Bitcoin and Altcoins Start Showing Signs of Fresh Rally
Bitcoin price jumped higher, but it failed to continue above the USD 10,000 resistance. Ethereum also tested the USD 250 resistance and XRP is holding the USD 0.200 support. ZEN, DGB and KNC rallied close to 20% today.
After a brief consolidation phase, bitcoin price spiked higher above the USD 9,850 resistance. However, BTC failed to clear the USD 10,000 resistance zone and it is currently (08:30 UTC) retreating lower. If there is a downside break below USD 9,800, the price could trim gains and revisit USD 9,550.
Similarly, most major altcoins are currently losing bullish momemtum, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD tested the USD 250 resistance and failed to retain strength for a push towards USD 260. XRP remained below the USD 0.205 resistance and is currently moving lower towards the USD 0.200 level.
Total market capitalization
Recently, bitcoin price gained strength above the USD 9,850 resistance zone. BTC even tested the USD 10,000 resistance, but it failed to continue higher. As a result, there was a bearish reaction, and the price trimmed most of its gains. The price is now testing the USD 9,800 level and any further losses might increase bearish pressure in the near term.
On the upside, the USD 10,000 level seems to be a huge barrier for the bulls. If the price continues to struggle, there are chances of a strong bearish reaction.
Ethereum price also spiked higher above the USD 245 resistance, but it failed to accelerate higher above the USD 250 level. ETH is currently correcting lower, but the recent resistance at USD 245 is acting as strong support. Any further losses may perhaps start a fresh decline.
Conversely, the bulls might make another attempt to push the price above the USD 250 resistance level in the coming sessions. The next key resistance could be near the USD 262 and USD 265 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is facing a major resistance near the USD 260 level. To start a steady increase, BCH must settle above USD 260. In the mentioned bullish case, the price could rise towards the USD 270 and USD 275 levels. Conversely, there is a risk of a bearish wave below the USD 250 and USD 245 levels.
Litecoin is now facing a major resistance near the USD 47.00 level. However, the main resistance is still near the USD 48.50 level, above which LTC could rise towards the USD 50.00 and USD 50.50 levels. On the downside, the USD 45.00 level is now aligning as breakdown support.
XRP price is still facing a major hurdle near the USD 0.204 and USD 0.205 levels. The price is currently declining, but it is still holding the USD 0.200 support zone. It seems like the price is preparing for the next move either above the USD 0.205 barrier or towards the USD 0.192 support.
Other altcoins market today
In the past three sessions, many small altcoins rallied more than 10%, including ZEN, DGB, KNC, REN, VET, ZIL, ELF, HYN, NMR, SNX, LRC, BNT and REP. Out of these, ZEN gained more than 20% and DGB is up close to 20%.
To sum up, the bitcoin price is showing a few positive signs with the recent surge above USD 9,800. Having said that, BTC must break the USD 10,000 resistance to continue higher. If not, there is a risk of a sharp decline below USD 9,650 and USD 9,550.