8,000.
- Ethereum is holding the USD 140 support and XRP is trading above USD 0.210.
- DX is up more than 20% and SNX rallied nearly 14% today.
In the past few sessions, there were mostly range moves in bitcoin price above the USD 8,000 and USD 7,850 support levels. BTC/USD also made a few attempts to gain momentum above the USD 8,250 and USD 8,350 resistance levels, but it failed.
Similarly, it seems like most major altcoins are consolidating and preparing for the next move, including ethereum, ripple, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is trading (09:00 UTC) above the USD 140 support and struggling to clear USD 148 and USD 150. Besides, XRP/USD needs to climb above the USD 0.220 barrier to start a fresh rally in the near term.
Total market capitalization
After holding the USD 7,550 support area, bitcoin price recovered above the USD 7,850 and USD 8,000 levels. However, BTC/USD is struggling to gain momentum above the key weekly resistance at USD 8,350. A successful close above the USD 8,350 resistance could open the doors for more gains above the USD 8,500 and USD 8,700 resistance levels.
On the downside, the main weekly support is near USD 7,850, below which the price may perhaps move into a bearish zone. The next major support is near the USD 7,550 and USD 7,350 levels.
Ethereum price seems to be trading in a broad range above the weekly support at USD 140. On the upside, an initial resistance is near the USD 145 level. However, the main hurdle for the bulls is near USD 148, above which the price is likely to rally towards USD 160.
On the downside, a close below the USD 140 level might start a fresh decline. In the mentioned case, the price is likely to revisit the USD 130 zone.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price performed well and traded above the USD 250 resistance level. BCH/USD tested the USD 275 resistance and it is currently consolidating above the USD 260 level. If there is a downside correction, the price might test the USD 250 level before a fresh upward move in the near term.
Litecoin made good progress and climbed above the USD 48.50 resistance level. LTC/USD even climbed above the USD 50.00 resistance. On the upside, the price seems to be struggling just below USD 52.00. A clear break above USD 52.00 could set the pace for a push towards the USD 55.00 level.
XRP price finally settled above the USD 0.200 and USD 0.210 resistance levels. XRP/USD tested the USD 0.225 resistance and it is currently correcting lower. The main weekly supports are near USD 0.210 and USD 0.208, below which the price could revisit the USD 0.200 support. The main hurdle on the upside is near USD 0.220.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained more than 5%, including DX, SNX, SC, MAID, ZEN and RLC. Out of these, DX is up more than 20% and SNX jumped nearly 14%.
Overall, bitcoin price is trading with a positive bias above the USD 7,850 and USD 8,000 support levels. However, BTC/USD must surpass the USD 8,250 and USD 8,350 resistance levels to start another increase in the near term.