Bitcoin and Altcoins Trading Near Crucial Juncture
Bitcoin price is currently consolidating above the key USD 8,500 support area. Ethereum is correcting higher and XRP is struggling to stay above USD 0.228. Bytecoin (BCN) and DRG are up more than 20% today.
This past week, bitcoin fell more than 5% and it settled below the USD 8,850 support area. BTC/USD even spiked on a couple of occasions below the USD 8,550 and USD 8,500 support levels. It is currently (08:00 UTC) consolidating losses above USD 8,500 and it could either recover towards USD 9,000 or extend its decline to USD 8,250.
Similarly, most major altcoins are preparing for the next major move, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is consolidating near USD 220, with resistances near USD 225 and USD 230. XRP/USD seems to be struggling to stay above USD 0.230 and USD 0.228 support levels.
Total market capitalization
After testing the USD 8,450 zone, bitcoin price started a short term upside correction. BTC/USD recovered above the USD 8,550 and USD 8,600 levels. An initial resistance is near the USD 8,700 level. However, the first key resistance is near the USD 8,850 level, above which the price could test the USD 9,000 weekly resistance.
To start a strong increase, bitcoin must settle above USD 9,000. If not, there are chances of more losses below the USD 8,600 and USD 8,550 levels. The next major support is near USD 8,250.
Ethereum price seems to be forming a strong support base above the USD 210 and USD 212 levels. On the upside, ETH/USD must climb above the USD 225 and USD 230 resistance levels to start a fresh increase. The next weekly resistance is near the USD 240 level.
On the downside, the USD 212 and USD 210 levels hold the key. A bearish break below USD 210 might lead the price towards the USD 200 support area.
Bitcoin cash, litecoin, and XRP price
Bitcoin cash price tested the key USD 300 support level this past week. BCH/USD is currently forming a base above the USD 305 and USD 310 levels. If the price gains pace above the USD 325 level, it could recover towards the USD 340 and USD 350 resistance levels. On the downside, the main supports are near USD 305 and USD 300.
Litecoin struggled to stay above the USD 62.00 and USD 60.00 support levels. On the downside, the USD 56.00 support area is acting as a strong buy zone. Therefore, there are high chances of a fresh upward move above the USD 60.00 and USD 60.00 levels. The next stop for the bulls could be USD 64.50.
XRP price is facing a couple of key resistances near the USD 0.235 level (the previous breakdown support). If the price climbs above USD 0.235 and gains momentum above USD 0.238, the bulls are likely to aim a test of the USD 0.245 level. On the downside, the main weekly supports are near USD 0.222 and USD 0.220.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins gained traction and surged more than 10%, including BCN, DRG, ELF, AION, REN, BTG, VSYS, REP, and LUNA. Conversely, KNC and MOF are down more than 10%.
Overall, bitcoin price is trading near a crucial juncture above the USD 8,550 and USD 8,500 supports. Therefore, there are chances of a fresh increase above USD 8,850 and USD 9,000 unless there is a break below the USD 8,500 support area.