Bitcoin Extending Gains While Altcoins Consolidate and Struggle
Bitcoin price extended its recent upward move above the USD 10,500 resistance. Ethereum is facing hurdles near USD 180 and ripple is still well below USD 0.265. NRG is down more than 10% and DRG declined nearly 9% today.
Yesterday, we saw a strong upward move in bitcoin price above the USD 10,350 resistance level. Later, there was a downside correction, but BTC/USD remained well bid and later climbed above the USD 10,500 resistance level. However, most major altcoins struggled to continue higher and currently (08:00 UTC) showing weakness signs. ETH/USD is facing many hurdles near the USD 180 resistance area, and XRP/USD is still well below the main USD 0.265 resistance area. Also, bitcoin’s dominance climbed to a new yearly higher recently, suggesting more upsides in BTC/USD in the near term.
Total market capitalization
After yesterday’s move, bitcoin price remained in a positive zone above the USD 10,350 level. BTC/USD even climbed above the USD 10,500 resistance level to extend its rise. The price traded close to the USD 10,750 resistance and it is currently consolidating gains. An immediate support is at USD 10,500, followed by the USD 10,350 pivot level.
On the upside, the key resistance is near the USD 10,800 level. If there are more upsides, the next target for the bulls may perhaps be USD 11,000 or even USD 11,180.
Ethereum price made another attempt to climb above the USD 180 and USD 182 resistance levels. However, the bulls failed to gain strength and ETH/USD is currently consolidating below the USD 180 level.
To start a strong upward move, the price must surpass the USD 180 and USD 182 resistance levels. On the downside, an immediate support is at USD 175, below which the price might test the USD 170 support area.
Bitcoin cash, eos and ripple price
Bitcoin cash price is following a similar pattern to ethereum since it struggled to surpass the key USD 300 and USD 305 resistance levels. Above USD 305, the next major resistance is near the USD 320 level. On the downside, the USD 180 level is likely to act as a strong support in the coming sessions.
EOS failed to continue higher and topped just below the USD 3.500 resistance. The price is currently correcting lower and trading near the USD 3.300 support. The next key support is near the USD 3.250 level, whereas there are many resistances near USD 3.450 and USD 3.500.
Ripple price made another attempt to settle above the weekly resistance near USD 0.265, but it failed to continue higher. XRP/USD is currently consolidating above USD 0.260, with supports near USD 0.258 and USD 0.255. On the upside, a break above the USD 0.265 resistance is needed for a strong upward move.
Other altcoins market today
In the past three sessions, a few small cap altcoins declined more than 5%, including NRG, DRG, REN, ALGO, WAN, LINK, ATOM, WIN and CRO. Out of these, NRG is down more than 10% and DRG declined nearly 9%.
Overall, bitcoin price is showing positive signs and it might continue to rise towards the USD 10,800 and USD 11,000 resistance levels. However, altcoins are clearly struggling and it seems like there could be a bearish reaction in the short term.