Bitcoin and Altcoins Trading Near Make-or-Break Levels
Bitcoin price is consolidating above the key USD 3,500 support area. Ethereum and ripple are trading above important support levels. BCZERO and FCT rallied more than 25% today.
Earlier this week, we saw bearish moves in bitcoin below the USD 3,700 and USD 3,650 support levels. BTC/USD even broke the USD 3,600 support and later started trading in a tight range above the USD 3,500 support. The current price action is neutral-to-bearish, but the USD 3,500 support holds the key for the next move. If buyers fail to keep the price above USD 3,500 and USD 3,475, the price could resume its decline towards USD 3,400 and USD 3,350. Similarly, ethereum price must hold the USD 113 support area to start a decent recovery. Ripple price is showing a few positive signs, but a break above USD 0.322 is needed for buyers to gain traction.
Total market capitalization
After testing the USD 3,475 level, bitcoin price recovered above the USD 3,500 level and later started consolidating losses. BTC/USD is currently trading in a tight range above USD 3,500, with an immediate resistance at USD 3,550. Should there be a break above USD 3,550, the price may attempt to surpass the USD 3,600 resistance.
On the other hand, if there is a downside break below the USD 3,500 and USD 3,475 support, the next stop for sellers could be USD 3,400.
Ethereum price is trading above the USD 113 support level, with range moves. ETH/USD must settle above the USD 118 and USD 120 resistance levels to avoid further declines.
If it fails to move past USD 120, there is a risk of a downside break below the USD 110 and USD 108 support levels in the near term. On the upside, a break above USD 120 might lead the price to USD 126.
Bitcoin cash, eos and ripple price
Bitcoin cash price dipped below the USD 120 support recently before recovering a few points. BCH/USD is clearly facing an increase in selling pressure and it could continue to move down towards the USD 118 and USD 115 levels.
EOS is trading nicely above the USD 2.30 support level. Buyers need to gain pace above the USD 2.38 and USD 2.40 resistance levels to avoid a bearish break below the USD 2.30 and USD 2.25 supports.
Ripple price recovered a few points, but it is facing a lot of hurdles near the USD 0.318 and USD 0.320 levels. Having said that, only a close above USD 0.322 could push XRP/USD back in a positive zone.
Other altcoins market today
Despite range moves in the market, a few small cap altcoins gained between 6%-30%, including BCZERO, FCT, XIN, TRX and LINK. Out of these, BCZERO is up more than 28% and FCT gained more than 30%.
Overall, bitcoin price is trading just above the key USD 3,500 support. BTC/USD may soon make the next move either above USD 3,600 or below USD 3,500. Similarly, ethereum could either climb above USD 120 or break the USD 110 support in the coming sessions.