Bitcoin and Altcoins Consolidate Above Key Supports
- Bitcoin price is currently consolidating above USD 9,550, with positive moves.
- Ethereum is holding the USD 250 support and XRP is recovering.
- Algorand (ALGO) is up more than 25% and AION gained nearly 15% today.
Recently, there was a strong decline in bitcoin price below the USD 10,000 and USD 9,850 support area. BTC/USD even spiked below the USD 9,550 support level, but later recovered. The price is currently (09:00 UTC) consolidating above USD 9,550 and facing hurdles near USD 9,850.
Besides, there was a minor recovery in many major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD recovered above USD 255 and tested the USD 260 resistance level. XRP/USD is currently trading above USD 0.270 and it could recover towards USD 0.285.
Total market capitalization
After tagging the USD 9,400 area, bitcoin price started an upside correction above USD 9,550. BTC/USD even recovered above USD 9,650 and it is currently consolidating. To start a decent upward move and a fresh increase, the price must surpass the USD 9,850 resistance area. The next major resistance is near USD 10,050, above which the bulls are likely to aim USD 10,550.
On the downside, the price is likely to remain well bid above the USD 9,550 level. If it fails to stay above USD 9,550, the bears are likely to aim a test of USD 9,200.
Ethereum price is slowly recovering above the USD 255 and USD 260 levels. However, ETH/USD must gain strength above USD 265 to resume its uptrend. A successful close above USD 265 could lead the price back towards the USD 285 resistance area in the near term.
If the price starts another decline, it could struggle to stay above USD 255. The main support is near the USD 250 level, below which there is a risk of a sharp decline towards USD 230.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price extended its decline below the USD 360 and USD 355 levels. BCH/USD tested the USD 350 support and it is currently consolidating above USD 370. To continue higher, the price must clear USD 385 and then gain momentum above the USD 400 resistance area. On the downside, the main support is still USD 350.
Litecoin dived below the USD 70.20 support area before the bulls appeared near the USD 66.50 level. LTC/USD recovered above USD 70.00, but it is struggling to gain pace above the USD 72.50 resistance. The key hurdle on the upside is seen near the USD 75.50 level.
XRP price traded close to the key USD 0.262 support area and it is currently recovering. The price surpassed the USD 0.270 level, but there are many resistances on the upside near USD 0.282 and USD 0.285. Therefore, the price might consolidate in the short term before the next move either above USD 0.285 or towards USD 0.232.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins recovered more than 5%, including ALGO, AION, DX, REN, ATOM, LEND, LUNA, BCN, MATIC, SNX, ICX, DCR and MOF. Conversely, MANA, ABBC, SC, and SNT are down more than 5%.
Overall, bitcoin is trading in a broad range above USD 9,550. On the upside, a clear break above the USD 9,850 and USD 10,050 resistance levels is needed for a fresh increase in the coming sessions. If not, it could extend losses below USD 9,550 and USD 9,400.