Bitcoin and Altcoins Trading Near Make-or-Break Levels
Bitcoin price recovered above USD 9,000, but it struggled to stay above USD 9,200. Ethereum is stuck in a range below USD 210 and XRP retreated from the USD 0.200 resistance. ETN, ENJ, and HBAR are up more than 10% today.
After a couple of failed attempts, bitcoin price was able to clear the USD 9,050 resistance level. BTC even recovered above the USD 9,200 resistance, but it struggled to continue higher. It is currently (08:30 UTC) correcting lower and it might find support near USD 9,050 or USD 9,000.
Similarly, there was a decent increase in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD broke the USD 205 resistance level, but it failed to clear the key USD 210 resistance. Besides, XRP climbed towards the USD 0.200 resistance area, where sellers emerged.
Total market capitalization
In the past few hours, bitcoin price gained bullish momentum above the USD 9,000 and USD 9,050 resistance levels. BTC recovered more than 4% and it even spiked above the USD 9,200 level. However, it struggled to clear the USD 9,280 level and recently started a downside correction.
It is trading below the USD 9,200 level, with an immediate support near the USD 9,050 level. If the price fails to stay above USD 9,050, it could revisit the USD 8,800 level. On the upside, a clear break above USD 9,200 and USD 9,280 is needed for more gains.
Ethereum price followed bitcoin and climbed above the USD 205 resistance. ETH traded close to the USD 210 level, where sellers emerged. The price is currently correcting lower and testing the USD 205 level.
If the price fails to stay above the USD 20 support, it could revisit the USD 200 handle. On the upside, a break above USD 210 is needed for a push towards USD 215 and USD 220.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is still struggling to clear the USD 240 resistance level. BCH is currently consolidating near USD 230 and it seems like it might decline in the short term. The main support on the downside is still near the USD 220 level. Conversely, a close above USD 240 could lead the price towards USD 250.
Litecoin stayed above the USD 42.00 support and it is currently trading near the USD 43.50 resistance. The main resistances are near USD 44.50 and USD 45.00, above which the bulls are likely to gain strength. The next major resistance is seen near the USD 48.00 and USD 48.50 levels.
XRP price remained well bid and it climbed towards the USD 0.200 resistance zone. Though, it failed to continue higher and retreated from USD 0.200. It is testing the USD 0.195 zone and it might revisit the USD 0.192 support zone in the coming sessions.
Other altcoins market today
In the past three sessions, a few small altcoins gained more than 5%, including ETN, ENJ, HBAR, VET, ZIL, and SC. Conversely, THETA trimmed most gains and declined more than 20%.
To sum up, bitcoin price is showing positive signs above USD 9,000 and USD 9,050. However, the bulls need to gain strength above the USD 9,200 pivot level to set the stage for a larger upward move in the near term. If not, there is a risk of a fresh decrease back towards USD 8,800.