Bitcoin And Altcoins Eyeing Crucial Bullish Break
- Bitcoin price is facing a strong resistance near USD 7,400 and USD 7,550.
- Ethereum is consolidating above USD 170 XRP is facing resistance near USD 0.202.
- BTG, LINK and SEELE are up more than 15% today.
In the past few sessions, bitcoin price traded in a range below the USD 7,400 and USD 7,550 resistance levels. BTC/USD remained well bid above USD 7,120 and it seems like the bulls are eyeing a crucial upside break above USD 7,400 in the coming sessions.
Similarly, most major altcoins are trading above key uptrend supports, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is back above USD 170 (08:30 UTC) and it is facing hurdles near USD 175. XRP/USD is consolidating below the main USD 0.202 breakout resistance.
Total market capitalization
After a minor downside correction, bitcoin price found support above the USD 7,120 level. BTC/USD is currently rising and trading above the USD 7,250 level. If BTC/USD extends its rise, it could make another attempt to clear the USD 7,400 resistance area. The main hurdle for buyers is still near USD 7,550, above which the price could rally.
On the downside, an initial support is near the USD 7,120 level, below which the price may perhaps struggle to stay above the USD 7,000 support area in the near term.
Ethereum price remained well bid above the USD 162 support level and it recently recovered higher. ETH/USD is now trading above USD 170 and it is facing a major resistance near the USD 175 level. A successful break above USD 175 might lead the price towards the USD 180 and USD 188 levels.
If there is a bearish correction, the USD 162 level is likely to provide a strong support. Any further losses is likely to push the price lower towards the USD 155 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price surged above the USD 265 resistance level. However, BCH/USD struggled to gain momentum above the USD 280 resistance and it is currently correcting lower. The previous resistance near USD 265 is acting as a support. Any further losses might call for a test of the USD 250 support level in the near term.
Litecoin is consolidating gains above the USD 45.00 support area. LTC/USD is still facing a major hurdle near USD 48.00, above which there are real chances of a sharp rise towards the USD 52.00 and USD 55.00 levels. Conversely, the price might decline to USD 41.20 if it breaks the USD 45.00 support.
XRP price is well bid above the USD 0.195 and USD 0.192 levels. On the upside, the bulls need to gain strength above the USD 0.202 resistance area for a solid bullish continuation in the near term. The next key resistances are near USD 0.205 and USD 0.212.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins gained more than 5%, including BTG, LINK, SEELE, BCN, ALGO, QNT, CKB, BCD, XTZ, QTUM, ZEC, REN, and BAT. Out of these, BTG rallied more than 18% and LINK is up close to 17%.
To sum up, bitcoin price is trading above a few key supports such as USD 7,120. Therefore, there are real chances of an upside continuation above the USD 7,400 resistance. If not, BTC/USD could decline below USD 7,120 and USD 7,000.