Bitcoin Holding Support While Altcoins Rise Steadily
- Bitcoin price tested the USD 9,500 resistance and currently correcting lower.
- Ethereum failed to stay above USD 185 and ripple struggled above USD 0.300.
- Stellar (XLM), KMD and CHZ are up more than 10% today.
After a failed downside attempt, bitcoin price started a decent upward move above the USD 9,250 resistance area. BTC/USD even surpassed the USD 9,400 level, but it struggled to gain strength above the USD 9,500. The price is currently (09:00 UTC) correcting lower and it is approaching the USD 9,200 support area.
Similar moves were observed in ethereum and ripple. ETH/USD climbed above USD 188, but it failed to surpass the USD 190 resistance. XRP/USD broke the USD 0.296 resistance, but it struggled to stay above the USD 0.300 resistance area. On the other hand, there were decent bullish moves in a few altcoins, including litecoin, EOS, XLM, BSV, QTUM and ADA.
Total market capitalization
Recently, bitcoin price recovered above the USD 9,250 and USD 9,400 resistance levels. BTC/USD even climbed above the USD 9,500, but it struggled to retain its bullish momentum. As a result, there was a downside correction below the USD 9,400 pivot level.
The price is now trading near the USD 9,200 support area. If there are more downside, the price is likely to test the USD 9,120 and USD 9,080 support levels. The main support is still near the USD 9,000 level. On the upside, there are resistances seen near the USD 9,350 and USD 9,400 levels.
Ethereum price started a decent upward move above the USD 185 resistance. ETH/USD even surpassed USD 188, but it faced a heavy selling interest near the USD 190 level. The price is currently declining and it is back below the USD 185 level.
If there are more downsides, the price could retest the USD 180 and USD 178 support levels. On the upside, a clear break above USD 190 is needed for bullish acceleration.
Bitcoin cash, eos and XRP price
Bitcoin cash price is currently consolidating below the USD 300 resistance area. An initial support is near the USD 280 area. If BCH/USD fails to stay above USD 280, it could continue to decline towards the USD 265 support area. The main hurdles on the upside are USD 295 and USD 300.
EOS is up more than 5% today and it broke a few key hurdles near the USD 3.350 level. The price tested the USD 3.500 resistance and it is currently correcting lower. On the downside, there are a few key supports forming near USD 3.350 (the previous resistance area).
XRP price climbed above the USD 0.292 and USD 0.295 resistance levels. XRP/USD even surpassed USD 0.300, but it faced resistance near USD 0.304. The price failed to stay above USD 0.300 and it is currently correcting lower towards the USD 0.295 support area.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained traction and climbed more than 5%, including XLM, KMD, CHZ, REP, AE, ATOM, NANO, QNT and LTC. Out of these, XLM rallied close to 20% and KMD jumped around 14%.
Overall, bitcoin price is trading above key supports near USD 9,000 and USD 9,080. Having said that, BTC/USD is struggling to gain strength above the USD 9,400 and USD 9,500 resistance levels. In the short term, there could be ranging moves before the next major move either above USD 9,500 or below USD 9,000.