Bitcoin and Altcoins Confined In Crucial Range, Bulls Struggling
Bitcoin price is struggling to gain strength above the USD 7,350 resistance. Ethereum is facing hurdles near USD 130 and XRP is well below USD 0.192. LUNA rallied more than 20% and MANA is up nearly 15% today.
Recently, bitcoin price spiked above the USD 7,250 and USD 7,350 resistance levels. However, BTC/USD was rejected near the USD 7,400 level, resulting in a fresh decline. The price trimmed gains and it is now (09:00 UTC) consolidating near the USD 7,200 level.
Likewise, most major altcoins are back to key support levels, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is trading above the USD 122 and USD 125 support levels, but struggling to surpass USD 130. XRP/USD is now trading below USD 0.192, with a bearish angle.
Total market capitalization
After a quick rally above USD 7,350, bitcoin price failed near the USD 7,400 area. BTC/USD is back to the pre-rally levels near USD 7,200 and it is currently trading in a range. If there are more losses, there is a risk of a downside break below the USD 7,100 support area.
Conversely, the USD 7,350 and USD 7,400 levels are key barriers. If there is a successful close above USD 7,400, the price is likely to rally towards the USD 7,550 and USD 7,650 resistance levels.
Ethereum price is stuck in a range between the USD 122 support and the USD 130 resistance. ETH/USD failed near the USD 130 resistance, similar to bitcoin. It is now trading near USD 125, with support near USD 122.
If there is a bearish break below the USD 122 support, there is a risk of another decline towards the USD 116 support area. Otherwise, the price is likely to accelerate above the USD 130 resistance.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is trading above the USD 185 support and it is currently moving higher. An initial resistance is near the USD 195 level, above which the price is likely to climb towards the USD 200 and USD 205 levels. On the downside, the main support is still USD 185, below which the price might test USD 170.
Litecoin is currently consolidating above the USD 40.00 level. On the upside, the first resistance is near USD 41.50, above which LTC/USD could attempt to surpass the USD 42.50 resistance area. On the downside, a clear break below USD 40.00 and USD 39.80 may perhaps lead the price towards the USD 38.00 level.
XRP price is stuck in a range between the USD 0.185 support and USD 0.200 resistance area. If XRP/USD climbs above the USD 0.192 and USD 0.200 resistance levels, there are chances of a trend change. If not, the price might slide below USD 0.185 and retest the USD 0.170 level.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained traction more than 5%, including LUNA, MANA, ETC, ATOM, LINK and DGD. Out of these, LUNA rallied more than 20% and MANA is up nearly 15%.
To sum up, bitcoin price is still holding the key USD 7,100 support area. As long as there is no daily close below USD 7,100 and USD 7,000, there are high chances of a strong upward move towards the USD 7,550 resistance in the near term.