Bitcoin and Altcoins Preparing For Next Crucial Break
- Bitcoin price is trading in a broad range above the USD 7,800 support area.
- Ethereum price is showing positive signs, while ripple is facing hurdles above USD 0.405.
- MATIC extended its rally above USD 0.0350 and HOT gained 35% today.
In the past three sessions, bitcoin price mostly traded in a broad range above the main USD 7,650 support area. BTC/USD climbed above the USD 7,800 and USD 7,900 levels, but it struggled to gain momentum above the USD 8,050 resistance area. Ethereum price is also trading in a range (08:10 UTC,) with a few positive signs above the USD 245 and USD 242 support levels. On the other hand, there was a minor decline in ripple price, but it could rebound again as long as it is trading above the USD 0.385 support area.
Total market capitalization
There were positive movements in bitcoin price above the main USD 7,650 support level. BTC/USD traded above the USD 7,900 level recently, but it is facing a few key hurdles near the USD 8,000 and USD 8,050 levels. A convincing break above the USD 8,050 resistance level is likely to open the doors for a sharp upward move towards the USD 8,200 and USD 8,300 levels.
On the downside, an initial support is near the USD 7,800 level, below which the main support for the bulls is near the USD 7,650 level.
Ethereum price is slowly moving higher and it is trading above the USD 245 and USD 242 support levels. If there is a downside break below USD 242, ETH/USD may perhaps test the USD 230 support area.
On the upside, an immediate resistance is at USD 255, above which the price could continue to rise towards the USD 265 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price is still trading above the USD 400 support area. BCH/USD could start a decent upward move if it clears the USD 410 and USD 415 resistance levels. The next key resistances are near USD 422 and USD 425. On the downside, an immediate support is at USD 400, below which there is a risk of more losses towards the USD 385 support level.
EOS is currently above the USD 6.00 and USD 6.15 support levels. On the upside, a break above the USD 6.25 and USD 6.30 levels could start a strong upward move towards USD 6.50 or USD 6.60.
Ripple price struggled to gain pace above the USD 0.405 and USD 0.410 resistance levels. XRP/USD is currently trading below the USD 0.400 support area and it may soon test the USD 0.388 or USD 0.385 support. If there is a downside break below USD 0.380, there could be a strong decline to USD 0.350.
Other altcoins market today
In the past three sessions, a few small cap altcoins gained bullish momentum and gained more than 10%, including MATIC, HOT, BTT, NEW, NPXS, INB, NET and LINK. Out of these, MATIC is up around 75% and GXC gained nearly 38%.
Overall, bitcoin price is trading above a couple of important supports near USD 7,800 and USD 7,650. On the upside, BTC/USD needs to climb above the USD 8,000 and USD 8,050 resistance levels to start a fresh increase. Similarly, there could be more upsides in altcoins such as ethereum, ripple and bitcoin cash.