Bitcoin and Altcoins Start Consolidating
Bitcoin price is trading in a range above the USD 22,500 support zone. Ethereum is struggling to gain momentum above USD 660, XRP settled below USD 0.600. Litecoin is outperforming, but it is facing a strong resistance near USD 112.
In the past 2-3 sessions, there were mostly range moves in bitcoin price below USD 23,200. BTC remained well bid above the USD 22,500 and USD 22,200 support levels. The price is currently (05:00 UTC) consolidating, but it could start a fresh increase if it clears USD 23,200.
Similarly, most major altcoins are consolidating gains, including ethereum, XRP, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is trading above the USD 640 support, but it is struggling to gain momentum above USD 660. XRP/USD settled between the USD 0.600 and USD 0.550 levels. Litecoin is stable above USD 105.00 and struggling to clear USD 112.00.
Total market capitalization
After a failed attempt to clear USD 23,200, bitcoin price started trading in a range. BTC declined below USD 23,000, but it stayed above the USD 22,500 support. The main breakdown support is forming near the USD 22,200 level, below which the price could correct heavily towards the USD 21,500 and USD 21,100 levels.
On the upside, an initial resistance is near the USD 23,000 level. The first key resistance is near the USD 23,200 level. A clear break above USD 23,200 might lift the price towards USD 23,500 and USD 23,800.
Ethereum price is trading above the USD 640 and USD 630 support levels. Having said that, ETH seems to be facing a strong selling interest near the USD 660 level. A clear close above USD 660 is a must for a sustained upward move towards the USD 675 and USD 680 levels.
On the downside, the price might remain well bid near USD 640 and USD 630. The next key support is near the USD 620 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is consolidating above the USD 310 support levels. The main barrier on the upside is near the USD 330 level. A successful close above USD 330 might open the doors for a steady increase towards the USD 350 and USD 365 levels. Conversely, the price might revisit the USD 300 support zone.
Litecoin (LTC) outperformed bitcoin and ether in the past few hours, as it gained over 10%. LTC is trading with a bullish angle above the USD 105.00 level. However, the bulls seem to be facing a strong fight near the USD 112.00 level. A clear break above USD 112.00 might call for a sharp increase.
XRP price failed to stay above the USD 0.600 support zone. The price is currently trading above the USD 0.580 level, with a major support at USD 0.565. The key breakdown support is now near the USD 0.550 level. On the upside, the bulls need to gain strength above USD 0.600 and USD 0.612.
Other altcoins market today
In the past few hours, a few altcoins gained traction, including XEM, CEL, AVAX, LSK, ZRX, DASH, and YFI. Conversely, DOT, KSM, XTZ, BAND, and RUNE faced an increase in selling pressure.
To sum up, bitcoin price is facing a couple of hurdles near USD 23,200. If BTC overcomes USD 23,200, it could restart its rally and revisit the USD 23,700 zone in the near term.