Bitcoin and Altcoins Hesitate Ahead of Next Move
Bitcoin price is trading in a range above the USD 9,200 support level. Ethereum is rising steadily above USD 240 and XRP is consolidating near USD 0.200. LINK and ERD rallied more than 20% today.
This past week, bitcoin price failed to surpass the main USD 9,500 resistance region. As a result, there was a downside correction below USD 9,300 and USD 9,200. The price is currently trading in a range above USD 9,200 and it might attempt another upside break above the USD 9,500 resistance.
Similarly, most major altcoins are showing positive signs and trading above important supports, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is currently (08:30 UTC) rising and trading near USD 242. XRP/USD is holding the USD 0.198 support and it might soon revisit the USD 0.205 resistance zone.
Total market capitalization
After a short-term downside correction, bitcoin price started a fresh recovery. BTC is showing positive signs and it is trading above the USD 9,200 level. An immediate resistance is near USD 9,300 and USD 9,320. The main weekly resistance is still near USD 9,500 and USD 9,550, above which the bulls might test the USD 10,000 level.
If there is no upside break above USD 9,320 or USD 9,500 this week, there is a risk of a sharp decline below the USD 9,050 and USD 9,000 support levels.
Ethereum price is well above the USD 235 weekly support level. ETH is rising and trading near USD 242. An initial resistance is near the USD 245 level, but the crucial hurdle is still near USD 250.
A successful close above the USD 250 will most likely clear the path for more upsides towards the USD 262 and USD 265 levels.
Bitcoin cash, ADA and XRP price
Bitcoin cash price failed to surpass the USD 245 resistance and corrected lower below USD 240. BCH is currently consolidating above USD 235 and it might slowly climb above USD 240. To start a strong increase, the price must surpass the USD 245 hurdle. If not, there is a risk of an extended declined towards the USD 220 support.
ADA is gaining traction and it recently broke the USD 0.125 and USD 0.130 resistance levels. It seems like the price is likely to continue higher above the USD 0.135 level. The next major resistance on the upside is close to the USD 0.150 level. On the downside, there are decent supports forming near USD 0.128 and USD 0.125.
XRP price tested the USD 0.212 resistance zone this past week before correcting lower. It is now consolidating near the USD 0.200 level, with many supports near USD 0.198 and USD 0.195. On the upside, a clear break above USD 0.205 could pump the price towards the USD 0.212 and USD 0.215 levels.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins rallied over 5%, including LINK, ERD, LRC, DIVI, RLC, FXC, BNT, RSR, XTZ, and ZEC. Out of these, LINK gained over 25% and it traded to a new all-time high above USD 8.00 before correcting lower.
To sum up, bitcoin price is trading above a couple of important supports near USD 9,100 and USD 9,000. As long as there is no close below USD 9,000, BTC might continue to rise towards USD 9,500 and USD 9,550 in the near term.