Bitcoin and Altcoins Consolidating Losses Above Supports
Bitcoin price is currently consolidating above the USD 4,500 support. Ethereum and ripple are slowly recovering with positive moves. NEXO, LRC and GNT gained more than 10% today.
The past three sessions were mostly neutral as there were range moves above the USD 4,400 and USD 4,500 support levels in bitcoin price. BTC/USD rebounded a few points, but it struggled to break the USD 4,750 and USD 4,800 resistance levels. Similarly, there was a minor upside correction in ethereum price above the USD 130 and USD 132 levels. However, buyers failed to push the price above the USD 140 and 145 resistance levels. The current price action is positive and it seems like major cryptocurrencies could consolidate above supports in the short term before the next move.
Total market capitalization
There was a decent upward move above the USD 4,600 level in bitcoin price . BTC/USD even traded above the USD 4,700 level. However, the price failed to surpass the USD 4,750 and USD 4,800 resistance levels. It is currently consolidating near USD 4,600 with a few positive moves.
On the downside, a break below USD 4,600 may push the price towards the USD 4,500 support area. The main support for the current wave is near USD 4,400, which is the lower end of the range. On the upside, a successful break above USD 4,750 and USD 4,800 is needed for buyers to gain bullish momentum in the near term.
Ethereum price managed to move above the USD 130 and USD 132 resistance levels. ETH/USD also traded above the USD 135 level, but it faced a strong resistance near the USD 140 - USD 142 area.
The price is currently trading in a range above the USD 132 level, below which the price could drop back towards the USD 125 support. On the upside, a successful break above USD 142 and USD 150 is needed for more gains.
Bitcoin cash and ripple price
Bitcoin cash ABC failed to stay above the USD 250 support and declined more than 4%. BCHABC is currently trading near USD 230, with an immediate support at USD 220. BCHSV declined sharply by more than 7% and traded below the USD 62 and 60 support levels. The next key support is at USD 55 and USD 50.
Ripple price seems to be struggling to stay above the USD 0.450 and USD 0.460 levels. XRP/USD is down 2.2% and it could continue to correct lower towards the USD 0.435 support.
Other altcoins market today
A few small cap altcoins recovered between 8%-15% today, including NEXO, LRC, GNT, SNT, XIN, PIVX, MANA, REP and BAT. Out of these, NEXO climbed around 15% and LRC moved up close to 13%.
To sum up, bitcoin price is trading with a short term positive bias above the USD 4,400 support. If BTC/USD manages to climb above the USD 4,750 and USD 4,800 resistance levels, there could be a decent rebound in the coming sessions. If not, there are chances of a fresh bearish wave in bitcoin and altcoins in the near term.