Bitcoin And Altcoins Positioning To Resume Uptrend
Bitcoin price is showing positive signs above the USD 6,800 support area. Ethereum is rising towards USD 178 and XRP could revisit USD 0.188. XLM, XTZ and OMG are gaining bullish momentum.
After a short term downside correction, bitcoin price found support above USD 6,750. Recently, BTC/USD consolidated in a range above USD 6,800 and it seems like the bulls are now preparing for an upward move towards the USD 7,050 and USD 7,200 resistance levels.
Similarly, there are positive signs emerging for most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up around 2% and it might test the USD 178 and USD 180 levels. XRP/USD is also showing bullish signs and it might make another attempt to surpass USD 0.190 and USD 0.192.
Total market capitalization
In the past few hours (08:30 UTC), bitcoin price formed a support base above the USD 6,800 level. BTC/USD is slowly rising and it could soon test the USD 7,000 and USD 7,050 resistance levels. The main hurdle on the upside for the bulls is near the USD 7,200 level, above which the price might start a rally.
Conversely, a rejection near the USD 7,000 resistance area could push the price back towards USD 6,800. Any further losses might open the doors to a move towards USD 6,650 or USD 6,550.
Ethereum price is showing positive signs above the USD 170 level and it is rising steadily. ETH/USD is up around 2% and it is trading near USD 175. It seems like the bulls are aiming a test of the USD 178 and USD 180 levels in the near term.
If they fail to extend the current wave above USD 178 or USD 180, the price is likely to resume its decline. The main supports on the downside are near USD 170 and USD 168.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is back above the USD 220 level and it might approach towards the USD 230 resistance area. A clear break above the USD 230 barrier could lead the price towards the USD 245 and USD 250 levels. Conversely, there is a risk of a drop towards the USD 212 level.
Litecoin managed to stay above the USD 40.00 level and it is currently recovering towards the USD 41.20 resistance. The first key resistance is near the USD 42.50 level, above which the price might surge towards the USD 44.50 level. The key support remains near the USD 40.00 level.
XRP price remained well bid above the USD 0.180 level and it is currently rising towards the USD 0.186 and USD 0.188 levels. If the bulls gain momentum, they could make another attempt to push the price above the main USD 0.192 resistance. If they fail again, the price is likely to dive towards USD 0.178 or USD 0.175.
Other altcoins market today
In the past two sessions, a few small-capitalization altcoins gained more than 5%, including OKB, ZEN, DGB, LEND, XZC, SNT, OMG, XLM, STX, and NEXO. Conversely, QNT, LUNA, MAID, and BCN are showing a few bearish signs.
Overall, bitcoin has started showing a few positive signs above the USD 6,800 level. However, BTC/USD must surpass the USD 7,050 and USD 7,200 resistance levels for upside continuation in the near term. If not, it could extend its decline towards USD 6,550.