Bitcoin and Altcoins Consolidating Below Key Hurdles
Bitcoin price is currently struggling to gain pace above the USD 6,800 resistance area. Ethereum is stuck below USD 140 and XRP is consolidating above USD 0.160.
Recently, bitcoin price made another attempt to gain momentum above the USD 6,800 and USD 6,850 resistance levels. However, BTC/USD failed to continue higher and it is currently (08:30 UTC) correcting gains. If there is a downside break below USD 6,500, the price could start an extended downside correction.
Similarly, most major altcoins are currently trading in a range below key resistances, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD seems to be struggling to clear the USD 138 and USD 140 resistance levels. Besides, XRP/USD failed to continue higher above USD 0.165 and it declined to USD 0.160.
Total market capitalization
After another rejection near USD 6,850, bitcoin price started a downside correction. BTC/USD declined below USD 6,700 and it is now approaching the USD 6,500 support area. If the bulls fail to stay above USD 6,500, there is a risk of a sharp decline. The next major support is near the USD 6,200 level, followed by USD 6,000.
On the upside, the first resistance is near the USD 6,750 level. The main hurdle is near USD 6,850, above which the price is likely to accelerate higher towards the USD 7,000 and USD 7,200 levels.
Ethereum price struggled to continue above the USD 138 and USD 140 resistance levels. ETH/USD is currently declining and it is trading near USD 135. If there is a downside break below USD 132, the price is likely to revisit the USD 125 support.
On the upside, the bulls are facing hurdles near the USD 138 and USD 140 levels. A successful close above the USD 140 level could set the pace for more upsides towards USD 150 and USD 155.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is still holding the USD 220 support area, but the bulls are struggling to lead the price above USD 230. Therefore, there is a risk of a fresh decline in BCH/USD below the USD 220 and USD 215 support levels. The main supports are near the USD 205 and USD 200 levels.
Litecoin failed to settle above the USD 40.00 resistance area. LTC/USD is currently declining and it is approaching the USD 38.50 support. Any further losses below USD 38.50, the price is likely to decline towards the USD 36.50 and USD 35.50 support levels.
XRP price failed to gain strength above USD 0.165 and it recently started a downside correction. The price is now trading near the USD 0.160 level, below which there are chances of an extended decline towards the USD 0.155 level. On the upside, the main hurdles are near the USD 0.165 and USD 0.170 levels.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained more than 5%, including EDC, DATA, NMR, REP, QNT, DGB, SNT, MATIC and SNX.
Overall, bitcoin price is currently trading in a range below the USD 6,800 and USD 6,850 resistance levels. If BTC/USD declines below the USD 6,500 support, the price is likely to start a substantial drop. Conversely, the price might surge above USD 6,850.