Bitcoin And Altcoins Stay Below Key Hurdles
Bitcoin price is recovering, but it is still well below the key USD 7,000 resistance. Ethereum is likely to struggle below USD 160 and XRP might revisit USD 0.180. BNB and KMD are gaining traction and are up more than 8% today.
After tagging the USD 6,550 support area, bitcoin price started an upside correction. BTC/USD is up more than 3% and it is now trading above USD 6,750. However, the price is still below many key hurdles near USD 6,850, USD 7,000 and USD 7,200.
Similarly, most major altcoins are currently (08:30 UTC) recovering and facing key resistances, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is back above USD 155, but the bulls are likely to struggle near USD 160 and USD 162. Besides, XRP/USD could resume its decline towards USD 0.180 or USD 0.178.
Total market capitalization
Recently, bitcoin price started an upside correction from the USD 6,550 support area. BTC/USD recovered above USD 6,680 and USD 6,750. An immediate resistance is near the USD 6,850 level. The first key resistance is near the USD 7,000 level, above which the price might attempt a bullish break above the main USD 7,200 resistance.
On the downside, an initial support is near the USD 6,680 level. The key support is near the USD 6,550 level, below which the bears are likely to aim a test of the USD 6,200 level.
Ethereum price is slowly rising and trading above the USD 155 level. An initial resistance is near the USD 158 and USD 160 levels. To move into a positive zone, the price must climb back above the USD 162 resistance area.
Conversely, the price could fail to recover above USD 160 and USD 162. In this case, the price may perhaps revisit the USD 150 support. Any further losses are likely to initiate a move to USD 145.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price declined sharply below the USD 250 and USD 240 pivot levels. BCH/USD is currently consolidating near the USD 220 level. It could either start a fresh increase towards the USD 240 resistance area or it might decline further towards the next support near the USD 205 level.
Litecoin is currently consolidating losses near the USD 40.50 and USD 40.20 support levels. If LTC/USD declines below the USD 40.00 level, there are chances of more losses towards the USD 38.50 and USD 38.20 levels. On the upside, the first resistance is near the USD 41.20 level, above which the price might correct towards USD 42.50.
XRP price is trading in a range between the USD 0.182 and USD 0.188 levels. If the price breaks the USD 0.182 range low, it could extend its decline towards the USD 0.178 level. Any further losses could lead the price to USD 0.172. On the upside, the main hurdles are near USD 0.188 and USD 0.190.
Other altcoins market today
In the past three sessions, a few altcoins are up more than 4%, including BNB, KMD, NMR, DX, ABBC, CHZ, FTT, REN, ENJ and LUNA. Out of these, BNB is rallying and it could soon trade past USD 16.00.
Overall, bitcoin price is currently correcting higher above USD 6,700, but the bears are likely to remain active as long as there is no successful close above USD 7,000 and USD 7,200. If not, it could decline below USD 6,550 and USD 6,400.