Bitcoin and Altcoins Likely Bracing for Next Key Break
Bitcoin price tested the USD 11,200 resistance and it is currently consolidating. Ethereum settled above USD 220 and ripple price recently tested the USD 0.340 resistance. NET, REN and UUU are up more than 10% today.
This past week, bitcoin and altcoins started a solid recovery after a downside extension. BTC/USD traded above the USD 10,000 and USD 10,600 resistance levels. It even broke the USD 11,000 resistance and recently started a downside correction. Similarly, there was a convincing rebound in major altcoins such as ethereum, ripple, EOS, BCH, binance coin and litecoin. ETH/USD settled above USD 220 and recently tested the USD 235 level. XRP/USD traded with a positive bias above USD 0.322 and tested the main USD 0.340 resistance levels. At the outset, it seems like the market is consolidating and preparing for the next key break.
Total market capitalization
The recent recovery in bitcoin price was positive since it broke the key USD 10,500 and USD 10,600 resistance levels. BTC/USD even climbed above USD 11,000 and recently corrected lower. The price is currently (08:00 UTC) consolidating above USD 10,500 and it seems like it is preparing the next key break either above USD 11,000 or below USD 10,500. On the upside, a clear break above USD 10,750 might push the price towards USD 11,200 and USD 11,500.
If there is a downside break below USD 10,500, the price could test the main weekly support near the USD 10,000 level. If there are more losses, bitcoin might move back into a bearish zone.
Ethereum price gained traction above the USD 220 and USD 225 level. ETH/USD tested the USD 235 level and it is currently forming a support base near the USD 220 level. The main weekly resistances are near USD 240, above which the price could test USD 250.
On the downside, an initial support is at USD 220, below which there is a risk of a downside extension towards the USD 200 weekly support.
Bitcoin cash, eos and ripple price
Bitcoin cash price settled above the USD 300 level and recently broke the USD 320 resistance. On the upside, an initial resistance is near USD 325, above which it could test USD 340. On the downside, the main support is at USD 300, followed by the USD 285 pivot level.
EOS traded with a bullish bias after it broke the USD 3.950 and USD 4.000 resistance levels. The price even broke the USD 4.200 resistance and it may soon make an attempt to surpass the USD 4.350 and USD 4.400 resistance levels. The next major resistance is near the USD 4.650 level.
Ripple price recovered towards the USD 0.340 level recently before starting a downside correction. XRP/USD is currently consolidating above the USD 0.322 support and it could climb back towards the USD 0.340 and USD 0.342 resistance levels. On the downside, the main support is at USD 0.322, followed by USD 0.305.
Other altcoins market today
In the past three sessions, a few small cap altcoins climbed higher by more than 6%, including NET, REN, UUU, RVN, NPXS, JCT, XTZ and ETC. Out of these, NET is up around 15% and REN gained nearly 12%.
Overall, bitcoin price is trading above the USD 10,500 support level. However, BTC/USD must settle above the USD 11,000 resistance to continue higher towards USD 12,000. If not, it could revisit the USD 10,000 support.