Bitcoin and Altcoins Hesitate Before Next Move
- Bitcoin price is seemingly setting up for a move towards the USD 30,000.
- Ethereum could rally above USD 755 and USD 760, XRP is recovering higher toward USD 0.232.
- DOT broke the USD 8.00 resistance.
After setting a new all-time high, bitcoin price corrected lower below USD 29,000. However, dips were limited in BTC below USD 28,800. It is currently (12:30 UTC) trading well above important supports and seems to be aiming for a test of USD 30,000 in the near term.
Similarly, most major altcoins are seemingly gaining bullish momentum. ETH/USD is consolidating well above USD 740 and it could start a rally above USD 760. XRP/USD is recovering, but it might face a strong resistance near USD 0.232.
Total market capitalization
There were mostly bullish moves in bitcoin price above the USD 28,500 and USD 28,800 resistance levels. BTC is trading in a range near the USD 29,000 level. On the upside, the USD 29,250 level is a short-term resistance. A clear close above the USD 29,250 level might open the doors for a strong push towards the USD 30,000 level.
If there is a downside correction, an initial support is near the USD 28,800 level. The first major support is near the USD 28,500 level. The main breakdown support might be forming near the USD 28,250 level.
Ethereum price is following a similar pattern to bitcoin and consolidating close to major hurdles near USD 750. If ETH settles above USD 750, it could accelerate higher above USD 755 and USD 760. The next substantial resistance on the upside is near the USD 788 level.
On the downside, the USD 740 level is a short-term support. The main support is near USD 730, below which the price might continue lower towards USD 720 or even USD 708.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is holding the USD 348 and USD 350 support levels. To continue higher, BCH must gain strength above USD 358 and USD 360. A successful close above USD 360 could open the doors for a sustained upward move towards the USD 388 and USD 395 levels.
Litecoin (LTC) remained stable above USD 120 and it is now trading above USD 125. An immediate hurdle is near the USD 132 level, above which LTC could retest the USD 140 level. Any more upsides might call for a steady rise towards the key USD 150 level. On the downside, the USD 120 level is a strong support zone.
XRP price is recovering higher above USD 0.212 and USD 0.220 levels. However, there are many barriers for the bulls, starting with USD 0.232. The main resistance is near the USD 0.250 level. Conversely, the USD 0.202 and USD 0.200 levels might play a crucial role.
Other altcoins market today
In the past few hours, a few altcoins gained over 4%, including DOT, KSM, AMPL, HEDG, YFI, RENBTC, WBTC, RUNE, and GNO. Out of these, DOT is up over 10% and it is trading above USD 8.00.
To sum up, bitcoin price is trading in a strong uptrend and trading near all-time highs. It seems like BTC might continue higher towards USD 30,000 in the coming sessions.