Bitcoin and Altcoins Stuck Below Key Breakout Hurdles
Bitcoin price is struggling to settle above the USD 9,850 and USD 10,000 resistance levels. Ethereum is facing a hurdle near USD 250 and XRP might face sellers near USD 0.205. MKR gained more than 10% and WAXP is showing signs of more upsides today.
This past week, bitcoin corrected lower from the USD 10,400 resistance zone. BTC declined sharply below USD 10,000, but it found support near USD 9,300. It is currently (08:30 UTC) rising, but facing a major hurdle near the USD 9,850 and USD 10,000 resistance levels.
Similarly, most major altcoins are trading below major barriers, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is struggling to gain bullish momentum above the USD 250 resistance. Besides, XRP is trading above USD 0.200, but facing sellers near USD 0.205.
Total market capitalization
There was a decent upward move in bitcoin price above the USD 9,600 and USD 9,700 levels, but the bulls seem to be facing a strong resistance near the USD 9,850 level. The main weekly resistance is near the USD 9,950 and USD 10,000 levels. A successful daily close above the USD 10,000 level may perhaps open the doors for a fresh rise to USD 10,400 and USD 10,500.
On the downside, an initial support is near the USD 9,500 level, below which the price might struggle to stay above the key weekly support at USD 9,300.
Ethereum price is trading above the USD 230 pivot and support zone. However, ETH bulls are facing a strong selling interest near the USD 250 and USD 252 levels. To start a steady rise, the price must settle above USD 255.
Conversely, there is a risk of a bearish wave below the USD 240 support. The main support is still USD 230, below which the price could accelerate lower towards USD 220.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price settled above the USD 250 resistance area and it is currently showing positive signs. To continue higher, BCH price must surpass the USD 260 and USD 262 resistance levels. The next key resistance on the upside is seen near the USD 275 level. On the downside, the bulls are likely to protect USD 240.
Litecoin is currently consolidating above the USD 45.00 pivot level. On the upside, the first hurdle is near the USD 48.50 level. However, the main barrier is still near the USD 50.00 level. If there is no upside break, the price might decline towards the USD 43.20 and USD 42.20 support levels.
XRP price is managing to stay above the USD 0.200 support area. On the upside, the price is facing a key hurdle near the USD 0.205 level, above which the bulls are likely to aim a test of the USD 0.215 zone. On the other hand, a break below the USD 0.200 support could spark a major bearish reaction towards USD 0.190 or USD 0.184.
Other altcoins market today
In the past three sessions, a few smaller altcoins gained more than 5%, including MKR, WAXP, DIVI, TRX, MAID, REP, CRO and ZEN. Conversely, CEL, HEDG, LRC, XSR, and KMD are gaining bearish momentum.
To sum up, bitcoin price is trading in a positive zone above USD 9,550, but it must gain traction above USD 10,000 for another strong and sustained rally. If not, BTC might retreat to USD 9,300 or even USD 9,000.