Bitcoin and Altcoins Topside Bias Vulnerable
Bitcoin price is facing a few major resistances near the USD 7,350 and USD 7,400 levels. Ethereum is struggling near USD 150 and XRP failed to stay above USD 0.222. SNX, RVN, IOST, MIN and MATIC are up more than 10% today.
In the past three sessions, bitcoin price mostly traded in a range below the USD 7,350 and USD 7,400 resistance levels. BTC/USD could start another bearish wave below USD 7,200 if it continues to face resistance near USD 7,400.
Similarly, most major altcoins traded in a range with a minor bearish angle, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is struggling to climb above the USD 150 and USD 152 resistance levels. More importantly, XRP/USD is under pressure and it is facing hurdles near USD 0.220 and USD 0.222.
Total market capitalization
After testing the USD 7,200 support area, bitcoin price made another attempt to climb above the USD 7,350 and USD 7,400 resistance levels. However, BTC/USD failed to gain momentum above the USD 7,400 level and it is currently (09:00 UTC) trading in a range.
To start a strong upward move, the price must break the USD 7,350 and USD 7,400 resistance levels. If not, there is a risk of another bearish wave below the USD 7,200 and USD 7,150 support levels in the near term. The next major support is near USD 6,950 and USD 6,850.
Ethereum price is struggling to surpass the USD 150 and USD 152 resistance levels. Once ETH/USD climbs above the USD 152 resistance, it could continue to rise towards the USD 158 and USD 160 resistance levels.
On the downside, an initial support is near the USD 147 level. If there is a downside break below USD 147 and USD 145, the price may perhaps revisit the USD 135 support area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is moving higher and it is trading above the USD 205 and USD 200 support levels. On the upside, BCH/USD must break the USD 220 and USD 225 resistance levels to set the momentum for a surge towards the USD 250 resistance area.
Litecoin is still trading in a range above the USD 45.00 support area. On the upside, LTC/USD is facing barriers near the USD 47.50 and USD 48.50 levels. The main resistance is still near the USD 50.00 level. On the downside, a break below the USD 44.50 level could push the price towards USD 40.50.
XRP price failed to stay above the USD 0.222 and USD 0.220 support levels. XRP/USD is currently declining and it is trading below USD 0.220. To move into a positive zone, the price must settle above USD 0.222 and gain pace above USD 0.225 in the near term.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins climbed more than 5%, including SNX, RVN, IOST, MIN, MATIC, DGD, KMD, MKR, ZIL and QNT. Out of these, SNX rallied around 20% and RVN is up more than 15%.
Overall, bitcoin could only start a strong recovery once it settles above the USD 7,400 resistance. The next major resistances are USD 7,550 and USD 7,650. If not, it is likely to revisit the USD 6,850 support area in the coming sessions.