Bitcoin and Altcoins Seem Resilient Ahead of the Next Move
Bitcoin price seems to be setting up for a bullish break above the USD 10,000 resistance. Ethereum and XRP must break USD 250 and USD 0.205 respectively for start a fresh increase. MKR rallied close to 25% and CHSB was up around 20% today.
In the past few sessions, bitcoin price traded in a crucial range above the USD 9,550 support. BTC is facing a couple of important hurdles near USD 9,850 and USD 10,000, above which there are chances of an increase in the coming days.
Similarly, most major altcoins are consolidating above key supports, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is facing a major resistance near the USD 250 level, but it is trading above USD 240 (08:30 UTC). On the other hand, XRP/USD is struggling to stay above the main USD 0.200 support, with a major resistance near USD 0.205.
Total market capitalization
In the past few hours, bitcoin price climbed higher steadily above USD 9,700. However, BTC is still struggling to gain bullish momentum above the USD 9,850 resistance. The next major resistance is near the USD 9,950 and USD 10,000 levels. It seems like the market is setting up for the next crucial break and if bitcoin breaks USD 10,000, there could be a strong increase.
Conversely, there are chances of a strong bearish wave below the USD 9,650 and USD 9,550 support levels in the near term.
Ethereum price is following a similar pattern to bitcoin and it is struggling to gain bullish momentum above the USD 248 and USD 250 resistance levels. If the bulls succeed and there is a close above USD 250, ETH price could accelerate higher towards the USD 260 and USD 265 levels.
If there are continuous failures, the price might react to the downside below the USD 242 and USD 240 support levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is trading in a tight range between the USD 250 support and the USD 260 resistance. It seems like BCH could either start a strong rally above the USD 260 resistance or it might decline below USD 250. The next key support is seen near the USD 240 level, followed by USD 232.
Litecoin is currently consolidating above the USD 45.00 support and it is now well below the USD 48.50 resistance zone. Therefore, the chances of more losses below the USD 45.00 support are increasing. If there is a bearish break, the price could continue to move down towards the USD 43.20 and USD 42.20 support levels.
XRP price is moving lower towards the main USD 0.200 support. If the bulls fail to keep the price above the USD 0.200 support, there is a risk of more losses. The next key support is near the USD 0.192 level. On the upside, the price is facing a major barrier near the USD 0.205 level.
Other altcoins market today
In the past three sessions, a few smaller altcoins gained more than 5%, including KNC, LEND, XVG, ZRX, CKB, GNT, ENJ, and BTS. Out of these, KNC rallied nearly 15% and broke the USD 0.80 resistance zone, and LEND surged around 14%.
Overall, bitcoin price is likely preparing for the next major move either above the USD 9,850 resistance or below the USD 9,550 support. The chances to the upside are high unless there is another major rejection near USD 9,850 or USD 10,000.