Bitcoin Pauses Below USD 9,300, Altcoins Signaling Fresh Increase
Bitcoin price is showing signs of an upside break above the USD 9,300 resistance. Ethereum spiked above the USD 230 resistance and XRP could surpass USD 0.180. SNX rallied more than 20% and KNC is up over 15% today.
Recently, bitcoin price made another attempt to break the USD 9,300 resistance, but it failed. BTC is currently (08:30 UTC) consolidating near the USD 9,200 level and it seems like there are chances of an upside break above the USD 9,300 resistance in the next few sessions. XRP/USD is still well below USD 0.180, but it is well supported above USD 0.172.
Total market capitalization
The current technical structure suggests bitcoin price could clear the USD 9,300 resistance. If the bulls succeed in gaining traction above USD 9,300, the price may perhaps rise steadily towards the USD 9,500 and USD 9,550 levels. Any further gains could open the doors for a test of USD 10,000.
Conversely, the price might start a sharp decline below the USD 9,050 and USD 9,000 support levels. The next key support is at USD 8,800, followed by USD 8,500.
Ethereum price is already showing signs of upside continuation and it recently spiked above the USD 230 resistance. ETH is now trading above the USD 225 support and it could stage a steady upward move towards the USD 238 and USD 240 levels in the near term.
If there is no daily close above USD 230, there is a risk of a fresh decrease towards the USD 222 and USD 220 support levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is rising steadily towards the USD 230 resistance level and it is trading above the USD 220 support. Should BCH surpass the USD 230 resistance, the bulls might take control. In this case, the price might rise towards the USD 240 and USD 245 levels.
Litecoin is holding the USD 40.50 and USD 40.00 support levels. However, LTC seems to be facing an uphill task near the USD 42.20 and USD 42.50 resistance levels (the previous support levels). A successful break and close above USD 42.50 is a must for upside continuation towards the USD 45.00 resistance.
XRP price is struggling to continue higher above the USD 0.178 and USD 0.180 resistance levels. Having said that, the price is consolidating above USD 0.172 support. It seems like the market is preparing for a significant move. XRP could either rally above USD 0.180 or it might decline extensively below USD 0.172 in the near future.
Other altcoins market today
In the past three sessions, many small altcoins gained traction and a few surged over 8%, including SNX, KNC, BNT, LEND, BTT, ADA, LRC, HOT, SC, and VET. Conversely, COMP, FXC, CEL, and ERD are down more than 5%.
Overall, bitcoin price is trading above USD 9,200, but it must surpass the USD 9,300 resistance region to continue higher. If BTC settles above USD 9,300, it could spark a larger move towards USD 9,550 or even USD 10,000.