Bitcoin and Ethereum Consolidating While BTS Rallies
Bitcoin price is consolidating near the USD 4,000 pivot. Ethereum (ETH) and ripple (XRP) are trading in a bearish zone. BTS is up around 25% and BNB rallied more than 12%.
This past week, bitcoin price broke the USD 4,000 resistance and traded above USD 4,050. However, BTC buyers failed to gain bullish momentum and later the price corrected lower below USD 3,950. Recently, the price recovered and it is currently (UTC 08:00 AM) consolidating near the USD 4,000 pivot level. Ethereum price failed to break the USD 140 resistance on a few occasions and declined towards the USD 132 support. ETH recovered above USD 135, but it seems to be facing a strong resistance near USD 138. Ripple price appears to be trading in a bearish zone as it settled below the USD 0.310 support. XRP remains at a risk of more losses towards the USD 0.302 and USD 0.300 supports.
Total market capitalization
After testing the USD 3,900 support, bitcoin price rebounded above the USD 3,950 and USD 3,980 resistance levels. BTC is currently trading in a range near USD 4,000, with an immediate resistance at USD 4,020 and USD 4,025. If there is an upside break, the price could break the USD 4,070 weekly resistance. The next stop for buyers could be USD 4,200.
On the other hand, if the price fails to climb above USD 4,020, there could be a fresh decline below USD 3,980 and USD 3,950. The main weekly support is near USD 3,900, below which the price may move back in a bearish zone.
Ethereum price recovered after testing the USD 132 support level. ETH is currently trading above the USD 135 level, but there are many weekly barriers near USD 137 and USD 138.
However, the crucial hurdle is at USD 140, above which the price could rally significantly. On the downside, an immediate support is at USD 135. If there is a downside break, there is a risk of more losses below the USD 132 weekly support.
Bitcoin cash, eos and ripple price
Bitcoin cash recovered after testing the USD 150 support. BCH/USD traded above USD 155 and settled above the USD 162 level. On the upside, the price is facing a strong resistance near USD 166 and USD 168.
EOS recently tested the USD 3.70 resistance and failed to gain traction. As a result, there was a bearish reaction and the price tested the USD 3.60 support. If there are more losses, the price may test USD 3.50.
Ripple price broke the USD 0.312 and USD 0.310 support levels to enter a bearish trend. XRP/USD is trading with a negative angle below USD 0.307 and it may continue to move down towards the USD 0.302 and USD 0.300 support levels.
Other altcoins market today
Despite range moves in bitcoin and ETH, a few small cap altcoins rallied more than 10%, including ABBC, BTS, POLY, ZRX and KCS. Out of these, ABBC rallied close to 25% and BTS is up around 24%. BNB climbed on the Binance Launchpad lottery news.
To sum up, bitcoin price is still trading in a positive zone above the USD 3,950 support. BTC could climb above USD 4,000 and USD 4,020, but it must gain bullish momentum to extend gains and continue higher. If it continues to struggle near USD 4,020, there may be a fresh decline to USD 3,900 or even 3,850.