14 Feb 2019 · 2 min read

Bitcoin and Altcoins Extend Consolidation Above Key Supports

Bitcoin price failed to break the USD 3,650 resistance and retested the USD 3,600 support. Ethereum and ripple are trading above the key USD 120 and USD 0.300 supports respectively. REPO and THETA gained more than 12% today.

Bitcoin price made another attempt to surpass the USD 3,650 and USD 3,660 resistance levels, but buyers failed to gain strength. BTC/USD retreated from highs and retested the key USD 3,600 support area. The price is currently (UTC 08:10 AM) consolidating above USD 3,600 and it may continue to trade in a range in the short term. Ethereum also failed to settle above the USD 125 resistance and it is slowly moving lower towards the USD 120 support. Ripple price was rejected near the USD 0.308 area and later XRP/USD declined below the USD 0.306 and USD 0.305 supports.

Total market capitalization

Source: coinmarketcap.com

Bitcoin price

After a decent upward move, bitcoin price faced a strong resistance near the USD 3,650 level. As a result, BTC/USD trimmed gains and traded below USD 3,640. It recently tested the USD 3,600 support, which acted as a strong buy zone and prevented a downside break.
The current price action suggests range moves below the USD 3,650 resistance. The next move in bitcoin could be either above USD 3,650 and USD 3,660 or below the USD 3,600 and USD 3,580 support levels in the near term.

Ethereum price

Ethereum price failed to stay above the USD 125 resistance and declined recently. ETH/USD dipped more than 1% and it is currently trading near the USD 122 support.
The main support on the downside is at USD 120, below which the price could turn bearish in the short term. On the other hand, a successful daily close above the USD 125 resistance is must for an upside acceleration.

Bitcoin cash, eos and ripple price

Bitcoin cash price failed to break the USD 125 resistance and trimmed its recent gains. BCH/USD declined below USD 122 and it seems like the price might test the USD 120 support level in the near term.
EOS started a sharp downside correction from the USD 3.00 resistance. The price is down more than 5% and it recently broke the USD 2.85 and USD 2.80 support levels. The next key support is at USD 2.72 and USD 2.70.
Ripple price failed to climb above the USD 0.310 resistance and later started a fresh decline. XRP/USD declined below the USD 0.306 and USD 0.305 support levels. An immediate support is at USD 0.300, below which there is a risk of more losses towards USD 0.292.

Other altcoins market today

Despite range moves in bitcoin and ethereum, a few altcoins gained traction and trade higher, including REPO, THETA, KMD, XEM, R, MKR and LRC. Out of these, REPO gained more than 13% and THETA is up around 12%.

Overall, bitcoin seems to be stuck in a range between USD 3,600 and USD 3,650. BTC/USD might continue to consolidate before the next key break either towards USD 3,750 or below USD 3,580. Similarly, ethereum is likely to climb higher above USD 125 as long as the USD 120 support is intact.

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