Bitcoin and Altcoins Lack Important Signs For Reversal
Bitcoin price seems to be stuck in a broad range above the USD 7,080 support. Ethereum is still trading below USD 150 and XRP is rising towards USD 0.222. ENJ, DX and FTT are up more than 15% today.
Yesterday, there was a sharp upward move in bitcoin price above the USD 7,350 and USD 7,400 resistance levels. BTC/USD even rallied above the USD 7,550 and USD 7,650 resistance levels. However, it turned out to be a fake rally and the price is now back below USD 7,400 (09:00 UTC).
Similarly, there were swing moves in most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is back below USD 150 and it is consolidating near the USD 145 level. On the other hand, XRP/USD is rising and trading towards the USD 0.220 and USD 0.222 resistance levels.
Total market capitalization
After a sharp rally, bitcoin price trimmed most of its gains and traded back below the USD 7,550 and USD 7,400 levels. Besides, BTC/USD tested the USD 7,100 support level and it is currently moving higher. An immediate resistance is near the USD 7,350 and USD 7,400 levels.
If there is a successful close above the USD 7,400 level, the price could once again climb above the USD 7,550 resistance area. On the downside, there are a few key supports near the USD 7,200 and USD 7,160 levels.
Ethereum price rallied above the USD 150 and USD 152 resistance levels, but it struggled to stay above in the positive zone. As a result, ETH/USD trimmed gains and it is trading below the USD 150 level.
An initial support is near the USD 144 level, followed by USD 142. A close below USD 142 is likely to open the doors for more losses towards the USD 135 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is facing a crucial hurdle near the USD 220 and USD 225 resistance levels. BCH/USD must settle above USD 225 to start a strong rise. If not, there is a risk of a bearish break below the USD 205 and USD 200 support levels. The next major support is near the USD 182 level.
Litecoin is trading well below the USD 46.50 and USD 48.00 resistance levels. As long as LTC is trading below the USD 48.00 level, there are chances of more downsides. An initial support is near the USD 43.50 level, below which it could even test the USD 42.10 level.
XRP price retested the USD 0.210 support level and it is currently climbing higher. XRP/USD may soon test the USD 0.220 resistance area. The main resistance is still near the USD 0.220 level, above which the bulls are likely to take control. On the downside, the main supports are near USD 0.210 and USD 0.208.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins recovered and climbed more than 5%, including ENJ, DX, FTT, KNC, MATIC, XVG, RLC, ENG and CRO. Out of these, ENJ rallied more than 30% and DX is up close to 17%.
Overall, bitcoin is showing a few positive signs above the USD 7,200 and USD 7,100 support levels. As long as there is no close below the USD 7,000 support, there are chances of a fresh increase above USD 7,400 in the near term.