Bitcoin and Altcoins Trade in Tight Range, Prepare for Next Move
Bitcoin price is consolidating in a tight range below the USD 6,500 – USD 6,600 resistance. Ethereum and ripple are trading in a positive zone, but both are lacking momentum. VERI, RDD, NAS and ONT gained more than 15% today.
This past week, there was a decent recovery in bitcoin and altcoins. BTC/USD stayed above the USD 6,250 support and it attempted an upside break above USD 6,500 – USD 6,600 on a few occasions. However, there was a no convincing break and the price started trading in a range above the USD 6,250 support. Similarly, ethereum recovered above USD 300 before sellers appeared near USD 325. Ripple spiked above the USD 0.350 resistance and bitcoin cash settled above USD 540. At the outset, bitcoin and all major altcoins are trading in tight ranges and seems to be preparing for the next move.
Total market capitalization:
Bitcoin
Bitcoin price settled above the USD 6,250 pivot level, but it struggled to clear a strong resistance zone near USD 6,500 – USD 6,600. There were 3-4 attempts to surpass the stated resistance, but BTC/USD buyers failed to gain momentum.
As a result, the price started trading in a range with support at USD 6,250 and resistance at USD 6,600. The price is likely to make the next move either above USD 6,600 or below USD 6,250. To the topside, above USD 6,600, the price could test the USD 7,000 and USD 7,150 resistances. On the flip side, a break and close below USD 6,250 may perhaps put buyers under a lot of pressure with the next supports at USD 6,000 and USD 5,850.
Ethereum
Ethereum breached the USD 300 resistance this past week, but it failed to stay above it. ETH/USD is currently trading in a tiny range with support at USD 282 and resistance near USD 305.
Similar to bitcoin, ethereum will make the next move either above USD 305 or below USD 282. An upside break above USD 305 could push the price towards USD 325 and USD 340. Conversely, a break below USD 282 will most likely take ETH to USD 250.
Bitcoin cash and ripple
Bitcoin cash price gained traction this past week and settled above USD 500 and USD 540. However, BCH/USD is facing a lot of hurdles near the USD 580 and USD 600 levels. Only a close above USD 600 could open the doors for more gains.
Ripple price performed well and broke the USD 0.350 resistance. XRP/USD is trading above the USD 0.320 (UTC 08:20 AM) support is looks set for more gains in the coming days.
Other altcoins market today
Today, many small cap altcoins registered more than 10% gains, including VERI, RDD, NAS, ontology, vechain, nano, RHOC, tezos, and XZC.
Overall, bitcoin price is preparing for the next major break this week, which could be either above USD 6,600 or below USD 6,250. If BTC/USD settles above USD 6,600, there may possibly more upsides in BTC and altcoins in the near term.
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