Bitcoin and Ethereum Stuck in Crucial Range
Bitcoin price is stuck in a range with support at USD 6,400 and resistance near USD 6,600. Ethereum is also consolidating above the USD 200 support area. Ravencoin is up more than 50% and QTUM climbed around 10% today.
Bitcoin price failed to gain momentum above the USD 6,600 resistance during the past three days. BTC/USD slowly moved down, but it is still trading above the key USD 6,400 support. It seems like the price is stuck in an important range above the USD 6,400 support and it is preparing for the next break. Similarly, there were a few bearish moves in ethereum price below the USD 215 support. However, the price stayed above the USD 200 support and it is currently (UTC 08:30 AM) consolidating losses. On the other hand, ripple price remains in a positive zone above the USD 0.450 support.
Total market capitalization
After buyers struggled to break the USD 6,600 resistance, bitcoin price corrected lower. BTC/USD traded below the USD 6,550 and USD 6,500 support levels, but it stayed above the USD 6,400 support. The price is currently forming a range between USD 6,400 - USD 6,600 and it seems to be preparing for the next break.
On the upside, a break above the USD 6,600 resistance could clear the path for a push towards the weekly resistances at USD 6,800 and USD 7,000. On the downside, a successful close below USD 6,400 may perhaps push the price towards the weekly support at USD 6,200.
Ethereum price tested the USD 200 support area recently where it found a strong buying interest. Later, ETH/USD corrected higher and it is currently consolidating near the USD 205 level.
On the upside, the key resistance for more gains this week is near the USD 215 level. On the flip side, a close below the USD 200 support area could clear the path for sellers to take control in the near term.
Bitcoin cash and ripple price
Bitcoin cash price recovered from the USD 425 support area. BCH/USD is currently trading above the USD 440 level, but it must break the USD 450 and 475 hurdles for a decent recovery. On the downside, a break below USD 425 may push the price towards USD 400.
Ripple price is still trading in a positive zone above the USD 0.450 level. On the upside, XRP/USD must clear the USD 0.465 and USD 0.480 resistances to climb towards or above the USD 0.500 barrier. Key supports are USD 0.450 and USD 0.440.
Other altcoins market today
Many altcoins rallied recently and gained more than 10%, RVN, VERI, BAT, NEXO, WAX, MCO and QTUM. A few coins posted losses around 5% such as DGTX, DGD, POLY and BTM.
To sum up, bitcoin price is currently trading in a tiny range and it could make the next move either above USD 6,600 or below USD 6,400. To recover further, buyers need to gain bullish momentum above the USD 6,600 level. On the flip side, a daily close below USD 6,400 could increase chances for a drop to USD 6,000 in the coming days.