Bitcoin and Altcoins Possibly Aligning For Key Reversal
- Bitcoin price is showing positive signs above the USD 7,400 resistance area (now support).
- Ethereum is still struggling near USD 152 while XRP climbed above USD 0.225.
- NRG, BCN and ALGO are up more than 10% today.
This past week, bitcoin price started recovering above the USD 7,350 and USD 7,400 resistance levels. BTC/USD even spiked above USD 7,650, but it struggled to continue higher. However, the price failed to retain strength above USD 7,600. It is currently (09:00 UTC) consolidating above USD 7,400 and it might rise again.
Similarly, many major altcoins are showing signs of an upward move, including ethereum, bitcoin cash, XRP, EOS, BNB, TRX, ADA, and XLM. ETH/USD must surpass the USD 150 and USD 152 resistance levels to rise towards USD 162 and USD 165. On the other hand, XRP/USD is trading above USD 0.225 and it could continue to rise towards USD 0.232.
Total market capitalization
After a minor bearish wave, bitcoin price recovered above the USD 7,400 level and it is currently consolidating gains. On the upside, the USD 7,550 level is an immediate resistance, followed by the main weekly hurdle near USD 7,650. Any further gains could lead the price towards USD 7,850 and USD 7,920.
On the downside, an initial support is near the USD 7,400 level. The main weekly support is near USD 7,350, below which bitcoin price may perhaps revisit the USD 7,080 support area.
Ethereum price is slowly rising and trading above the USD 148 level. However, ETH/USD seems to be struggling to gain strength above the USD 150 and USD 152 resistance levels. If it settles above USD 152, the bulls are likely to take control.
On the downside, the USD 145 level is a key support. If the bulls fail to keep the price above USD 145, there is a risk of an extended decline towards the USD 140 support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is holding the main USD 205 and USD 200 support levels. BCH/USD is likely to test the weekly hurdle near USD 220. If there is a successful break, the price is going to start a steady increase towards the USD 245 and USD 250 levels. The next major resistance is seen near the USD 265 level.
Litecoin is slowly recovering and it recently surpassed the USD 45.00 resistance. On the upside, an initial resistance for LTC/USD is near the USD 46.20 level, above which the price is likely to test the key USD 48.50 resistance area. On the downside, supports are seen near USD 44.40 and USD 43.20.
XRP price started increasing after it settled above the USD 0.220 resistance area. XRP/USD climbed above the USD 0.225 resistance area and even tested the USD 0.230 zone. The price is currently correcting gains, but it remains well supported near USD 0.225 and USD 0.224.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins recovered more than 5%, including NRG, BCN, ALGO, XVG, RIF, THETA, CRPT, QNT, XTZ and SNX. Out of these, NRG is up around 15% and BCN rallied nearly 13%.
Overall, bitcoin price is trading in a bullish zone above the USD 7,350 and USD 7,400 levels. Therefore, there are high possibilities of a decent increase in BTC/USD above the USD 7,550 and USD 7,650 levels in the near term.