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Bitcoin Consolidates Below Key Resistance, Altcoins Show Positive Signs

  • Bitcoin price is facing a strong resistance near USD 9,550 and USD 9,580.
  • Ethereum could rise steadily if it breaks USD 238 and XRP broke the USD 0.195 resistance.
  • CHSB and DIVI gained more than 20% today.

Yesterday, bitcoin price started a strong recovery above the USD 9,300 resistance. BTC even broke the USD 9,500 region, but it is struggling to gain strength above the USD 9,550 resistance zone. It is currently (08:30 UTC) consolidating gains and seems to be preparing for a bullish break above USD 9,550 and USD 9,580.

Meanwhile, most major altcoins are showing positive signs, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is now trading above the USD 230 resistance and might make another attempt to clear USD 240. XRP/USD is up more than 2% and it is now trading above the USD 0.195 resistance.

Total market capitalization

marketcap2020 06 17
Source: www.tradingview.com

Bitcoin price

After a strong recovery, bitcoin price faced hurdles near the USD 9,550 and USD 9,580 levels. If BTC climbs above USD 9,550 and settles above USD 9,600, the bulls are likely to gain momentum. The next key resistance is near the USD 9,800 level, above which the price might retest the USD 10,000 resistance.

On the downside, initial support is near the USD 9,420 level. The first major support is near the USD 9,300 level, below which the price might decline towards the USD 9,080 support.

Ethereum price

Ethereum price is trading nicely above the USD 230 support zone. Immediate resistance is near the USD 235 level, but the main hurdle for ETH is near the USD 238 level. A successful break above USD 238 could set ether for a push towards USD 250.

Conversely, the price could struggle to stay above the USD 230 support. In that case, the price might revisit the USD 220 support level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is slowly gaining bullish momentum above the USD 235 level. BCH is trading near the USD 240 level and it seems like the price might continue to rise towards the USD 245 and USD 250 levels. If the bulls fail to remain in action, there could be a fresh decline towards the USD 230 support.

Litecoin is up around 2% and it is trading above the USD 44.00 level. LTC is about to make an attempt to clear the USD 45.00 and USD 45.50 resistance levels. If there is a successful close above USD 45.50, the price might rise steadily towards USD 48.50. On the downside, the USD 43.20 level is a decent support, followed by USD 42.20.

XRP price is showing positive signs above the USD 0.192 level and it recently surpassed the USD 0.195 resistance. It seems like the bulls are aiming a test of the USD 0.200 resistance. If they fail to clear USD 0.198 or USD 0.200, the price could revisit the USD 0.190 support.

Other altcoins market today

In the past three sessions, many small altcoins jumped more than 8%, including ABBC, DIVI, NEXO, XVG, CHSB, RVN, SEELE, KMD, STEEM and NANO. Out of these, CHSB gained more than 23% and ABBC is up around 25%.

To sum up, the bitcoin price is clearly trading below a couple of key resistance near USD 9,550. If BTC continues higher, there could be a sharp rise in buying interest and the price might revisit the USD 10,000 resistance.
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Bitcoin Consolidates Below Key Resistance, Altcoins Show Positive Signs 101
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