Bitcoin and Altcoins Likely Basing for Next Move Higher
- Bitcoin price seems to be forming a support base above USD 9,250 and USD 9,300.
- Ethereum jumped 2% to USD 235, but XRP is struggling to clear USD 0.190.
- SwissBorg (CHSB) rallied close to 15% and REN is up over 10% today.
This past week, bitcoin steadily declined after it was rejected near the USD 9,550 resistance. BTC broke the USD 9,400 and USD 9,300 levels. At the outset, the price seems to be forming a decent support base above USD 9,250 and it could make another attempt to clear the USD 9,550 resistance.
Most major altcoins are showing a few positive signs, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up more than 2%, and it is currently (08:30 UTC) testing the USD 235 resistance. On the other hand, XRP/USD is facing a strong barrier near the USD 0.190 and USD 0.192 resistance levels.
Total market capitalization
After retesting the USD 9,250 support, bitcoin price started a fresh recovery wave. BTC surpassed the USD 9,300 resistance and it is now trading above the USD 9,400 level. An immediate resistance is near the USD 9,500 level, but the main weekly hurdle is still near the USD 9,550 level. A successful close above USD 9,550 might open the doors for a sustained rally towards the USD 10,000 resistance.
On the downside, the USD 9,300 and USD 9,250 levels remain important supports. If the price settles below USD 9,250, it might even break the USD 9,000 support.
Ethereum price is performing positively and it is trading above the USD 232 resistance. ETH is up over 2% and it is trading just above USD 235. If it continues to gain traction, the bulls are likely to aim a break above the USD 240 resistance.
The key weekly resistance is near the USD 250 level. Conversely, a downside correction towards the USD 230 and USD 225 levels might find strong bids.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is holding the critical USD 230 support level and it seems like it is slowly rising towards the USD 240 resistance. A clear break above USD 240 might open the doors for a push towards the USD 250 and USD 255 resistance levels. If not, the price could dive below the USD 230 support.
Litecoin is currently trading above the USD 43.20 resistance and it might rise towards the main weekly resistance at USD 45.00. If the bulls take control above USD 45.00, the price is likely to grind higher towards the USD 48.50 and USD 50.00 resistance levels. On the downside, there are key supports near USD 42.20 and USD 42.00.
XRP price is currently trading in a range above the USD 0.185 support. On the upside, the price is facing a strong hurdle near the USD 0.190 and USD 0.192 levels. A proper break and close above USD 0.192 might set the pace for a push towards the next important resistance at USD 0.200.
Other altcoins market today
In the past three sessions, a few small-cap altcoins gained over 5%, including CHSB, REN, ONT, CEL, OMG, IOST, LEND, DGB, CHZ, SNX, VET, QTUM and BAT. Conversely, GNT and ZEN are struggling to recover and are down more than 5%.
To sum up, the bitcoin price is showing positive signs and forming a strong support base above USD 9,250. If BTC clears the USD 9,550 hurdle, there are high chances of a sustained upward move in the coming sessions.