Bitcoin and Altcoins Extend Consolidation
- Bitcoin price remained in a range above the USD 6,250 support.
- Ethereum, ripple and bitcoin cash are consolidating losses below key resistances.
- The crypto market seems to be preparing for the next move.
Bitcoin price managed to stay above the USD 6,200 support level, which is a positive sign. BTC/USD is currently consolidating losses in a range above the stated level and it seems to be preparing for the next major move. Similarly, major altcoins started trading in a range, but are still below important resistance levels. The next move could be either an upside break above resistances or a downside extension further into the bearish zone.
Bitcoin price is currently trading above the USD 6,400 support area, with resistances on the upside near USD 6,520 and USD 6,600. BTC/USD must break the stated resistances to start a fresh bullish recovery this week. The next hurdles on the upside are at USD 6,800 and USD 7,000.
On the flip side, if the price fails to move above the USD 6,600 resistance, it could retest the USD 6,200 support. Below this, the price may perhaps extend declines towards USD 6,000 in the near term.
Ethereum is consolidating below an important resistance at USD 500. ETH/USD must break and settle above the stated resistance with a daily close to move back into a positive zone. On the upside, weekly resistances are at USD 520 and USD 550.
If the price fails to move higher, it could decline back towards the USD 450 support zone. Any further losses may perhaps put a lot of pressure on ETH buyers.
Bitcoin Cash and Ripple
Bitcoin cash price is placed in a bearish zone below USD 1,000. To start an upside recovery, BCH/USD must break the USD 900 pivot level. Above this, the next resistance is at USD 1,000 where sellers might take a stand. Supports are seen near the USD 820 and USD 800 levels.
Ripple is holding a significant support at USD 0.50. However, XRP/USD is struggling to break the USD 0.55 resistance zone. It is trading in the USD 0.50 - USD 0.55 range and is preparing for the next break.
Other Altcoins Market Today
Mostly all small cap coins remained under bearish pressure and extended declines. Today, a few coins such as MTC, ReddCoin and MITH gained traction and moved up by more than 10%.
The overall price action is still bearish, but if bitcoin buyers succeed in pushing the price above USD 6,600 and USD 6,800, there could be a decent bullish recovery in the coming days.