Bitcoin and Altcoins Consolidate Above Key Uptrend Supports
Bitcoin price is currently consolidating in a range above the USD 8,550 support. Ethereum is holding the USD 160 support and XRP is trading above the USD 0.232 pivot. DGD, BSV, and MAID are up more than 10% today.
Recently, bitcoin price corrected lower below USD 9,000 and USD 8,850. However, BTC/USD found a strong buying interest near the USD 8,550 support area. The price is currently (09:00 UTC) consolidating and it could climb higher once there is a clear break above USD 8,720 and USD 8,780.
Similarly, most major altcoins are consolidating above key supports, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. On the other hand, BSV and DASH are gaining traction above USD 280 and USD 105 respectively.
Total market capitalization
After correcting lower, bitcoin price found support near the USD 8,550 support area. BTC/USD started trading in a range above USD 8,550 and it seems to be preparing for the next move. If there is an upside break above the USD 8,720 and USD 8,780 resistance levels, the bulls are likely to take control and push the price towards USD 9,150.
Conversely, there is a risk of a downside break in bitcoin below the USD 8,550 and USD 8,500 support levels. In the stated case, the price may perhaps decline towards the USD 8,200 and USD 8,150 levels.
Ethereum price is also consolidating above the USD 160 and USD 162 support levels. On the upside, ETH/USD must surpass the USD 170 pivot level to start a fresh increase. The next set of hurdles is near the USD 178 level, followed by USD 184.
On the downside, the main support is near the USD 160 area. A successful daily close below the USD 160 support might lead the price towards the USD 154 and USD 152 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is holding the USD 325 and USD 320 support levels. BCH/USD is slowly rising and trading above USD 340. To start a strong rise, the price must settle above the USD 350 and USD 355 resistance levels. Conversely, the price could test the USD 300 support if the bears push BCH below the USD 325 level.
Litecoin tested the USD 55.50 support and it is currently recovering higher. LTC/USD is up around 2% and trading near the USD 57.50 level. If there is a break above the USD 58.50 resistance, the bulls are likely to aim more upsides above the USD 60.00 resistance in the near term.
XRP price remained well bid above the USD 0.225 support area. As a result, XRP/USD recovered and jumped above the USD 0.230 and USD 0.232 levels. However, the price must gain strength above USD 0.240 to continue higher towards the USD 0.250 and USD 0.252 resistance levels. On the downside, an initial support is at USD 0.232, below which the price might revisit USD 0.225.
Other altcoins market today
In the past three sessions, a few smaller altcoins gained more than 5%, including DGD, BSV, MAID, STEEM, NRG, DASH, HEDG, BTG, ICX, ETC, REP and ZEC. Out of these, DGD is up more than 12% and BSV gained nearly 11%.
To sum up, bitcoin price is trading above a couple of important supports near USD 8,550. Therefore, there are chances of a fresh increase above USD 8,780 and USD 8,850 unless the bears succeed in pushing BTC/USD below the USD 8,500 pivot area.