Bitcoin and Altcoins Trading Near Crucial Juncture
Bitcoin price is struggling to recover above USD 8,000 and it is stuck in a range. Ethereum is consolidating below the USD 208 resistance and XRP is likely to test USD 0.215.
After testing the USD 7,650 support area, bitcoin price started a short term upside correction. However, BTC/USD struggled to gain bullish momentum above the USD 8,000 and USD 8,080 levels. The price is currently (08:30 UTC) consolidating below USD 8,000 and it seems to be preparing for the next crucial move.
Similarly, most major altcoins are stuck in a range, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is facing hurdles near the USD 205 and USD 208 resistance levels. Besides, XRP/USD is slowly rising and it might test the main USD 0.215 resistance area.
Total market capitalization
In the past three sessions, bitcoin price mostly traded in a range above the USD 7,650 and USD 7,700 levels. BTC/USD made a couple of attempts to gain strength above the USD 8,000 and USD 8,050 levels, but it failed. The main resistance is still near USD 8,180 and USD 8,200, above which the bulls are likely to take control.
If bitcoin price fails to climb above the USD 8,050 and USD 8,180 levels, it could move down. An immediate support is near the USD 7,700 and USD 7,650 levels, below which the price may well test USD 7,400.
Ethereum price remained well bid above the USD 185 and USD 190 levels. However, ETH/USD is facing a lot of hurdles on the upside near USD 205 and USD 208. A successful close above USD 208 is needed for a strong upward move in the near term.
Conversely, a close below the USD 190 range support may perhaps spark more losses below the USD 184 support area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is consolidating above the USD 255 and USD 260 support levels. If BCH/USD stays above the USD 255 support, it could start a strong recovery above the USD 275 and USD 285 resistance levels. If not, it is likely to extend its decline towards the USD 220 support area in the coming days.
Litecoin is still struggling to move back above the USD 50.00 level. The first key resistance is near the USD 52.50 level, above which the price may perhaps start a decent rise towards the USD 55.00 resistance level. On the downside, the USD 48.50 and USD 46.50 levels are important supports.
XRP is trading above the USD 0.210 level and it could gain pace above the USD 0.212 level. The main hurdle is still near the USD 0.215 level, above which the price is likely to recover towards USD 0.222. If there is a fresh decline, the USD 0.205 level might provide support.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gains more than 5%, including COS, STX, WAVES, REN, SNX, GNT, KNC, SC, BAT and LSK. On the other hand, SXP, DX, BCN, THETA, and NRG are facing an increase in selling pressure.
To sum up, bitcoin price is clearly trading in a tight range and setting up for the next major move either above USD 8,180 or below the USD 7,700 support area in the coming sessions.