Bitcoin and Altcoins Consolidate Above Key Supports
- Bitcoin price is consolidating above the USD 7,100 and USD 7,000 support levels.
- Ethereum is holding the USD 125 support and XRP is trading near USD 0.192.
- LUNA gained more than 15% and MATIC is up around 8% today.
Yesterday, we saw a fresh decline in bitcoin price below the USD 7,400 and USD 7,350 support levels. BTC/USD even traded below the USD 7,250 level and it is currently (09:00 UTC) consolidating losses above USD 7,100. To start a fresh increase, the price must climb above USD 7,350 and USD 7,400 in the near term.
Similarly, most major altcoins are trading above key supports, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is trading above the USD 125 support and it could revisit the USD 130 resistance. XRP/USD is consolidating near the USD 0.190 level and it is facing hurdles near USD 0.195.
Total market capitalization
Recently, bitcoin price trimmed most of its gains and declined below the USD 7,350 support levels. BTC/USD even traded close to the USD 7,150 and USD 7,100 support levels. It is currently consolidating losses above USD 7,150 and it could correct higher. An initial resistance is near USD 7,350, above which it could continue to rise towards the USD 7,550 resistance area.
On the flip side, the price could break the USD 7,150 and USD 7,100 support levels. In this case, bitcoin could accelerate its decline below USD 7,000.
Ethereum price is showing a few bearish signs below the USD 130 and USD 132 resistance levels. However, ETH/USD is holding the USD 125 support level and it could correct higher. The next key support is near the USD 120 level.
On the upside, the USD 130 and USD 132 levels are likely to prevent gains. To move into a positive zone, the price has to climb above the USD 135 resistance area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is currently consolidating above the USD 185 support area. BCH/USD is facing many hurdles on the upside, starting with USD 192. The main hurdles are near USD 1995 and USD 200, above which the price is likely to accelerate higher. On the downside, a break below USD 185 might lead the price towards USD 170.
Litecoin is holding the USD 40.00 support area and it is trading in a range. LTC/USD must climb above the USD 41.20 and USD 42.50 resistance levels to set the stage for a push towards the USD 45.00 level. On the downside, the price could test USD 38.50 if it breaks USD 40.00.
XRP price remained confined in a range below the USD 0.195 resistance level and above the USD 0.185 support level. It seems like XRP/USD may soon make another attempt to surpass the USD 0.200 resistance area in the near term.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins climbed higher, including LUNA, MATIC, THETA, MANA and ENJ. On the other hand, BCN, EKT, SXP and ATOM faced an increase in selling pressure.
Overall, bitcoin price is trading near a couple of important supports above USD 7,100. Therefore, BTC/USD might start a fresh increase towards USD 7,550 as long as there is no close below the USD 7,100 support. The next major supports are USD 6,850 and USD 6,550.