Bitcoin And Altcoins Trading Near Make-or-Break Levels
Bitcoin price is slowly recovering towards the key USD 7,000 resistance. Ethereum is testing the USD 160 resistance and XRP is approaching USD 0.192. LUNA and LSK gained bullish momentum and are up more than 10% today.
In the past few hours, bitcoin price traded with a bullish angle above USD 6,700. BTC/USD managed to climb above the USD 6,850 resistance area, but it is still below the USD 7,000 and USD 7,200 resistance levels. Moving forward, it could either surge above USD 7,200 or start a fresh decline towards USD 6,550.
Similarly, most major altcoins are currently (08:00 UTC) approaching key breakout resistance levels, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is testing the USD 160 and USD 162 resistance levels. More importantly, XRP/USD is likely to make an attempt to surpass the USD 0.190 and USD 0.192 resistance levels.
Total market capitalization
After forming a decent support above USD 6,550, bitcoin price recovered above the USD 6,750 level. Recently, BTC/USD managed to recover above the USD 6,850 resistance, opening the doors for more upsides. However, the price is still facing a few key hurdles near USD 7,000. The main hurdle for a sustained upward move is near the USD 7,200 level.
Conversely, if bitcoin fails to continue above the USD 7,000 resistance, it might resume its decline. An initial support is near the USD 6,750 level, but the main support is still near the USD 6,550 area.
Ethereum price is rising steadily and it surpassed the USD 158 resistance. ETH/USD is now testing the USD 160 and USD 162 levels. A successful break above USD 162 and a follow-up move above USD 165 might result in a trend change to bullish in the near term.
If the bulls fail to push the price above USD 160 and USD 162, there could be a bearish reaction towards the USD 155 level. The next key support below USD 155 is near USD 150.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is holding the key USD 220 support area. BCH/USD is recovering slowly towards USD 230, but it lacks bullish momentum. If it fails to surpass USD 230, the bears are likely to aim a strong move below the USD 220 and USD 210 support levels in the near term.
Litecoin stayed above the USD 40.50 support level and it recently tested the USD 41.20 level. It seems like LTC/USD might test the first major resistance near the USD 42.50 level, above which it is likely to recover towards the USD 45.00 and USD 45.50 levels.
XRP price is up close to 2% and it is testing the USD 0.188 pivot level. On the upside, an initial resistance is near the USD 0.190 level. To move into a positive zone and start a real upward move, the price must surpass the USD 0.192 resistance level. On the downside, a key support is forming near USD 0.180.
Other altcoins market today
In the past three sessions, most altcoins traded in a range, but a few gained traction such as LUNA, LSK, CVT, ATOM, ARDR, BAT, and KMD. Conversely, DGTX, SEELE, and CKB saw an increase in selling pressure.
To sum up, bitcoin price is slowly correcting higher towards the USD 7,000 and USD 7,200 resistance levels. BTC/USD could either continue higher above USD 7,200 or it might start a fresh decline towards USD 6,550 in the coming sessions.