Bitcoin and Altcoins Consolidating Before Possible Fresh Rally
- Bitcoin price is trading in a range above the USD 9,200 support area.
- Ethereum is back above USD 175 and XRP is consolidating above USD 0.232.
- KICK rallied more than 75% and XZC is up around 25% today.
After a short term downside correction, bitcoin price found support near USD 9,200. BTC/USD was well bid above the USD 9,200 level and it is currently (09:00 UTC) rising steadily. A clear break above USD 9,450 and USD 9,500 is likely to set the stage for a larger upward move in the coming sessions.
Similarly, there were range moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD stayed above USD 170 and it is currently trading above USD 175. Moreover, XRP/USD seems to be consolidating above USD 0.232 and USD 0.230 support levels.
Total market capitalization
The current bitcoin price action suggests that the bulls are in control above USD 9,200. BTC/USD was well above the USD 9,200 level and it might soon make another attempt to surpass the USD 9,450 and USD 9,500 resistance levels. A clear break above USD 9,500 might call for a strong rise towards the USD 9,850 and USD 10,000 levels.
On the downside, an initial support is near the USD 9,250 level. The main support is near the USD 9,200 level, below which there is a risk
of a major downside correction towards USD 9,000 and USD 8,850.
Ethereum price tested the USD 170 support area, where the bulls emerged. As a result, ETH/USD started a fresh increase and traded above the USD 175 resistance level. However, the main resistance on the upside is still near USD 178 and USD 180, above which the price is likely to continue higher.
On the downside, the USD 175 level is a short term support. The key support is near the USD 172 and USD 170 levels, below which there is a risk of a larger decline to USD 162.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is trading above the USD 375 and USD 380 levels. On the upside, BCH/USD must surpass the USD 395 and USD 400 levels to continue higher. The next major hurdle for the bulls is near the USD 425 level. On the downside, the bulls might continue to protect a larger decline below the USD 370 level.
Litecoin is back above the USD 59.50 and USD 60.00 levels, with a positive angle. A clear break above the USD 62.50 level is needed for upside continuation. In the mentioned bullish case, LTC might aim a test of the USD 65.50 and USD 66.20 levels in the near term.
XRP price corrected lower from USD 0.245, but it managed to stay above the USD 0.230 support area. It is back above the USD 0.232 and USD 0.235 levels, with a positive bias. The first major hurdle is near the USD 0.240 level, above which the price might surge towards the USD 0.250 level.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins gained more than 5%, including KICK, XZC, ABBC, LSK, ICX, RLC, MAID, ZEC, BCN, MONA and ZIL. Conversely, CRPT, SNX, SEELE, and SC are down more than 5%.
Overall, bitcoin price is trading in an uptrend and it could continue to rise above the USD 9,450 and USD 9,500 levels. If not, BTC/USD might decline below the USD 9,250 support and revisit the USD 9,000 support in the near term.