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Bitcoin Consolidating Gains While Altcoins Climb Higher

  • Bitcoin price is currently consolidating gains near the USD 8,250 support.
  • Ethereum and other major altcoins recovered between 2-6%.
  • Stratis, stellar and holo gained significantly during the past few hours.

Bitcoin price chart:

Bitcoin Consolidating Gains While Altcoins Climb Higher 101
Source: coinmarketcap.com

Bitcoin faced heavy offers near the USD 8,500 level, resulting in a tiny bearish reaction. BTC/USD declined below the USD 8,400 support and is currently (UTC 08:30 AM) consolidating near the USD 8,250 support. Conversely, there was a decent upward move in a few altcoins like ethereum, stellar, IOTA, EOS and XRP. Going forward, if bitcoin price resumes it uptrend, it would be interesting to see whether altcoins decline or continue to recover.

Bitcoin
Bitcoin price corrected lower and moved below the USD 8,400 and USD 8,250 support levels. However, BTC/USD found a decent support near USD 8,100 and it is currently trading flat near the USD 8,250 level.
On the upside, an initial resistance is near USD 8,350, above which, the price must clear the USD 8,400 and USD 8,500 resistances to gain bullish momentum. On the downside, supports are seen near USD 8,200 and USD 8,100.

Ethereum
Ethereum price recovered further and broke the USD 475 resistance. ETH/USD is currently trading up by roughly 1.6% to USD 482. A break above the USD 485 and USD 490 levels could clear the path for a break above USD 500 in the near term.
On the downside, there are many supports, starting with USD 470. However, there is a key support and buy zone forming near the USD 465 level.

Bitcoin Cash and Ripple
Bitcoin cash price extended its consolidation phase and remained confined in a range above the USD 850 support. BCH/USD must break the USD 870 resistance to accelerate gains towards the USD 900 level in the near term. Supports are at USD 840 and USD 820.
Ripple price is slowly moving higher and is currently trading above the USD 0.460 level. XRP/USD is facing a crucial resistance near the USD 0.470 level, above which, it could surpass USD 0.485.

Other Altcoins Market Today
Today, many altcoins moved into the green zone. A few cryptocurrencies performed really well, including stratis, stellar and holo, up by 14%, 9% and 8% respectively. Moreover, komodo, PPT, PIVX, MANA and dropil also posted gains more than 5%.

Overall, bitcoin price is currently in a correction phase, which may perhaps help altcoins in the short term. However, once BTC/USD starts moving higher, altcoins could decline once again. On the flip side, if both bitcoin and altcoins move higher, buyers will most likely gain bullish momentum.

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